Attention 1031 exchange funds and astute investors! An unparalleled investment opportunity awaits in the heart of Los Angeles at 198 S Commonwealth Ave, a well maintained building with pride of ownership, updates and upgrades which include, mini split HVAC in some units, updated units, stainless steel appliances. Presenting a prime commercial property in the thriving Wilshire Center district, where cultural diversity and urban vitality intersect. This strategically located asset offers tremendous potential for savvy investors seeking to maximize their 1031 exchange funds. Embrace the dynamic spirit of this bustling neighborhood, where a myriad of shops, eateries, and businesses flourish, ensuring a steady flow of foot traffic and consumer demand.Set your sights on the endless possibilities this property holds. With its proximity to renowned Korean barbecue restaurants, trendy cafes, and specialty stores, capitalize on the vibrant retail landscape that has made this district a sought-after destination for locals and visitors alike. Transportation convenience further enhances the investment appeal. Multiple bus lines and the Wilshire/Vermont Metro station offer seamless connectivity, facilitating easy access for patrons from across the city. This accessibility, coupled with the neighborhood's central location, ensures strong demand and long-term growth potential. 100% Occupied. Rent Control Rent Increase freeze is being lifted in February 2024 with a 4% allowable rental increase. All tenants are on month to month. Historically low to no vacancies. Pictures are from various units in the building from the recent past. SqFt of units is estimated. Drive by only! DO NOT disturb tenants.
Property Details
Property Features
Property Information:
Year Built: 1924
Stories: 2
Living Area: 8,486 SqFt
Listing Office:
Office Name: Century 21 Hollywood
Office Phone: (323) 462-7436
Listing Agent: Paul Barbosa
Interior Features
Interior Information:
Flooring Type: Tile, Wood
Bedroom and Bathroom Information:
Total Bedroom Count: 12
Exterior Features
Exterior Information:
View: None
Parking Information:
Parking: None
Lot Features
Lot Information:
Lot Size: 0.17 Acres
Utilities
Utilities Information:
Heating: Wall Furnace
Cooling: Wall/Window Unit(s)
School Info
Assigned Schools Information:
Belmont Senior High School, Public District Grades 9-12
Contreras Learning Center-Los Angeles School of Global St, Public District Grades 9-12
Contreras Learning Center-School of Social Justice, Public District Grades 9-12
Virgil Middle School, Public District Grades 6-8
Studio, Public District Grades 6-8
Commonwealth Avenue Elementary School, Public District Grades KG-5
Melrose Avenue Elementary School, Public Magnet Grades KG-6
Academy For Enriched Sciences, Public Magnet Grades 1-5
Other
Directions Information:
Directions: East of Virgil ave and North of W 3rd St and south of Beverly Blvd
Price Information
Listing Price Info
Price Summary:
List Price: $3,000,000
Price Per SqFt: $354/SqFt
Tax Information:
Annual Amount: $12,046
Tax Year: 2021
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in Los Angeles, CA.
This property is $2.0M more than the Median Sold Price and $274/SqFt less than other homes in Los Angeles, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #23339917
Listing Office:
Office Name: Century 21 Hollywood
Office Phone: (323) 462-7436
Listing Agent: Paul Barbosa
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) 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. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 4/28/2024, 12:25:20 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Jun 12, 2003
Jun 12, 2003Home Sold
$675,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$12,046
$903,160
2020
$11,714
$893,901
2019
$11,552
$876,375
2018
$11,280
$859,192
2017
$11,280
$842,346
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
7
/10
Commonwealth Avenue Elementary School
215 S Commonwealth Ave
Distance between this listing and this school0.03 miles
Public District Grades KG-5
8
/10
Melrose Avenue Elementary School
731 N Detroit St
Distance between this listing and this school3.57 miles
Public Magnet Grades KG-6
9
/10
Academy For Enriched Sciences
6170 Lockhurst Dr
Distance between this listing and this school22.09 miles
Public Magnet Grades 1-5
Middle School
4
/10
Virgil Middle School
152 N Vermont Ave
Distance between this listing and this school0.36 miles
Public District Grades 6-8
4
/10
Studio
2211 W Avenue 30
Distance between this listing and this school3.64 miles
Public District Grades 6-8
High School
2
/10
Belmont Senior High School
1575 W 2nd St
Distance between this listing and this school1.34 miles
Public District Grades 9-12
1
/10
Contreras Learning Center-Los Angeles School of Global St
322 Lucas Ave
Distance between this listing and this school1.66 miles
Public District Grades 9-12
2
/10
Contreras Learning Center-School of Social Justice
322 Lucas Ave
Distance between this listing and this school1.66 miles
Public District Grades 9-12
Assigned Schools
7
/10
Commonwealth Avenue Elementary School
215 S Commonwealth Ave
Distance between this listing and this school0.03 miles
Public District Grades KG-5
8
/10
Melrose Avenue Elementary School
731 N Detroit St
Distance between this listing and this school3.57 miles
Public Magnet Grades KG-6
9
/10
Academy For Enriched Sciences
6170 Lockhurst Dr
Distance between this listing and this school22.09 miles
Public Magnet Grades 1-5
Assigned Schools
4
/10
Virgil Middle School
152 N Vermont Ave
Distance between this listing and this school0.36 miles
Public District Grades 6-8
4
/10
Studio
2211 W Avenue 30
Distance between this listing and this school3.64 miles
Public District Grades 6-8
Nearby Schools
4
/10
Vista Charter Middle School
2900 W Temple St
Distance between this listing and this school0.44 miles
Public Charter Grades 6-8
Assigned Schools
2
/10
Belmont Senior High School
1575 W 2nd St
Distance between this listing and this school1.34 miles
Public District Grades 9-12
1
/10
Contreras Learning Center-Los Angeles School of Global St
322 Lucas Ave
Distance between this listing and this school1.66 miles
Public District Grades 9-12
2
/10
Contreras Learning Center-School of Social Justice
322 Lucas Ave
Distance between this listing and this school1.66 miles
The neighbors living near this home have an average income of $47,106. Most Los Angeles, CA residents have annual incomes between $35k-100k. The most common type of family is single, no kids. The majority of residents in this area have post secondary degree education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 198 S Commonwealth Ave
What is the listing price of this property?
The listing price of 198 S Commonwealth Ave property is $3,000,000.
What type of property is this?
The property 198 S Commonwealth Ave is a house located in Los Angeles, California, 90004.
Is this property for sale now?
Active Listing: 198 S Commonwealth Ave is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 198 S Commonwealth Ave are: Commonwealth Avenue Elementary School: GreatSchools Rating 7/10Melrose Avenue Elementary School: GreatSchools Rating 8/10Academy For Enriched Sciences: GreatSchools Rating 9/10Virgil Middle School: GreatSchools Rating 4/10Studio: GreatSchools Rating 4/10Belmont Senior High School: GreatSchools Rating 2/10Contreras Learning Center-Los Angeles School of Global St: GreatSchools Rating 1/10Contreras Learning Center-School of Social Justice: GreatSchools Rating 2/10
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $12,046 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on June 12, 2003 for $675,000. (source: MLS/tax record).
How many bedrooms and bathrooms does this property have?
The property at 198 S Commonwealth Ave has 12 bedrooms and 8 bathrooms.
What is the square footage of this property?
The property 198 S Commonwealth Ave is 8,486 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 198 S Commonwealth Ave is 1924.
Interested in 198 S Commonwealth Ave? Let's connect.
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This home is located at 198 S Commonwealth Ave in Los Angeles, CA and zip code 90004 in the Central LA neighborhood. This 8,486 square foot home, which was built in 1924, sits on a 0.17 acre lot. Features: 12 bedrooms, 8 bathrooms. It has been listed on Rocket Homes since December 15, 2023 and is currently priced at $3,000,000.
In March 2024 more than 628 listings in Los Angeles, CA were sold above the asking price. During the same period more than 196 listings were sold at asking price, while more than 579 were sold below. Between February 2024 and March 2024, Los Angeles, CA real estate market has seen increase in the number of listings by 10.8%. In March 2024 median list price was $975,970 and the average listing age was 34 days.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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