2647 Chelsea Street 4, Los Angeles, California 90033, Los Angeles, 90033 - bed, bath
ACTIVE$849,800
2647 Chelsea Street 4, Los Angeles, California 90033
0Bed
0Bath
3,314Sqft
6,893Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Prime Location & Accessibility: Strategically located in Los Angeles, offering convenient access to Downtown LA, major freeways, public transportation, shopping, schools, and hospitals, enhancing tenant demand.
Top Cons:
Rent Control Regulations: The property is subject to rent control regulations, which may limit rental income growth and operational flexibility for the owner.
Compared to the nearby listings
Price:$849.8K vs avg $740.0K (+$109,800)63%
Size:3,314 sqft vs avg 2,178.5 sqft75%
Price/sqft:$256 vs avg $35419%
More Insights
Built in 1964 (61 years old).
Condition: Built in 1964, this property shows significant age in its interior units. The kitchen features very dated brown cabinets, white tile countertops, and older appliances. The bathroom has an outdated vanity and sink. Flooring (older tile and laminate) and light fixtures are also dated throughout. While the exterior has been recently painted and artificial turf added, the interior units appear to have had no major renovations in several decades. The parking lot also shows signs of significant wear and tear. The property is functional but requires substantial cosmetic updates and potential system upgrades to meet current market expectations.
Year Built
1964
Close
-
List price
$850K
Original List price
$1.25M
Price/Sqft
$256
HOA
-
Days on market
-
Sold On
-
MLS number
CV25119135
Home ConditionFair
Features
View-
About this home
Well-Maintained 4-Plex in Prime Location – Los Angeles Area This well-kept 4-unit property offers an excellent investment opportunity in a highly convenient location. Just a short drive to Downtown Los Angeles and close to shopping centers, schools, public transportation, hospitals, and major freeways. Property Highlights: Long-term tenants in place, recently painted exterior, Artificial turf for low-maintenance landscaping. Ample parking for tenants and guests. Potential to add an on-site laundry area. and possibility for additional development – buyer to verify with the city Subject to rent control regulations Don’t miss out on this income-generating property in a high-demand rental area!
Price History
Date
Event
Price
03/24/04
Sold
$340,000
Condition Rating
Fair
Built in 1964, this property shows significant age in its interior units. The kitchen features very dated brown cabinets, white tile countertops, and older appliances. The bathroom has an outdated vanity and sink. Flooring (older tile and laminate) and light fixtures are also dated throughout. While the exterior has been recently painted and artificial turf added, the interior units appear to have had no major renovations in several decades. The parking lot also shows signs of significant wear and tear. The property is functional but requires substantial cosmetic updates and potential system upgrades to meet current market expectations.
Pros & Cons
Pros
Prime Location & Accessibility: Strategically located in Los Angeles, offering convenient access to Downtown LA, major freeways, public transportation, shopping, schools, and hospitals, enhancing tenant demand.
Stable Income & Tenancy: Features long-term tenants, ensuring immediate and consistent rental income with reduced vacancy risk, making it an attractive investment.
Value-Add & Development Potential: Offers potential for future value enhancement through the addition of an on-site laundry area and possibilities for further development, subject to city verification.
Low Maintenance Features: Benefits from a recently painted exterior and artificial turf landscaping, contributing to lower ongoing maintenance costs and improved curb appeal.
Ample Parking: Provides ample parking for tenants and guests, a valuable amenity in a dense urban environment like Los Angeles, increasing tenant satisfaction.
Cons
Rent Control Regulations: The property is subject to rent control regulations, which may limit rental income growth and operational flexibility for the owner.
Significant Price Reductions: The property has undergone multiple substantial price reductions from its original listing, potentially indicating market resistance or an initial overvaluation.
Age of Property & Potential System Updates: Built in 1964, the property, despite being well-maintained, may have aging core systems (e.g., plumbing, electrical) that could require significant capital expenditures in the future.