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2ND PRICE REDUCTION; $400,000 Total Reduction! Current Income assumes that Buyer will lease up vacant units at market rent and give allowable 5%+CPI annual rental increases to occupied units. 1040 S Lake Street is an eight (8) unit non Los Angeles rent controlled apartment building constructed in1988. The building is subject to State of California AB1482, which allows for a five percent plus CPI annual rent increases. The unit mix consists of four (4)2bed+2bath units and four (4) 3bed+2bath units. The property is a three-story 7,392 square foot walk-up building with frame and stucco construction situated on a 7,609 square foot lot. All the units have large open floor plans that provide an investor the opportunity to complete their own renovation plan and significantly increase rents. Unit features include large bedrooms, master bathrooms in various configurations, spacious living room areas and separate dining areas adjacent to the kitchens, updated bathroom shower tub and fixtures, ample storage and closet space and significant natural light. Due to the large size of the units, investors may want to explore the possibility of adding washer/dryers in each unit. All units feature individual hot water heaters, central air conditioners, are separately metered for electricity and gas, and the landlord pays for water and trash. Gated access parking is provided onsite with fourteen (14) side by side spaces. The laundry room adjacent to the parking area is not currently in use, but an investor can re-open if desired. MLS® ID: 22183005 Listed: 7/25/22 Updated: 11/9/22 Interior Features Total Bedrooms: 20 Total Bathrooms: 16 Cooling: Central Air Heating: Central Exterior/Building Features Lot Size: 7,609 ft2 lot Other Property Details Area Name: C42 - Downtown L.A. Garage: No Parking: Covered Parking Total: 14.0 View: N County: Los Angeles Pool: No Total Stories: 3 Zoning: LAR4 Property History Date Event Price Value 8/19/22 Price Change $2,995,000 -6% Courtesy of Transwestern Property Company West, Inc., Josh Kaplan, Listing Contact: Based on information from California Regional Multiple Listing Service, Inc. as of 11/9/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.