Description

Despite being constructed in 1970, the property is priced at only $178 per square foot and $140,000 per unit, which are attractive values, even when compared to far older properties that have sold in the immediate area. A new owner can capitalize on the upgraded electrical system, which could potentially reduce both energy and insurance costs. The property occupies a double lot and includes a large parking area capable of holding 22 vehicles. This rare amenity, coupled with the building's convenient access to nearby shopping and dining destinations (Walk Score of 89), helps to attract higher-paying tenants to the property. A new owner can take advantage of these factors as they add value by recapturing the approximately 54% rent upside that the asset offers. Situated near LA Live, the Crypto.com Arena, the Los Angeles Coliseum, and the Los Angeles Convention Center, the property is adjacent to several 2028 Summer Olympics venues. Therefore, it stands to potentially benefit from upcoming infrastructure improvements and an influx of capital to the immediate area, all to the benefit of a new owner.