Description

The property for sale is a 10-unit apartment complex located at 6416 S Victoria Avenue, Los Angeles CA 90043. The 6,244 square foot two story apartment was built in 1955 and is situated over a 9,467 square foot lot & is zoned LAR3. The ten-unit apartment consists of two 2 bedroom / 1 bathroom units and eight 1 bedroom / 1 bathroom units. There are 10 on-site parking spots located at the back of the property. The property has approximately 32% remaining rental upside through unit renovations. A savvy investor can also take advantage of higher potential rents by renting to Section 8 tenants which pay higher than current market rents for the 90043 zip code. The Housing Authority of the City of Los Angeles (HACLA) voucher payment standards pays up to $2,289 for 1Bedroom units & $2,887 for 2 bedroom units. There are multiple developments that are currently underway in the area and in planning stages. The location offers unparalleled convenience in one of LA's most desirable areas. The property is near several restaurants, cafes, bars, grocery stores, shopping centers and spiritual centers. The area is a diverse community that is being gentrified in a quiet neighborhood in the center of Los Angeles. The sub-market witnessed a relatively strong rental demand for hundreds of new units during the past 12 months.