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2966 Clarendon Avenue

Huntington Park, CA 90255

$5,300,000

List Price

19

bed Beds

26

shower Baths

14,160 sqft

straighten / sqft

1964

calendar_month Built

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.

Listing Information

List Price $5,300,000
Status Active
MLS 24359147
Type Residential Income
Year Built 1964
Lot Size 15,869
Structure Size 14,160
DOM 179
Courtesy Of Iconic Investments
Listing Agent Adam Zunder DRE#01821053

Interior Features

Total Bedroom
Bedrooms 19
Total Bathroom
Bathrooms 26
Cooling Type
Cooling Type Wall/Window Unit(s)

Exterior Information

Maps

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Listing information courtesy of: Adam Zunder, Iconic Investments . *Based on information from the Association of REALTORS/Multiple Listing as of Feb 24th, 2024 at 1:14 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.