230 N Reno Street, Los Angeles, California 90026, Los Angeles, 90026 - bed, bath
ACTIVE$1,995,000
230 N Reno Street, Los Angeles, California 90026
0Bed
0Bath
6,160Sqft
4,444Lot
Year Built
1929
Close
-
List price
$2M
Original List price
$2.1M
Price/Sqft
$324
HOA
-
Days on market
-
Sold On
-
MLS number
PW25062660
Home ConditionPoor
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $2.00M(50th), sqft - 6160(50th), beds - undefined(50th), baths - undefined(50th).
In the middle of the highly sought-after neighborhood of Silver Lake and Echo Park find this Spanish-styled Apartment complex. This impressive complex boasts 10-Units (8 1-Bedroom units, and 2 2-Bedroom unit); 100% occupied, with 4150 sqft of living area. On-site laundry. Easy to manage complex and great addition to any investor's portfolio. Rents currently below market, and set in a strong rental community supported with tons of new construction all around. Its central location provides easy access to the city’s amenities and attractions, including dining and entertainment options. No on-site parking.
Price History
Date
Event
Price
08/30/05
Sold
$1,035,000
08/15/02
Sold
$655,000
Condition Rating
Poor
Built in 1929, this property is 95 years old with no indication of major recent renovations. The absence of interior images, coupled with the listing's mention of 'below market rents' and the AI analysis suggesting 'substantial capital expenditures for system upgrades, deferred maintenance, and ongoing repairs,' strongly implies that the kitchens, bathrooms, and other interior components are significantly outdated and require substantial rehabilitation to meet current standards and achieve market rental rates. While the exterior appears maintained, the interior condition likely necessitates major updates.
Pros & Cons
Pros
Prime Location: Situated in the highly sought-after Silver Lake and Echo Park neighborhoods, offering central access to Los Angeles' amenities, dining, and entertainment, which drives strong rental demand.
100% Occupancy: The property is fully occupied, ensuring immediate and stable income generation for an investor from day one.
Value-Add Opportunity: Current rents are below market rates, presenting a significant opportunity for a new owner to increase cash flow and property value through rent adjustments.
Strong Rental Market: Located in a robust rental community supported by ongoing new construction, indicating sustained demand and potential for future rent growth.
Multi-Unit Investment: Comprising 10 units (8 1-bedroom, 2 2-bedroom), this apartment complex offers diversified income streams and is a substantial asset for an investor's portfolio.
Cons
Lack of On-Site Parking: The absence of on-site parking is a significant drawback in a dense urban area like Los Angeles, potentially impacting tenant satisfaction and marketability.
Age of Property (1929): As a 1929-built property, it may require substantial capital expenditures for system upgrades, deferred maintenance, and ongoing repairs, affecting net operating income.
Below Market Rents (Immediate Cash Flow): While an opportunity, the current below-market rents mean the property is not immediately maximizing its income potential, requiring active management and potential tenant turnover to achieve market rates.