The Archway

Los Angeles, CA 900625507-5509 S. Manhattan Pl.

Property Type: Multifamily/Residential
Sold/Closed

Details

  • Price: 644,997
  • Cap Rate: 5.27%
  • GRM: 12.53
  • Cost per SF: $351.31
  • Cost per unit: $322,500
  • Year Built: 1923 | 1928
  • Square Footage: 1,836
  • Lot Size: 6,055 SF
  • Units: 2
  • No. Stories: N/A
  • Parking: Rear Unaccessible Parking Lot
  • Transaction Type: Sold/Closed
  • Property Type: Multifamily/Residential
  • Zoning: LAR2
  • Building Class: N/A
  • APN/Parcel ID: 5005-025-026

Property Description

The Archway is a magnificent Spanish style duplex located in the dynamically emerging market of South Los Angeles. This investment opportunity presents an ideal income property for either an owner-user or an astute investor looking to acquire a 50% vacant value-added asset.

This charming duplex is comprised of 2 units in a one-story building built in 1928. This property totals 1,836± building square feet and is constructed of wood frame, flat roof, and painted stucco exterior. The property sits on a large 6,056± square foot lot zoned LAR2 and the building is located in a Transit Oriented Community (TOC), Tier 2 which may allow for a larger redevelopment of the lot. In addition, a preliminary ADU study has been completed which could allow for an additional 2 units that would significantly increase the NOI. Buyer to verify.

These extremely spacious units at S. Manhattan Place, one of which will be delivered vacant, average 918± square feet. The units are comprised of (2) 3 Bedroom + 2 Bath units. One of the units has been highly improved with granite countertops, wood floors, stainless-steel appliances, and a Ring home security system. Both units offer laundry rooms with washer/dryer hookups and individual hot water heaters. Each unit offers a private backyard. There is also a rear gated parking lot currently with no ally access. Capital improvements include a newer roof, hot water heaters and new AC unit for unit 5509.

Aesthetically, the property grounds and building are well maintained and offer curb appeal.

The Archway is located at 5507 S. Manhattan Place in the swiftly emerging submarket of Los Angeles known as Park Mesa Heights. The property is adjacent to Leimert Park and just south of The University of Southern California. Located on the 5500 block of S. Manhattan Place, the property is situated between W. 54th St and W. Slauson Ave., just east of S. Van Ness Ave.

The property is ideally located within proximity to The Natural History Museum, Los Angeles Memorial Coliseum, University of Southern California and Banc of California Stadium. Also nearby is a hub of restaurants, shopping and public transportation.

In addition, 5507 S. Manhattan Place is a central Los Angeles location and minutes to Downtown Los Angeles, Jefferson Park, Huntington Park and Mid City, making this property the ideal location to call home and a pride of ownership investment.

Property Highlights

  • One unit delivered vacant at the close of escrow in renovated condition
  • Private backyards for each unit
  • Individual hot water heaters
  • Newer roof, hot water heaters and new AC unit for # 5509
  • Preliminary study completed identifying potential to add (2) ADU units
  • Zoned LAR2 and located in the Opportunity Zone & TOC Tier 2
  • Excellent unit mix of (2) 3 bedroom + 2 bath units
  • Spacious average unit size of 918± sq. ft.
  • Central A/C, Wi-Fi, Stainless Steel Appliances (select units)
  • Gated parking lot in rear of property (currently no ally access)
  • Central Los Angeles location
  • Strong rental market

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23975 Park Sorrento Suite 110
Calabasas, CA 91302