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3216 3218 Division Street, Los Angeles, California 90065, Los Angeles, 90065 - bed, bath

3216 3218 Division Street, Los Angeles, California 90065 home-pic-0
ACTIVE$1,930,000
3216 3218 Division Street, Los Angeles, California 90065
0Bed
0Bath
2,886Sqft
7,445Lot
Year Built
1928
Close
-
List price
$1.93M
Original List price
$1.93M
Price/Sqft
$669
HOA
-
Days on market
-
Sold On
-
MLS number
GD25071063
Home ConditionExcellent
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.93M(75th), sqft - 2886(75th), beds - undefined(50th), baths - undefined(50th).

Specialized Realty proudly presents the sale of 3216 – 3218 Division St., an updated and fully leased 6-unit income property comprised of 3 separate buildings. Located in the highly coveted renter’s pocket of Glassell Park, it is an amazing investment opportunity to acquire a property strategically nestled between Eagle Rock, Atwater Village, minutes away from Dodger Stadium and DTLA! The property consists of five (5) 1bd/1ba units and one (1) 2bd/1ba unit covering 2,886 SF of total building area on a sizeable 7,443 SF lot Zoned RD2-1. Current gross rents total $12,151/mo, with 5 out of 6 tenants paying market value. This is a great opportunity to acquire an income property in an emerging market, priced to sell for only $321,667 a door.

Condition Rating
Excellent
Despite being built in 1928, the property has undergone a comprehensive and recent renovation. The images clearly show fully updated kitchens with modern white shaker cabinets, stainless steel appliances, and subway tile backsplashes. Bathrooms feature contemporary floating vanities, modern fixtures, and subway tile showers. Throughout the units, there is new light-colored laminate/engineered wood flooring, recessed lighting, and modern mini-split AC units, indicating updated cooling/heating systems. The exterior also appears freshly painted and well-maintained. All visible components are new or virtually new, meeting current quality standards, consistent with an extensively renovated property within the last 5 years.
Pros & Cons

Pros

Fully Leased & Income Generating: The property is fully leased with 6 units, providing immediate and stable cash flow for an investor.
Prime Location: Strategically located in the highly coveted Glassell Park, nestled between desirable areas like Eagle Rock, Atwater Village, and minutes from Dodger Stadium and DTLA, ensuring strong renter demand.
Market-Rate Rents: Five out of six tenants are currently paying market value, indicating strong current income performance and minimal immediate rent upside needed for existing tenants.
Development Potential & Zoning: Situated on a sizeable 7,443 SF lot with RD2-1 zoning, offering potential for future expansion or redevelopment opportunities.
Updated Property: The property is described as 'updated,' suggesting reduced immediate capital expenditure for renovations and improved tenant appeal.

Cons

Age of Property: Built in 1928, older buildings often come with higher maintenance demands, potential for unforeseen structural or system issues, and may not meet modern building codes without significant investment.
Below Market Rent Unit: One of the six units is not currently paying market value, representing a missed income opportunity until that tenant vacates or rent can be legally increased.
Potential Zoning/Permit Discrepancy: The property is described as a '6-unit' but listed with a 'Quadruplex' sub-type, which could indicate unpermitted units or zoning non-compliance, posing potential legal and financial risks.

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