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.
Courtesy of , Sevak Keshishian - CA DRE#
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