Description
Amazing opportunity to acquire well maintained six units in Palms / West Los Angeles/Culver City-adjacent area with significant upside. Less than 3 miles to the Marina and less than 4 miles to the sand at Venice Beach, and easy to the remainder of Southern California via nearby 405 and 10 freeways, this Property presents an in-demand location that will command increasing rents for the foreseeable future. With long-term below-market rents and nearly 70% in upside to market potential, this property presents a tremendous opportunity to reposition the leases into an instant value-add; or to redevelop and reconfigure the footprint on the 7,588sf lot to maximize income potential as a new construction building, which would be exempt from rent control (Buyer to verify). Purchaser may also be able to construct additional units on the property as-is, with possibility to approach adjacent lots for assembly and increased potential, as well as keep current income in place to help with carrying costs during entitlement process.
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0BEDS
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0.17ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Amazing opportunity to acquire well maintained six units in Palms / West Los Angeles/Culver City-adjacent area with significant upside. Less than 3 miles to the Marina and less than 4 miles to the sand at Venice Beach, and easy to the remainder of Southern California via nearby 405 and 10 freeways, this Property presents an in-demand location that will command increasing rents for the foreseeable future. With long-term below-market rents and nearly 70% in upside to market potential, this property presents a tremendous opportunity to reposition the leases into an instant value-add; or to redevelop and reconfigure the footprint on the 7,588sf lot to maximize income potential as a new construction building, which would be exempt from rent control (Buyer to verify). Purchaser may also be able to construct additional units on the property as-is, with possibility to approach adjacent lots for assembly and increased potential, as well as keep current income in place to help with carrying costs during entitlement process.
Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-07T17:31:18.433. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Massa & Associates Real Estate Group | eXp California Realty Inc. Licensed in the State of California, USA.