We are pleased to present the opportunity to acquire a 15+1 non-conforming unit multi-family property located in the Vermont Square neighborhood of Los Angeles, California. Built in 1923, this two-story apartment building was originally built as a sixteen (16) unit apartment building. In 1976, the property was legally converted to a fifteen (15) unit apartment building by combining two (2) of the single units together. Today, the property operates as a sixteen unit apartment building that consists of thirteen (13) singles with separate kitchens and bathrooms, two (2) one bedroom/one bathroom units, and one (1) non-conforming single unit that brings in an additional $1,011/month of rental income. The property offers tenants gated entry, on-site laundry and master metered utilities, which allow for an annual 5% rental increase pursuant to the guidelines of Los Angeles Rent Stabilization Ordinance. The property and the unit interiors have been well maintained yet still provide an astute investor with a value-add opportunity that can be achieved through interior and exterior renovations.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
