Value add non rent controlled opportunity located in Florence Firestone unincorporated Los Angeles County patch adjacent to Huntington Park. There is tremendous immediate upside potential in this 34 unit multifamily property by marking rents to market. Currently a 5.49% cap and potentially over 7% cap on market rents! Altman Apartments is exclusively offering "The Central Florence Apartments" on an "As Is Where Is" basis. Substantial recent improvements have been made to the property and opportunity exists for further improvements to be made, which may allow for over 19% increase in gross income. The unit mix is 22 studios, 8 1+1s, 3 2+1s, and 1 3+1. There are 16 units at the 1141 E Florence Ave address and 18 units at the 1147 E Florence address.
The Central Florence Apartments are located near the major intersection of Central Ave & Florence Ave just outside of Los Angeles city limits in the unincorporated county patch called Florence Firestone. It is only a 14 minute walk to the Metro Blue Line Florence Station that runs between Long Beach and Downtown LA and the property has a walk score of 80 due to many local shops and restaurants along Florence Avenue. The County has also recently up-zoned this area of Florence Avenue to Mixed Use zoning to encourage development, which may provide a future development opportunity due to the roughly half acre lot size. Buyer to do all of their own due diligence to determine feasibility.
