Presenting an exceptional investment opportunity at 634 North Kingsley Drive, a well-managed 16-unit multifamily property located in the heart of Mid-Wilshire. Built in 1954, this asset comprises 16 one-bedroom/one-bathroom units, with upgraded units featuring laminate flooring, granite countertops, wall-mounted HVAC systems, and modern kitchen appliances. The property offers significant value-add potential, with current rents approximately 35% below market rates. A vacant unit provides an immediate opportunity for renovation and income maximization. Recent lease agreements for units 3 and 15, at $1,995 per month, affirm the market rent for the area. With the last 4% rental increase implemented in February 2024, a new investor will have the opportunity to further increase rents in February 2025. Key property features include parking for 13 vehicles, an on-site laundry facility, and individually metered gas and electric utilities for each unit. Notably, the property requires no soft story retrofit, minimizing potential capital expenditures. The property boasts a "Walk Score" of 90, with close proximity to shops, restaurants, and retail along Melrose Avenue and Beverly Boulevard. It is also conveniently situated within a short drive of Hollywood, Downtown Los Angeles, West Hollywood, and Beverly Hills, and is within walking distance of the Metro B Line (Red) at Vermont/Beverly Station.
Property Details
Price:
$3,395,000
MLS #:
24434731
Status:
Active
Baths:
0
Address:
634 N Kingsley Drive
Type:
Residential Income
Neighborhood:
c17midwilshire
City:
Los Angeles
Listed Date:
Sep 3, 2024
State:
CA
ZIP:
90004
Lot Size:
12,774 sqft / 0.29 acres (approx)
Year Built:
1954
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Schools
Interior
Appliances
Dishwasher, Refrigerator
Heating
Wall Furnace
Interior Features
Ceiling Fan(s)
Exterior
Parking Features
Assigned
Parking Spots
13.00
Stories Total
2
Financial
Map
Community
- Address634 N Kingsley Drive Los Angeles CA
- AreaC17 – Mid-Wilshire
- CityLos Angeles
- CountyLos Angeles
- Zip Code90004
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Courtesy of Westside Estate Agency Inc.. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
634 N Kingsley Drive
Los Angeles, CA
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