3155 E 8th Street, Los Angeles, California 90023, Los Angeles, 90023 - bed, bath
ACTIVE$690,000
3155 E 8th Street, Los Angeles, California 90023
0Bed
0Bath
2,018Sqft
5,096Lot
Year Built
1961
Close
-
List price
$690K
Original List price
$890K
Price/Sqft
$342
HOA
-
Days on market
-
Sold On
-
MLS number
IV25049118
Home ConditionFair
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $690.0K(62th), sqft - 2018(62th), beds - undefined(50th), baths - undefined(50th).
Seize this rare chance to own a lucrative 4-plex near Boyle Heights. This property consists of 4 1 bedroom/1 bathroom units. Units have been recently renovated on the inside. Convenience is key, with four parking spaces and a short distance to Downtown Los Angeles. Ideal for first-time investors, this property is a "starter pack". Additionally, its proximity to USC and Crypto.com Arena adds to its allure. Don't miss out on this opportunity in a prime location!
Condition Rating
Fair
The property was built in 1961, making it over 60 years old. While the listing states 'Units have been recently renovated on the inside,' there are no interior images provided to assess the quality, style, or extent of these renovations, particularly for kitchens and bathrooms. The exterior images show an older building with visible window air conditioning units and surface-mounted electrical conduits, suggesting that major system upgrades may not have been part of the 'recent renovations' or that the renovations were primarily cosmetic for rental purposes. The overall condition appears maintained but dated, fitting the 'Fair' category where major components are functional but show signs of being outdated, despite some recent upkeep.
Pros & Cons
Pros
Income-Generating Asset: As a 4-plex (quadruplex) with four 1-bedroom/1-bathroom units, this property offers immediate rental income potential, making it an attractive investment for both seasoned and first-time investors.
Strategic Location: Its prime location near Downtown Los Angeles, USC, and Crypto.com Arena ensures high rental demand, strong tenant appeal, and potential for long-term property value appreciation.
Recent Interior Renovations: The units have been recently renovated on the inside, reducing immediate capital expenditure for a new owner and enhancing tenant satisfaction and marketability.
Dedicated Parking: The provision of four parking spaces is a significant advantage in a dense urban area like Los Angeles, adding value and convenience for tenants.
Potential Value Opportunity: A substantial price reduction from the original list price of $890,000 to $690,000 suggests a motivated seller and a potentially attractive entry point for buyers seeking value.
Cons
Age of Building: Built in 1961, the property's older infrastructure (e.g., roof, plumbing, electrical systems) may require significant capital expenditures for major repairs or upgrades in the near future, despite interior renovations.
Limited Unit Configuration: All units are 1-bedroom/1-bathroom, which may limit the potential tenant pool to singles or couples, potentially impacting rental flexibility and long-term market demand compared to properties with diverse unit sizes.
Unspecified Exterior Condition: While interior renovations are highlighted, the description does not detail the condition of the building's exterior, common areas, or landscaping, which could represent unforeseen maintenance or upgrade costs.