1716 Magnolia Ave, Los Angeles, CA 90006

Jan 1

Written By Jake Glaser

Spanish Style 4-Plex in Pico Union | 67% Rental Upside & ADU Potential

Sold: $680,000

$170,000/Unit

$272.87/SF

4.47% Cap Rate

12.78 GRM

Property Highlights

4-unit spanish style property built in 1930
Located in Pico Union, adjacent to Koreatown
Property consists of (4) 1BR/1BA units with one of the units to be delivered vacant at the close of escrow
Owner only pays for water, property is separately metered for both gas and electricity
Property has been recently painted
Each unit has washer/dryer hookups and one garage parking space
Potential to convert existing garages into ADUs
67% of potential rental upside remaining
Close proximity to public transportation, downtown LA, crypto Arena, LA Live, and other retail
One unit delivered vacant at the close of escrow
Successfully repositioned and closed with a local Buyer willing to complete capital improvements

The Deal Story

The Glaser Group is proud to announce the successful closing of 1716 Magnolia Avenue, a Spanish Colonial Revival four-unit property located in the heart of Pico Union, adjacent to Koreatown and just minutes from Downtown Los Angeles.

Originally built in 1930, the property consists of (4) 1-bedroom / 1-bathroom units, with (1) unit delivered vacant at the close of escrow. The asset offered approximately 67% rental upside, along with desirable tenant amenities including in-unit washer/dryer hookups and private garage parking for each unit.

The transaction came with its share of challenges. The property had previously fallen out of escrow due to significant deferred maintenance. After bringing the opportunity back to market, our team identified and negotiated with a local Buyer who was comfortable taking on the capital-intensive improvements needed to restore the property’s original character.

During escrow, the deferred maintenance again created hurdles with the Buyer’s lender. Through proactive communication and coordination with all parties, our team was able to work through the lender’s conditions and successfully bring the transaction to a close.

The Glaser Group represented the Seller on this transaction.

If you’re considering a sale or acquisition, contact The Glaser Group at (310) 230-5157.