Description

We proudly present 800 N Vermont Ave, a heavy value-add opportunity for investors with approximately 47 of 57 units delivered vacant at close of escrow. The current unit mix at the property consists of 6 one bedroom units, 40 studios, 11 bachelors and 5 ground-floor retail spaces. Buyer has the ability to renovate and lease units at market rate, and can add value by reconfiguring and converting bachelor units to studios, studio units to junior one bedrooms, and one bedroom units to one bedroom plus den. The building also includes a large basement that encompasses almost the entire footprint of the structure, making it eligible for approximately 11 ADUs or a communal space/amenities room for tenants that could feature a fitness center, co-working space, game room, or dog washing station etc. 800 N Vermont Ave is excellently located in an Opportunity Zone and across the street from LACC (28,000 students). The location shows proof of concept for immediate micro-location - Panda Express and Everytable recently signed new leases one block north at 850 N Vermont Ave. Buyer can re-brand ground-floor retail units to significantly increase rents and improve curb appeal for LACC foot traffic. The property includes approximately 22 parking spaces, and the owners are currently upgrading the building to individual electric meters. The subject property is ideally located along the Los Angeles Metro Red Line (walking distance from the Vermont/Santa Monica Station), which runs from North Hollywood all the way to Downtown. Tenants enjoy ease of access to these major employment centers as well many Los Angeles neighborhoods and adjacent bus lines. It sits at the confluence of Virgil Village, East Hollywood and Silver Lake. Popular attractions nearby include the Silver Lake Reservoir and dog park, Sqirl, Erewhon, Night + Market, Alfred Coffee, Silverlake Ramen and many more.