** Now priced for immediate sale! ** Great opportunity to own a well-maintained corner lot quadruplex on a great block at the top of the hill in Historic Filipinotown! Charming complex with two buildings (two separate addresses: 244-246 Belmont and 1571-1573 Council - both up and down), the front one… Read More with quaint brick steps and front patio and a Queen Anne-style roof turret. Exterior has been recently painted and features four good sized units, each with front and rear entrances, and all occupied by excellent long-term tenants. Finishes could use updating, but some systems have been upgraded including updated electrical, own water heaters, washer/dryer hookups, A/C in some units. Great unit mix and more than 100% potential up-side in rents after remodeling or great income generating home for future owner-user. Actual rents: 244 Belmont: $1,039.48, 246 Belmont: $1,098.74, 1571 Council: $1,379.00, and 1573 Council: $1,039.37. ($4,556.59/month total). Listed rents of $4,738/month, 4.38% cap rate, and 14.77 GRM reflect upcoming 4% rent increase on February 1, 2025. Nicely landscaped front and side yards with lime tree and patio area between buildings. Great location with views of Downtown and much development going on nearby. Close to Echo Park, Downtown LA, Dodger Stadium, along with numerous coffee shops, restaurants, medical facilities, and recreation facilities. Read Less
Property listed by RE/MAX ESTATE PROPERTIES, Reid C. Kaplan 310-559-5570
Listing Snapshot
Days Online
45
Last Updated
Property Type
Other
Beds
10
Square Ft.
3,846
Lot Size
0.11 Acres
Year Built
1890
MLS Number
24453189
30 Days Snapshot Of 90026
$1,165k
-11%
(avg) sold price
19
+35%
homes sold
81
-5%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Refrigerator, Dryer, Washer
Building
Built in 1890, Building area total: 3,846, Levels: Two, Living area: 3846, 2 stories, 2 buildings, Architectural style: Victorian
Cooling
WallWindowUnits
Heating
WallFurnace
Income
Gross income: $56,866, Net operating income: $36,079
Lot
0.1091 acres, 4,751 square feet, Size: 4,751
Parking
None
Property
Zoning: LARD1.5
Tenant Pays
Electricity, Gas, TrashCollection
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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