Address
2966 Clarendon Avenue, Huntington Park, CA
Price
$ 5,300,000
Property Attributes
  • MLS#0024359147
  • TypeIncome
  • CountyLOS ANGELES
  • CityHuntington Park
  • AreaVernon - Maywood - HP - Be
  • Zip90255
  • Style
  • Price$ 5,300,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage14160
  • Lot Size0.36 Acres
Data Source:
California Desert Association of REALTORS® (CDAR)
Property Description

We are pleased to present for sale, The Clarendon, a twenty-two-unit apartment building in the Huntington Park submarket of Los Angeles. Located on a quiet residential street comprised of mostly single-family homes, the property is a charming, center-courtyard, walk-up. Built in 1964, The Clarendon features a unit mix of twelve studios, two 1-bedroom/1-bath, three 2-bedroom/1-bath, and a four-bedroom/2-bath house. Recently completed in 2022 was the addition of four additional units comprised of one 2-bedroom/1-bath, one 2-bedroom/2-bath, and two 3-bedroom/2-bath. The additional units are master metered for both gas and electric. Why buy in Huntington Park? Unlike the City of Los Angeles, Huntington Park currently allows for rent increases of 5% + CPI, which is equivalent to 10%. The City of Los Angeles has not allowed rent increases since 2019 and increases on rent-controlled buildings are generally capped at no more than 4%. By allowing higher rent increases Huntington Park gives landlords great flexibility in achieving rents that are closer to market, which is especially beneficial during high inflationary periods. Another benefit is the utility costs are considerably lower in comparison to the City of Los Angeles. New ownership can continue to improve the asset by renovating units as they become vacant, implementing RUBS to recapture utility costs, replacing the leased laundry machines with landlord owned, and continue to give the below market tenants annual rent increases.

Price History
2/17/2024 Listed $5,300,000

General Features

Heating Wall Furnace
Cooling Wall/Window Unit(s)
Zoning HPR3YY
Year Built 1964
Levels Multi/Split
County Los Angeles
Net Operating Income 332191.0
New Construction No
Property Type C
HOA / Comm Assn No
Status Active
City Huntington Park
Buyer Agent Compensation 1.00
Senior Community Y/N No
MLS Area Vernon,Maywood,HP,Be
Lot Size Square Feet 15869.0
Street Name Clarendon
Standard Status Active
Buyer Agent Compensation Type %

Interior Features

Total Stories 2
Air Conditioning Y/N Yes
Heating Y/N Yes
Street Suffix Avenue

Exterior Features

Parking Features Detached Carport
Lot Size Area 15869.0
Building Area Total 14160.0
Lot Dimensions 52x150
Lot Size Acres 0.36
Lot Size Units Square Feet
Land Lease Type Fee
NumberOfUnitsBuildings 2

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 90255

Price
AVG $3.07M
$5.3M
Visits
AVG 7
6
Data Provided by Inside Real Estate®
Year Built
AVG 1938
1964