The subject property is a six-unit apartment complex-duplex + fourplex-built in 1959 and located in the Hollywood submarket of Los Angeles. Ideally situated on Virginia Avenue, just north of Santa Monica Blvd between Gower and Wilton, these units average nearly 850 sf each. The improvements are built on a 7,499 square foot lot with a total rentable square footage of 5,050. There are 8 on-site parking spaces as well as on-site laundry. Each well-maintained unit is individually metered for gas and electricity. Development potential is also an option. The property is zoned R3-1, allowing for 9 units, by right. The lot is recognized as Tier 2 under the new TOC Guidelines under Section 6 of Measure JJJ. This allows for a 60% density bonus and less restrictive parking requirements (1 space/ dwelling). With the density bonus, the number of buildable units potentially increases to 15. Loan assumption at 4.3% IO fixed until 2023. Contact LA1 for details.
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