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4121 Marmion Way, Los Angeles, CA 90065$4,230,000

3
beds
2
baths
11984
ft2
· 17441
ft2 lot
$353 / ft2

Listing provided courtesy of Handoko Chen, GIG Real Estate Inc.
Source CRMLS;
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4121 Marmion Way, a 16-unit Value-Add apartment in the desirable Mount Washington neighborhood of Los Angeles. This well-maintained property is located right off Figueroa St and at the border of Highland Park and South Pasadena. It is surrounded by mature residential neighborhood and within walking distance to many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This is the first time the property has been offered for sale for more than 10 years. The property is a two-story garden style apartment. It offers an excellent curb appeal and is very well maintained with serene center courtyard. It was built in 1965, has a total of ±11,984sqft building size, and situated on a large ±17,441SF lot. The property has a new roof that was installed in 2021 and several front windows have been upgraded with dual pane windows. It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) 1bedroom+1bathroom units. Two units are currently vacant and can be delivered vacant at close of escrow. The 2bedroom units are large with excellent layout (estimated size are ±925-950SF). None of the units have been upgraded which provides an excellent opportunity for value-add work by the new owner. The current rental income is significantly below market (est. about ±50%). Each unit is individually metered for electricity and gas. The units are large and bright which made them very attractive and easy to rent. There are 16 open parking spaces in the back (no soft story retrofit is required) with alley access to the parking lot. The property is serviced by a master water heater, and shared laundry room (laundry lease expires 2023). The property is located right off Figueroa St; in the Mount Washington neighborhood, and at the border of Highland Park and South Pasadena, providing an unparalleled access to superb amenities on Figueroa St. It offers superb access to downtown Los Angeles via FWY 110. Tenants can walk to Metro Gold Line Station and Southwest Museum. Mount Washington is a historic neighborhood in the San Rafael Hills of Northeast Los Angeles, California. Founded in 1909, it includes the Southwest Museum, the world headquarters of the Self-Realization Fellowship, and Eldred Street, one of the three steepest streets in Los Angeles.

HOA

No HOA

On market

2 months

Year built

1965

Property type

Condo

Parking

16

MLS

AR22169971

Price / Sq.Ft.

$353 / ft2

Status

Active

Buyer’s Brokerage Commission

2%

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Home details for 4121 Marmion Way

Interior Features & Layout
Appliances
•   
Laundry Details: Common Area
•   
Appliances: Gas Range
•   
Has Appliances
•   
Laundry: 1
Interior Features
•   
Electric Details: Standard
Rooms Info
•   
Average3 Bed Area Units: Square Feet
•   
Average Studio Area Units: Square Feet
•   
Average2 Bed Area Units: Square Feet
•   
Average1 Bed Area Units: Square Feet
Heating & Cooling
•   
Has Heating
•   
Heating Details: Wall Furnace
•   
Cooling Details: Wall/Window Unit(s)
Flooring
•   
Flooring: Carpet, Wood
Interior Size
•   
Building Area Total: 11984.00
Property, Lot, Community & Exterior Features
Parking Info
•   
Parking Available: 1
•   
Parking Features: Assigned, Driveway
•   
Garage Spaces: 0.00
•   
Uncovered Spaces: 16.00
•   
Carport Spaces: 0.00
Building Info
•   
Building Area Units: Square Feet
•   
Zoning: LAR1
•   
Stories Total: 2
•   
Num Stories: Two
•   
Year Built Source: Assessor
Lot Info
•   
Lot Features: Lot 10000-19999 Sqft, Near Public Transit
•   
Lot Size Source: Assessor
•   
Elevation Units: Feet
•   
Lot Size Acres: 0.4004
•   
Lot Size Area: 17441.0000
•   
Lot Size Units: Square Feet
Community Info
•   
Number Of Buildings: 1
•   
Total Units: 16
Property Features
•   
Common Walls: 2+ Common Walls
Property Type
•   
Common Interest: Community Apartment
Utilities & Other Information
Utilities
•   
Number Of Separate Electric Meters: 17
•   
Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
•   
Number Of Separate Gas Meters: 17
•   
Number Of Separate Water Meters: 1
Water & Sewer Info
•   
Water Source: Public
•   
Sewer: Public Sewer
Assesments Information
•   
Assessments: Buyer to Verify
Listing Details, Costs & Financing Information
Financial Info
•   
Gross Operating Income: 267775.00
•   
Water Sewer Expense: 12967.00
•   
Laundry Income: 0.00
•   
Vacancy Allowance Rate: 3.00
•   
Licenses Expense: 1620.00
•   
Laundry Equipment Own Lease: Lease
•   
Total Actual Rent: 23005.00
•   
Fuel Expense: 0.00
•   
Trash Expense: 4542.00
•   
New Taxes Expense: 45833.00
•   
Insurance Expense: 11776.00
•   
Professional Management Expense: 13500.00
•   
Total Expenses: 109528.00
•   
Gross Scheduled Income: 276056.00
•   
Operating Expense: 109528.00
•   
Gardener Expense: 2850.00
•   
Rent Control Yn: 1
Tax/Assessment Info
•   
Gross Income: 276056.00
•   
Tax Year: 2021
•   
Taxes: 26793.82
Lease Info
•   
Net Operating Income: 158247.00
Listing Info
•   
Status: Active
Other
•   
Electric Expense: 0.00
Multi Unit Information
Unit 2 Information
•   
Unit 2 Actual Rent: 1165.00
•   
Unit 2 Bedrooms: 1
•   
Unit 2 Total Units: 8
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 1
•   
Unit 2 Garage Spaces: 0.00
•   
Unit 2 Total Rent: 9321.00
Multi Unit Information
•   
Number Wall Ac: 16
•   
# Of Units: 2
•   
Number Of Units Leased: 14
•   
Number With Disposal: 16
•   
Number With Range: 16
•   
Price Per Unit: 264375
Unit 1 Information
•   
Unit 1 Bedrooms: 2
•   
Unit 1 Total Units: 8
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Garage Spaces: 0.00
•   
Unit 1 Bathrooms: 1
•   
Unit 1 Actual Rent: 1710.00
•   
Unit 1 Total Rent: 13684.00
School Neighborhood & Directions
Location
•   
Community Features: Mountainous, Suburban
School Info
•   
Directions: 110FWY exit Marmion Way, go north, north of Figueroa St.
Virtual Tour Link
Virtual Tour
Other
Calculation
•   
Cdom: 54

Neighborhood snapshot

31
Properties for sale
13
Median days on market
$690.99
Median sold price/sqft
108.26%
Sold/List %
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Property History for 4121 Marmion Way

08/02/2022
08/02/2022
CRMLS #AR22169971
active
CRMLS #AR22169971
$4,230,000
+141.99%
09/29/2010
09/29/2010
CRMLS #12138221
sold
CRMLS #12138221
$1,748,000

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