1224 Fraser Avenue, Los Angeles, California 90022, Los Angeles, 90022 - bed, bath

1224 Fraser Avenue, Los Angeles, California 90022 home-pic-0
ACTIVE$1,075,000
1224 Fraser Avenue, Los Angeles, California 90022
0Bed
0Bath
1,742Sqft
4,846Lot
Year Built
1928
Close
-
List price
$1.07M
Original List price
$1.07M
Price/Sqft
$617
HOA
-
Days on market
-
Sold On
-
MLS number
GD24198155
Home ConditionPoor
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.07M(76th), sqft - 1742(41th), beds - undefined(50th), baths - undefined(50th).

This multi-family property compromises 3 units. Front is a duplex with 1 bedroom and 1 bath each. In rear is 3 bedrooms with 1 bath, it is a 2-story building, 2 bedrooms and 1 bath is for upstairs and another 1 bedroom is downstairs. Great opportunity to own this well-maintained Triplex. It considers centrally located for your next investment adventure. Fully occupied with long-term tenants and from all receipts showed all rents were paid on time. It has 3 meters for gas and 3 meters for electric. Tenants paid gas and electric bills, whereas owner pays for water, sewer, garbage. Residents can easily walk to main street (Olympic Blvd.), close to all transportation, restaurant and dining options, shopping destinations, convenience to tenants. This property situated on almost 4,852 Sqft. lot size. The levels space in rear is a private area for all to enjoy, low maintenance. It has a long driveway for parking. Easy access to FWY 710 North. Building in rear has potential for development of additional units, buyer(s) to investigate with City Code and Permits requirement.

Price History

Date
Event
Price
02/18/22
Sold
$830,000
Condition Rating
Poor

Built in 1928, this property features significantly outdated kitchens and bathrooms with older white appliances, laminate countertops, dated cabinetry, and linoleum flooring. While the exterior appears maintained and the property is occupied, the interior finishes and visible fixtures suggest renovations were last done 30-50+ years ago, requiring substantial rehabilitation to meet modern living standards and address potential aging major systems.
Pros & Cons

Pros

Stable Rental Income: Fully occupied triplex with long-term, on-time paying tenants provides immediate and reliable cash flow, minimizing vacancy risk.
Prime Urban Location: Centrally located in Los Angeles with high walkability to essential amenities, public transit, and convenient freeway access (710 N), enhancing tenant appeal.
Favorable Expense Structure: Individual gas and electric meters for each unit, with tenants covering these utilities, significantly minimizes owner operating expenses.
Development Upside Potential: The rear building offers potential for adding additional units, subject to city approval, providing significant future value enhancement opportunities.
Practical Tenant Amenities: Features a long driveway for ample off-street parking and a low-maintenance private rear area, contributing to tenant convenience and retention.

Cons

Aging Infrastructure: Built in 1928, the property's age suggests potential for outdated systems and higher maintenance requirements, leading to unforeseen capital expenditures.
Owner-Paid Core Utilities: Owner responsibility for water, sewer, and garbage bills represents a significant and escalating operational cost in the Los Angeles market, impacting net operating income.
Unit Layout Ambiguity: The description of the rear unit's configuration (3 beds/1 bath split across two levels) lacks clarity, which could pose challenges for tenant marketing or future space optimization.

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