tomo logo

$1,995,000

Beds
12
sq ft
5,846

2885 Francis Ave, Los Angeles, CA 90005

2885 Francis Ave

Los Angeles, CA 90005

  • 319 days on market
    • Price drop $205,000↓
We are pleased to offer for sale a 4-Unit apartment building located in the highly sought-after neighborhood of Koreatown LA. The subject property is located on the corner of South Westmorland Ave and Francis Ave, just minutes to the new Zion Korean market and MacArthur Park. Situated on a HUGE lot of 8,060 sq. ft. and 5,846 sq. ft. of interior space is zoned for R4-2 TOC Tier 3 with ability to build 21-unit condo (FULLY-ENTITLED!). The new owner has the ability and option to add two ADU's for a two-bedroom and one-bedroom unit.

Details

Property type

Est. home value

$1,894,776

Lot size

8,057 sq ft

Price per sq ft

$342

Year built

1917

HOA

No

Price History

04/26/2024
CLAW

CLAW #23321211

Price change
$1,995,000
-9.32%
04/14/2024
CLAW

CLAW #23321211

Removed
$2,200,000
12/14/2023
CLAW

CLAW #23321211

Listed
$2,200,000

Schools & Community

Neighborhood: 

Koreatown

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

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

New Wave Lending Group Inc

Loan start date

November 2020

Original loan amount

$1,080,000

Est. remaining balance

$987,973

Interest rate

2.87%

Loan type

New Conventional, 30 year

Seller

Yong Hwan Kim and Jane Lin

Lender

Bnc Mortgage Inc

Loan start date

April 2003

Original loan amount

$495,000

Est. remaining balance

Not provided

Interest rate

8.05%

Loan type

Not Provided, 30 year

Seller

Shin C Kim

Lender

Downey S/L

Loan start date

December 2000

Original loan amount

$342,000

Est. remaining balance

Not provided

Interest rate

4.75%

Loan type

Not Provided, 30 year

Seller

Eun Jung Kim and Won Hee Kim

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: 09/21/2024 at 7:15 AM

Listing updated: 08/13/2024 at 12:44 PM

Listed by: John C. Pak, Philco Realty Phone #: (310) 880-3013

MLS: CLAW #23321211

CLAW logo

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