1601 Fair Park Avenue new Save Request In-Person Tour Request Virtual Tour
Eagle Rock,CA 90041
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25158948
Bedrooms 4
Property Sub-Type Res Income 2-4 Units
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
Zoning Public Rec
Direction Corner of Fair Park Avenue and Townsend just north of Yosemite Drive
Interior
Heating Floor Furnace
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Tax ID 5689009009