tomo logo

$7,995,000

Beds
Unknown
sq ft
22,154

2202 Michigan Ave, Los Angeles, CA 90033

2202 Michigan Ave

Los Angeles, CA 90033

  • 9 days on market
We are proud to present an exceptional opportunity to acquire a well-maintained, 28-unit apartment complex at 2202 Michigan Avenue. This ±22,154 SF building sits on a ±22,386 SF lot and is situated between N Chicago Street and N Soto Street on Michigan Avenue. This vibrant location positions your investment at the heart of it all. Residents enjoy convenient access to Downtown Los Angeles, the L.A. Live entertainment complex, USC Health Sciences Campus, Dodger Stadium, and much more. Major freeways (10, 5, 60, and 101) are minutes away, along with a vibrant mix of shopping centers, restaurants, museums, and retailers. The property also sits one-block away from highly amenitized retail corridors on Ceasar Chavez Boulevard and Soto Street. This prime location isn’t just about convenience; it’s about capitalizing on a booming market. Los Angeles, the entertainment capital, experiences high demand for quality rentals. The property sits amidst a thriving working class with a steady need for well-maintained housing and easy access to major employers. 2202 Michigan Avenue offers the perfect blend of value and income potential. This well-maintained property features desirable amenities like lush landscaping, controlled entry gate, on-site parking, laundry facilities, pet-friendly dog run, and BBQ communal area. Individual units boast security doors, kitchens with dishwashers and stainless steel appliances, air conditioning, ceiling fans, and vertical blinds. With low vacancy rates and consistent rental income, 2202 Michigan Avenue is a secure long-term investment ideal for any investor seeking a strong return. This opportunity caters to a wide range – first-time purchasers, seasoned investors, and those seeking a 1031 exchange – providing a win-win scenario.

Details

Property type

Apartment

Est. home value

$7,014,955

Lot size

0.5139 acres

Price per sq ft

$361

Year built

1985

Price History

06/20/2024
CRMLS

CRMLS #CV24126506

Listed
$7,995,000
+6.6%
03/20/2024
CRMLS

CRMLS #SB24004205

Removed
$7,500,000
01/26/2024
CRMLS

CRMLS #SB24004205

Price change
$7,500,000
-3.23%

Schools & Community

Neighborhood: 

Boyle Heights

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Community features: 

Curbs, Sidewalks

Seller’s Loan History

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

Lender

Jpmorgan Chase Bank Na

Loan start date

January 2023

Original loan amount

$3,750,000

Est. remaining balance

Not provided

Interest rate

6.61%

Loan type

Commercial

Seller

Nady Z Hebish and Jehan A Shahid

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: 06/29/2024 at 6:15 AM

Listing updated: 06/20/2024 at 2:08 PM

Listed by: ERIC CHEN, CB RICHARD ELLIS Phone #: (909) 418-2000

MLS: CRMLS #CV24126506

CRMLS logo

Recently listed in Los Angeles