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$1,125,000

Beds
8
sq ft
2,253

1922 Santa Ynez St, Los Angeles, CA 90026

1922 Santa Ynez St

Los Angeles, CA 90026

  • 53 days on market
The CREM Group has been selected to exclusively market for sale 1922 Santa Ynez Street, situated just east of Alvarado Street in prime Echo Park. The offering consists of a well maintained three unit building with an attractive mix of two 3+1's and one 2+1, totaling 2,253 square feet. 1922 Santa Ynez Street is situated on a 6,500 square foot lot zoned RD2. The building itself is set back towards the rear of the parcel with a large parking lot in the front, creating an opportunity for the construction of one or two accessory dwelling units (previously, setbacks were reduced to four-foot side and rear yards, however, now if a proposed ADU is less than 800 sq. ft., the front setback requirement can no longer prevent an ADU from being constructed). Buyer to conduct its own investigation to verify ADU feasibility. Situated just two blocks south of Sunset Boulevard, the subject property is abshort distance to some of the neighborhoods most popular restaurants and bars, including Cosa Buona, Honey Hi, Masa, Mohawk Bend, and many more. Echo Park is a vibrant neighborhood highly sought after by young professionals and families. The area's desirability has resulted in steady rent growth and an increase in average home prices, indicating a strong potential for sustained local development and appreciation.

Details

Property type

Lot size

6,500 sq ft

Price per sq ft

$500

Year built

1905

HOA

No

Price History

05/09/2024
CLAW

CLAW #24390261

Listed
$1,125,000

Schools & Community

Neighborhood: 

Echo Park

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$589,220
Asking price
$1,125,000
Closing costs (~8% of asking)
-$90,000
Est. remaining loan balance
-$445,780
Cash to seller
$589,220

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

New Wave Lending Group Inc

Loan start date

January 2024

Original loan amount

$450,000

Est. remaining balance

$445,780

Interest rate

7.29%

Loan type

New Conventional, 20 year

Seller

John R Mcdowell Jr and Mullika P Mcdowell

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Status: Active

Tomo last checked: 07/01/2024 at 8:10 AM

Listing updated: 05/17/2024 at 5:28 AM

Listed by: Mark Cianciulli, The CREM Group Phone #: (323) 347-1009

MLS: CLAW #24390261

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