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$2,799,000

Beds
Unknown
sq ft
Unknown

8819 Reading Ave, Los Angeles, CA 90045

8819 Reading Ave

Los Angeles, CA 90045

  • 38 days on market
    • Price drop $25,000↓
Prime Location Alert. Just minutes from Sofi Stadium, LAX, Silicon Beach, West LA, and the South Bay, this exceptional 7-unit building offers an unbeatable investment opportunity. Featuring a nearly finished, brand-new 2bd/1ba permitted ADU, this property is already generating a substantial $191,088 in gross income—with a 20.13% upside potential in rents. There were over $400,000 in upgrades. The building boasts 4 newly remodeled units and recent upgrades, including dual-pane windows, copper plumbing, new foundation work, fresh exterior paint, and updated landscaping. Plus, with a Tier 3 Transit Oriented Communities Density Bonus (TOC), the 7,008 sq ft R3 lot offers exciting future development potential. This property is ideal for investors looking for a stable rental market and unparalleled access to premier Westside and South Bay attractions. The seller is willing to do a 1031 exchange at no cost to the buyer, making this deal even more attractive. Don’t miss out on this incredible long-term investment opportunity! Contact us for the offering memorandum.

Details

Property type

Apartment

Est. home value

$1,960,059

Lot size

7,008 sq ft

Price per sq ft

Unknown

Year built

1951

HOA

No

Price History

12/13/2024
CRMLS

CRMLS #PV24235528

Price change
$2,799,000
-0.89%
12/05/2024
CRMLS

CRMLS #PV24235528

Price change
$2,824,000
-5.08%
11/17/2024
CRMLS

CRMLS #PV24235528

Listed
$2,975,000
-0.67%

Schools & Community

Neighborhood: 

Westchester

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Community features: 

Street Lights, 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

Center Street Lending Corp

Loan start date

May 2023

Original loan amount

$1,610,000

Est. remaining balance

Not provided

Interest rate

6.6%

Loan type

Commercial

Seller

Brownstone Capital Group Llc

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: 12/25/2024 at 12:00 PM

Listing updated: 12/13/2024 at 3:50 AM

Listed by: Frank Ponce, Coldwell Banker Realty Phone #: (310) 378-5201

MLS: CRMLS #PV24235528

CRMLS logo

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