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138 W 60th Street, Los Angeles, California 90003, Los Angeles, 90003 - bed, bath

138 W 60th Street, Los Angeles, California 90003 home-pic-0
ACTIVE$750,000
138 W 60th Street, Los Angeles, California 90003
0Bed
0Bath
5,120Sqft
5,120Lot
Year Built
1916
Close
-
List price
$750K
Original List price
$750K
Price/Sqft
$146
HOA
-
Days on market
-
Sold On
-
MLS number
WS25130583
Home ConditionFair
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $750.0K(50th), sqft - 5120(98th), beds - undefined(50th), baths - undefined(50th).

Triplex in the heart of South Los Angeles consist of 6 bedrooms 5 bathrooms, generating a total of $4589 a month. All units are on month to month. First unit - 2 bed/2 bath. Second unit - 1 bed/1 bath. Third unit - 3 bed/2 bath. These are large units that have the potential to be rented out at market rent rate of $6800 per month. Great investment as a 1031 up-leg or a buy and hold investment. Three separate electric and gas meters. Owner only pays water and sewer. Each unit has interior laundry hook ups and property is very low maintenance. Conveniently located by the 110 freeway and minutes away from Downtown LA, LA Convention Center, Crypto Arena, Natural History Museum of LA County, USC, LA Memorial Coliseum, BMO Stadium, and Expo Center.

Price History

Date
Event
Price
09/29/22
Sold
$630,000
12/19/12
Sold
$300,000
04/20/10
Sold
$235,000
Condition Rating
Fair
Built in 1916, this property is over a century old. The exterior images reveal significant age, wear, and a lack of recent cosmetic updates, with visible wear on the stucco, unkempt landscaping, and older-style windows. Crucially, no interior photos are provided, making it impossible to assess the condition, style, or features of the kitchens and bathrooms, which are key determinants of quality. This absence typically suggests these areas are not a selling point and are likely dated or in need of updates. While the property is an income-generating triplex with 'interior laundry hook ups,' implying functionality and some practical updates, major components are likely functional but show signs of being outdated, consistent with a property of this age without a documented recent full renovation. It requires minor updates and repairs to bring it to a more modern standard.
Pros & Cons

Pros

Significant Rental Upside: The property is currently generating $4589/month but has a strong potential to reach market rents of $6800/month, offering immediate value-add opportunity for increased cash flow.
Strategic Location: Conveniently located near the 110 freeway and minutes away from major Los Angeles attractions, employment centers, and educational institutions like Downtown LA, USC, Crypto Arena, and the LA Convention Center, enhancing tenant demand.
Income-Generating Triplex: As a triplex, it provides multiple income streams, diversifying risk and making it an attractive asset for investors seeking consistent rental income.
Separate Utility Metering: Each unit has separate electric and gas meters, significantly reducing the owner's operating expenses and placing utility responsibility on tenants.
Low Maintenance & Tenant Amenities: The property is described as 'very low maintenance' and includes interior laundry hook-ups in each unit, appealing to both tenants and landlords by reducing upkeep and enhancing convenience.

Cons

Age of Property: Built in 1916, the property is over a century old, which may imply potential for deferred maintenance, outdated systems (plumbing, electrical), or higher repair costs in the future.
Owner Pays Water & Sewer: Despite separate electric and gas meters, the owner is responsible for water and sewer costs for all three units, which can be a significant and variable operating expense.
Month-to-Month Leases: While offering flexibility for rent increases, month-to-month leases also carry a higher risk of tenant turnover and potential vacancies, which could impact cash flow during transitions.

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