Gorgeous prominent 4 story property in the heart of LA zoned as Hotel and being operated as residences.
The property sits in the emerging Westlake District near Downtown LA. The area is referred to as "Rampart Village” and is quickly becoming the new Echo Park and Silverlake.
This property has undergone major renovations including new copper plumbing, new waste lines, updated electrical system, restored lobby and common areas, updated windows, and many renovated units.
The units are large bachelors with full bathrooms and small kitchenettes. These units are bright and have city views. The units rent like hotcakes.
This is the perfect "VALUE ADD" deal as all the heavy lifting is done. As the units vacate a new owner will realize a substantial cash flow surge as the rents are 40% under value.
Our of the 65 units - 22 units have been renovated/ 18 units have been vacated and are ready for renovation/ and 25 units have original tenants.
The retail space is currently vacant as this would make for the perfect coffee shop/ restaurant / or common area for this property.
The property is zones Commercial/ Hotel so sky is the limit with your imagination.
