We are pleased to present the opportunity to purchase a 9-unit apartment building located at 11969 Iowa Ave, in the City of Los Angeles, California, 90025. This prime West Los Angeles property consists of an excellent unit mix of 2 spacious singles, 1 one-bedroom one-bathroom unit, 3 two-bedroom one-bathroom units, 2 two-bedroom two-bathroom units, & 1 three-bedroom two-bathroom unit, and more recent policy changes allow for 2 additional ADUs to be built in existing parking spaces. This building was erected in 1962 of wood-frame and stucco construction. The building is 2-stories with covered parking spaces on-site. This charming apartment complex is situated on a quiet street in a beautiful West LA neighborhood. 6,962 sq. ft. of improvements are situated on 7,444 sq. ft. of land located near the corner of Bundy Drive and Santa Monica Boulevard. Each unit is separately metered for gas and electricity. This asset offers an investor the opportunity to purchase a well-maintained, well-located asset with exceptional upside potential. For an investor focused on value-add, this is an ideal investment, especially given its ADU potential. The average size of each unit is approximately 773 sq ft. The current average rent is only $1,583, with market rents at $2,900 on an average, assuming future renovations. A new investor can capitalize on the tight rental market and high rents in this neighborhood by implementing a strategic unit interior renovation plan, which will command top of the market rents.
Courtesy of Arthur Arejian, Arthur Arejian, Broker
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Data last updated 8/10/22