Neema Ahadian and Leo Laterza, the exclusive listing agent, are pleased to offer for sale 372 Loma Drive, a 23-unit apartment building, located in Los Angeles' gentrifying Westlake neighborhood. The asset has been held by the same ownership since 1974 and professionally managed by a third-party management company for over 30 years. The property consists of 21 two-bedroom townhouse style units measuring over 1000 square feet (most of these units have fireplaces and dual entrances) and 2 one-bedroom units that are nearly 700 square feet. There is a total of 31 parking spaces on-site plus a 8 private one-car
garages that are currently being rented for storage.
Based on our detailed rent survey, the current loss-to-lease in +/-50%, providing a significant increase in NOI through continued renovations and attention to the
asset. Furthermore, this unique opportunity is situated on a 30,006 square-foot lot, zoned LAR4-1, providing a developer the ability to build 75 units by right, without
using any low-income density bonus.
Westlake, Los Angeles' second-densest neighborhood, sits adjacent to Downtown Los Angeles, just south of uber-trendy Silver Lake, and east of Koreatown and Hollywood. This ideal location offers not only a culturally rich Central and South American community, steeped in flavor and heritage, but also such desirable amenities as a Metro station and the picturesque greenery of MacArthur Park.
Originally developed in the 1920's, the neighborhood, which has already seen many of its elegant mansions and historical buildings converted into multifamily dwellings, is continuing to experience a wave of repurposing and major new development projects, especially several large mixed-use projects. Westlake is poised for a further influx of major funding from investors and the city alike, in a hearty move towards gentrification that echoes that of Downtown Los Angeles.
