7056 Lanewood Ave Los Angeles, CA 90028-7032

Property Details for 7056 Lanewood Ave

Year built

1953

Construction

WOOD

Lot size

0.34 lot acres

Property size

11,452 SF

Zone code

LAR4

Property type

Apartment buildings

APN

5548-013-018

APU

5548013018

Description

This exceptional 22-unit apartment building, located at 7056 Lanewood Ave in Los Angeles, CA 90028, presents a compelling investment opportunity. The property boasts 11,452 square feet on a 0.34-acre lot and comprises ten 1-bedroom, 1-bathroom units and twelve studio apartments. Built in 1953, this well-maintained property features an attractive courtyard setting with lush landscaping, providing a tranquil environment for residents. Parking is available for 17 vehicles. The building benefits from a secure entry with intercom gate access and gated parking. On-site washer/dryer facilities are also available. The property currently enjoys a 5.5% cap rate, with a pro-forma cap rate of 9.8%, and a gross rent multiplier (GRM) of 11.3, exceeding the market average of 7.5. The asking price is $4,595,000, translating to $208,863.64 per unit and $401.24 per square foot. Significant upgrades include portions of the roof replaced in 2012. Master-metered gas and electrical utilities allow for annual 5% rent increases. A Ratio Utility Billing System (RUBs) is in place for nine existing units and all future residents. Importantly, this property is not currently on the Los Angeles City mandatory seismic retrofit list. Located on a quiet, tree-lined street, the property offers convenient access to Hollywood employers and attractions. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a prime Hollywood location with significant upside potential.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Longitude

-118.343

Latitude

34.0989

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments