1149 N Westmoreland Ave
Los Angeles, CA 90029
15 Units | Value-Add Near Sunset Junction · Multifamily Property For Sale
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15 Units
Property Facts
| No. Units | 15 | Lot Size | 0.26 AC |
| Property Type | Multifamily | Building Size | 9,254 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1958 |
| Building Class | C | Parking Ratio | 1.3/1,000 SF |
| Zoning | LARD1.5 | ||
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 9,254 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.3/1,000 SF |
| Zoning | LARD1.5 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Gated
- Walk-Up
- Smoke Detector
About 1149 N WESTMORELAND AVE , LOS ANGELES, CA 90029
Marcus and Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1149 N. Westmoreland Avenue, a 15-unit value add opportunity located in East Hollywood. The property consists of one building totaling 9,254 square feet. The unit mix is comprised of 12 one-bedroom/one-bathroom units measuring approximately 550 square feet, and three two-bedroom/one-bathroom units measuring approximately 800 square feet. Due to its 1958 construction, the property is subject to Los Angeles rent control statutes. Current ownership has extensively renovated 3 of the 15 units at the property including adding stainless steel appliances, new cabinetry, new windows, new flooring, quartzite counter-tops, new ceiling fans, and upgraded lighting and plumbing fixtures and is achieving over $1,200-$1,700 premiums over the average in place rents of unrenovated units. Additionally, the common area has been improved with new exterior paint, new secured access parking, landscaping upgrades, new courtyard improvements, and the addition of an on-site laundry facility. The continued gentrification of the surrounding area along with the significant value-add potential for a new owner to continue renovating the remaining 12 units and achieve superior future returns moving forward make 1149 N. Westmoreland Avenue an excellent acquisition opportunity.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | 550 |
| 2+1 | 2 | - | 800 |
Property Taxes
| Parcel Number | 5542-027-033 | Improvements Assessment | $905,255 |
| Land Assessment | $2,112,263 | Total Assessment | $3,017,518 |
Property Taxes
