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$ 6,290,000
Est. payment /mo
New
3232 W Avenue 32 Los Angeles, CA 90065
36 Beds
34 Baths
17,466 SqFt
UPDATED:
02/13/2025 11:16 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 17,466 sqft
Price per Sqft $360
MLS Listing ID 25498359
Bedrooms 36
HOA Y/N No
Year Built 1990
Lot Size 0.295 Acres
Property Description
We are pleased to present 3232 W. Avenue 32, a 16 Unit apartment community located in Glassell Park, CA (90065). Constructed in 1990, the property is NOT subject to LA City rent control and is designated by AB 1482 in which the most recent allowable rent increase was 8.8% in 2024.Glassell Park is adjacent to Atwater Village, Eagle Rock and just blocks to both DTLA and Echo Park. The area continues to experience a dramatic and significant shift like what Silver Lake and Echo Park experienced over the past 20 years. Important news for the area is the LA River Master Plan project which is just 1 mile away from the offering. This mammoth, +/- $30 Billion undertaking is poised to alter the face of LA and specifically, Glassell Park, forever. A world-class team, including urban design architect Frank Gehry and international landscape architects Olin, are leading the transform of 51 miles of the LA River into a recreational green oasis. The offering, built in 1990 and encompassing +/-16,128 SF of improvements, features 16 large apartment homes with an exceptional unit composition featuring Ten (10) Large 2 Bedroom-2 Bathroom, Four (4) 2 Bedroom-1.5 Bathroom, One (1) 4 Bedroom-2.5 Bathroom and One (1) 4 Bedroom- 2 bathroom apartment homes encompassing +/-16,128 square feet of improvements. In recent years, most units have been completely remodeled and feature central air conditioning / heating, bright and open floor plans, new wood flooring. The kitchens feature a modern, custom European design with premium stainless-steel appliance packages, dishwashers, garbage disposals, and new cabinetry. The upgraded baths feature new vanities and tile surrounds. New recessed lighting, locks, hardware and innovative finishes complete the upgrades. The common areas feature gated/secured entry, two laundry rooms (building owned), updated lobby and central courtyard, secured parking for each unit, one or more balconies for each unit and select upper units feature treetop views of the surrounding city.Since the assets are not subject to LA City rent control, any below market rents will provide the astute investor future increased rent potential and ease of management.Glassell Park (90065) is as diverse as the people living in it. Thanks to its neighborhood feel, the area is perfect for young people looking for a "next-level" coffee experience and a community vibe. Within blocks you will find many of L.A.'s newest foodie revolution hot spots along with Habitat Coffee for a barista inspired espresso, Lemon Poppy Kitchen for European pastries, Tres Palmas for seafood tacos, dog friendly Division 3 for an alfresco breakfast or Verdugo Bar for craft beer on the patio.
Location
State CA
County Los Angeles
Area 623 - Glassel Park
Zoning LARD2
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features Community Structure
Total Parking Spaces 32
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5458014016
Special Listing Condition Standard
Listed by Adam Zunder • Iconic Investments