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Listed by Stephen Lampe • Re/Max Commercial & Investment
$ 170,000
Est. payment /mo
Active
1601 Fair Park Avenue Eagle Rock (los Angeles), CA 90041
3,900 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 3,900 sqft
Price per Sqft $43
MLS Listing ID CRSB25158948
HOA Y/N No
Year Built 1928
Lot Size 8,173 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
This is a 10% interest as a Tenant in Common with 3 other owners who own the remaining 90%. One of a kind Charming Spanish Adobe Style 6 unit 1920's apartment complex. Situated on a large corner lot in a quiet residential neighborhood with tree lined streets. All units are 1 bedroom 1 bath, and several have been remodeled, but have retained the charm and character of the 1920's with ceramic tile in the kitchens and bathrooms, and hardwood floors. There are 4 garages on the side of the property. The property is valued at $1,700,000 and has a TIC Agreement with the three other owners. There is an existing loan with a balance of $575,000 and bears an interest rate of 4.75%. The monthly payment is $3,129.88 of which $2,284.96 was interest and $844.92 was principal reduction as of the May 2025 Mortgage Statement. The loan is a fully amortizing loan that matures on October 1, 2052 so there is no balloon payment. When taking 10% of the NOI of $9,322 and deducting 10% of the annualized Mortgage Payment ($3,759), and then adding back principal reduction of $1,013, the total return is approximately $6,576 or 5.85% on the required cash equity investment of $112,500 and assuming $57,500 of the loan for 10% ownership as a Tenant in Common.
Location
State CA
County Los Angeles
Interior
Heating Floor Furnace
Cooling Wall/Window Unit(s)
Flooring Wood
Fireplace No
Laundry No Hookups
Exterior
View Other
Handicap Access Other
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