7056 Lanewood Avenue

Los Angeles, CA 90028

$4,595,000
Price
10
Beds
22
Baths
11,452 Sq. Ft.
$401 / Sq. Ft.
11,452
Sq. Ft.
$401
per Sq. Ft.

Description

7056 Lanewood Avenue is a 22-unit apartment community in Hollywood (90028). The offering offers investors a unique and rare opportunity to acquire an irreplaceable asset with strong in-place metrics and meaningful rental upside in one of LA's most dynamic and stable markets. 7056 Lanewood Avenue was built in 1953 and consists of 11,452 square feet of improvements. The unit composition features an attractive mix of Ten (10) spacious 1-Bedroom Units and Twelve (12) Studio Apartments. The property is...7056 Lanewood Avenue is a 22-unit apartment community in Hollywood (90028). The offering offers investors a unique and rare opportunity to acquire an irreplaceable asset with strong in-place metrics and meaningful rental upside in one of LA's most dynamic and stable markets. 7056 Lanewood Avenue was built in 1953 and consists of 11,452 square feet of improvements. The unit composition features an attractive mix of Ten (10) spacious 1-Bedroom Units and Twelve (12) Studio Apartments. The property is sited on a +/- 14,977 square foot parcel, zoned LAR4. The property is well-parked, with 17 parking spaces, and is not on the list of LA City mandatory seismic retrofit. Tenants and future investors will appreciate this well-maintained asset, featuring an attractive courtyard and lush landscaping. Additional amenities include a secure entry with intercom gate access, gated parking, and on-site washer/dryer. 7056 Lanewood Avenue is master-metered for gas and electrical utilities, which currently allows an annual 5% rent increase. Additionally, the Ratio Utility Billing System (RUBs Program) is already in place for all incoming residents. Lanewood Avenue is a quiet tree-lined street near Hollywood employers and attractions. With its prime location in Hollywood, 7056 Lanewood is an outstanding rental location for residents looking for immediate access to major Hollywood employers, services, and entertainment venues. The proximity to world-class neighboring venues makes this an ideal investment for apartment operators seeking a stable investment opportunity and long-term wealth preservation and appreciation.
  1. Listed by Nick Astrupgaard • DRE #01893466 • Brokerage DRE #01458187 • KW Commercial Studio City
  2. Listed by Rich Johns • DRE #01432215 • Brokerage DRE #01458187 • KW Commercial Studio City

Property Details for 7056 Lanewood Avenue

Zoning
LAR4
Parcel Number
5548013018
Total Units
22.0
Living Area
11452
Source Living Area
Vendor Enhanced
Area
Hollywood (C20)
Vacancy Rate
4.5%
Lot Size Area
14981

Location

Listing Courtesy of KW Commercial Studio City, Nick Astrupgaard, DRE #01893466; KW Commercial Studio City, Rich Johns, DRE #01432215
Add your commute
LISTING UPDATED: 05/22/2024 12:01 AM

Property Details for 7056 Lanewood Avenue

StatusActive
MLS #24-391989
Days on Market19
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1953
Lot Size0.34 AC / 14,981 SF
CountyLos Angeles County

Location

Listing Courtesy of KW Commercial Studio City, Nick Astrupgaard, DRE #01893466; KW Commercial Studio City, Rich Johns, DRE #01432215
Add your commute

Building Information for 7056 Lanewood Avenue

Stories2Residences-Year Built1953Building Size-Lot Size0.34 AC / 14,981 SF

Payment Calculator

$29,437 per month

30 year fixed, 7.25% Interest

Principal and Interest

$25,077

Property Taxes

$4,360

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 7056 Lanewood Avenue

Community / Development
Community / Development
  • Number Of Units: 22
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $386,024
  • Net Operating Income: $238,853.00
  • Gross Income: $393,902
  • Cap Rate: 5.20%
  • Gross Rent Multiplier: $11.70
  • Total Annual Expense: 147171
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.3439
  • Lot Size Square Feet: 14981
Parking Details
Parking Details
  • Parking Garage: Other
  • Total Parking: 17
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 05-14-2024
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,350.00
  • Unit Actual Rent: $16,195.00
  • Unit Projected Rent: $22,200.00
  • Like Units: 12
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,458.00
  • Unit Actual Rent: $14,581.00
  • Unit Projected Rent: $23,500.00
  • Like Units: 10
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,122,000.00
  • Assessed Improvement Percent: 26.83
  • Assessed Land Value: $3,060,000.00
  • Assessed Land Percent: 73.17
  • Assessed Total Value: $4,182,000.00

Property History for 7056 Lanewood Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 7056 Lanewood Avenue

Taxable ValueLand$3,060,000Additions$1,129,480Total$4,189,480
Tax Record2023$52,317 ($4,360 / month)
Home Facts
Total Finished SqFt11,452 SqFtAbove Grade Finished SqFt11,452 SqFtLot Size14,977 SqFtStyleMulti-Family Res (5+ Units)Year Built1953ZoningLAR4CountyLOS ANGELESAPN5548-013-018

Schools near 7056 Lanewood Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 12
Rating
School
Distance
Gardner Street Elementary School
PublicK to 5

Hubert Howe Bancroft Middle School
Public6 to 8

Hollywood Senior High School
Public9 to 12

Larchmont Charter School
CharterK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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7056 Lanewood Avenue is a multi-family home for sale in Los Angeles, CA 90028. This property was listed for sale on May 14, 2024 by KW Commercial Studio City, it's currently listed at $4,595,000. It has been on the market for a total of 19 days and was last sold on July 23, 2021. This listing's school district is Los Angeles Unified School District. Nearby schools include Gardner Street Elementary School, Hubert Howe Bancroft Middle School and Hollywood Senior High School. 7056 Lanewood Avenue is a 10-bed, 22-bath, 11,452 sqft multi-family home built in 1953.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of KW Commercial Studio City, Nick Astrupgaard, DRE #01893466; KW Commercial Studio City, Rich Johns, DRE #01432215

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.