With current rents averaging approximately $1.79 per square foot, a new owner can nearly double the property's income by matching the area's market rents that have surpassed $3.50 per square foot. One-quarter of the units have already been substantially upgraded, providing a blueprint for a new investor to follow and recapture the rent upside. Renovated units feature new wood flooring, quartz countertops, new custom cabinets, stainless steel appliances, tile backsplashes, new lighting, and remodeled bathrooms. Built in 1962, the property is nestled between Echo Park Lake and Sunset Boulevard, sitting just one block from both one of Los Angeles' most popular parks and one of the city's trendiest streets. As the neighborhood has gentrified in recent years, new shops and restaurants have emerged along both Sunset Boulevard and Glendale Boulevard, providing numerous destinations within blocks of the property. The building has therefore received a Walk Score of 93, with the immediate area considered a "Walker's Paradise."
In the up-and-coming area of Westlake/ Historic Filipino town adjacent, sits a mid century 7-unit apartment building on a large 11,000 plus sq. ft. lot. It's located in the City of LosAngeles in the Historic Filipino just west of DTLA in the area now going as HiFi. Property contains a unit mix of ( 6 ) one bedroom / one bathroom units and ( 1 ) two bedroom / two bathroom units. Building has great rental upside potential. The exterior has been recently painted and the frontage re-landscaped. 5 potential parking spaces in the rear can be accessed through the alley. This area is going through some great positive changes and it is an excellent opportunity. Plenty of rental upside as well as potential development opportunities on the half empty lot with rear alley access.
Great Investment apartment in Los Angeles,close to downtown LA, Sunset Blvd, Pasadena,and Dodger Stadium. There are 3 Buildings in the lot, 4 units in the Front building,each unit comes 1 Bedroom and 1 Bathroom; 2 individual unit in the back, each unit comes 2 Bedrooms and 1 Bathroom. Total 6 units, 6,546 SF in living area,10,260 SF in Lot size. Current rent below the market. Quiet and nice area in Los Angeles. Property to be sold "AS IS". Showing Subject to inspection.
