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Presenting a rare opportunity to acquire this attractive 1992 custom-built and meticulously crafted, 5 unit, city view apartment complex. Located adjacent to the iconic Chinatown, Echo Park and Silverlake areas of Los Angeles, and positioned strategically and conveniently near the#2,5,134,110, e freeways,& rapid transit including the Gold Line and bus routes. It is situated in a trendy and up-and-coming strong rental market amidst DTLA, Silverlake,Dodger Stadium,Echo Park and the Financial District neighborhoods with major employers including USC, Good Samaritan Hosiptal, Paramount Studios,& the Los Angeles Fashion and Arts Districts,& much more. This property offers an excellent opportunity for discerning homeowners or investors to secure a true value-added asset in a highly coveted locale. Comprising 3 stories with a total building size of 7,658 sq.ft./assessor, all units are spacious & the apartment complex boasts a desirable unit mix including an OWNER unit of approx.2,641 sq.ft.(delivered vacant upon close of escrow with new paint & carpet throughout) featuring a 3-br,3.5 bth townhome-style front unit with an office /den(could be used as a 4th bedroom), large recreation room, spacious laundry area, ample storage rooms,a 2-car attached garage. It may be possible to convert laundry and storage rm (some completed w/dry walls,utilities & windows)into ADU's. Buyer to Investigate feasibility, seller makes no guarantees and no warranties. The remaining 4U are an ideal mix of two larger (over 1,100 sq. ft. ea) 3br,2bth U and two good-sized 2-br,1-bth U. Each unit boasts an excellent layout, individual water heaters, and separate metering for gas and electricity utilities, ensuring convenience and efficiency. All 4 units are occupied by long-term tenants on mo to mo leases. Rent comparable reports indicate a positive upside and added investment potential. Property is not under city’s Rent Stabilization Ordinance (RSO), but subject to State Rent Control AB1482 and Just Cause Ordinance (JCO). Buyer to investigate, seller makes no guarantees and no warranties. Ample parking includes 3 covered spaces and 5 open parking spaces. Residents benefit from an array of culinary delights, cultural experiences, and artistic exhibitions for all younger and older professionals, further enriching the allure of this investment opportunity. Now is the time to seize this exceptional offering in one of Los Angeles’ most dynamic and sought-after neighborhoods. |
