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$ 1,495,000
Est. payment | /mo
11 Beds
5 Baths
2,691 SqFt
$ 1,495,000
Est. payment | /mo
11 Beds
5 Baths
2,691 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 2,691 sqft
Price per Sqft $555
MLS Listing ID 26991251
Bedrooms 11
HOA Y/N No
Year Built 1920
Lot Size 10,489 Sqft
Property Description
We are pleased to present 702 Crenshaw Boulevard, a fully renovated investment and development opportunity delivered 100% vacant, fully furnished, and ready for immediate occupancy. The approximately 2,691-square-foot residence features 10 bedrooms and 5 full bathrooms, making it an excellent candidate for a sober-living facility, co-living operation, supportive or transitional housing, or a room-by-room rental strategy, subject to applicable licensing and governmental requirements. Private rooms in the surrounding area are renting for approximately $1,500 per month. At full occupancy, the property has the potential to generate approximately $15,000 in gross monthly rental income, or $180,000 annually. Its high bedroom count, multiple bathrooms, oversized kitchen, and furnished condition allow an investor or operator to begin leasing with minimal additional setup. The residence has benefited from more than $300,000 in improvements, including vinyl plank flooring, dual-pane windows, central air conditioning, upgraded electrical, copper plumbing, quartz countertops, custom cabinetry, renovated bathrooms, and an oversized kitchen equipped with multiple refrigerators. The bedrooms, bathrooms, living room, kitchen, and outdoor areas are fully furnished. Situated on an oversized approximately 10,500-square-foot LAR3-zoned lot, the property offers significant underlying land value and multiple long-term development possibilities. An investor may elect to operate the existing 10-bedroom residence, explore the addition of ADUs or supplemental units, or pursue a larger ground-up multifamily development. Offered at a 9.25% cap rate and 8.3x GRM, 702 Crenshaw Boulevard represents a compelling investment opportunity. The combination of the large lot, multifamily zoning, existing improvements, and flexible building layout provides an opportunity to generate immediate rental income while evaluating a future development strategy. The iIdeally located just south of Wilshire Boulevard near Hancock Park, Koreatown, Larchmont Village, Windsor Square, and Miracle Mile, the property offers convenient access to dining, shopping, cultural attractions, employment centers, public transportation, and major destinations throughout Central Los Angeles.
Location
State CA
County Los Angeles
Area C18 - Hancock Park-Wilshire
Zoning LAR3
Interior
Interior Features Ceiling Fan(s)
Heating Central
Flooring Tile
Fireplace No
Appliance Disposal, Microwave, Refrigerator, Dryer, Washer
Exterior
Parking Features Gated, Private
Total Parking Spaces 20
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5092001027
Special Listing Condition Standard
Listed by Davis Saadian Keller Williams Hollywood Hills #01921748