945 Record Ave, Los Angeles, California 90023, Los Angeles, 90023 - bed, bath
ACTIVE$1,389,888
945 Record Ave, Los Angeles, California 90023
0Bed
0Bath
3,283Sqft
5,546Lot
Year Built
1962
Close
-
List price
$1.39M
Original List price
$1.39M
Price/Sqft
$423
HOA
-
Days on market
-
Sold On
-
MLS number
AR24164133
Home ConditionFair
Features
Good View: City Lights
ViewCity Lights
About this home
We found 3 Cons,5 Pros. Rank: price - $1.39M(92th), sqft - 3283(85th), beds - undefined(50th), baths - undefined(50th).
*****DON'T MISS THE GREAT INVESTMENTOPPORNITY****Must see!!!!!There are four units on the property, two of the units have been remodeled and install new roof, 2 beds and 1 bath on each unit, long-term tenants, well maintenances, pride of ownership, located in the easy access convenience public transportation.
Price History
Date
Event
Price
02/14/22
Sold
$1,100,000
Condition Rating
Fair
The property was built in 1962, making it over 60 years old. While the listing states that two of the four units have been remodeled and a new roof installed, indicating recent investment, the other two units are likely outdated. The exterior images show an aged but functional building with older windows and stucco that could benefit from updating. Without interior photos, it's impossible to assess the quality of the remodels or the condition of the un-remodeled units, but the partial nature of the updates suggests that the property, as a whole, requires further modernization to achieve a consistent, contemporary standard. It is maintained but shows its age and requires minor updates or repairs to some units.
Pros & Cons
Pros
Income-Generating Quadruplex: The property is a four-unit residential income property (quadruplex), offering diversified rental income streams and strong investment potential.
Strategic Location: Located in Los Angeles with easy access to public transportation, enhancing its appeal to tenants and ensuring consistent demand.
Partial Modernization & Upgrades: Two of the four units have been remodeled and a new roof installed, indicating recent capital improvements and reducing immediate maintenance needs for a portion of the property.
Stable Tenancy: The presence of long-term tenants suggests reliable income, lower vacancy rates, and a stable investment.
Well-Maintained: Described as 'well maintenances' and showing 'pride of ownership,' indicating the property has been cared for, potentially reducing unforeseen repair costs.
Cons
Incomplete Modernization: Only two of the four units have been remodeled, implying the other two may be outdated and could require significant future investment to maximize rental potential.
Property Age: Built in 1962, the property is over 60 years old, which may lead to higher maintenance costs or necessitate updates to older systems (e.g., plumbing, electrical) in the un-remodeled units.
Price Discrepancy: The current list price of $1,389,888 is significantly higher than the last recorded sale price of $1,100,000 in February 2022, which may require strong justification or indicate an aggressive valuation.