The opportunity to acquire 1901-1913 West 3rd Street, a turnkey 41-unit apartment community located less than one mile west from Downtown Los Angeles. The property is located in one of the fastest growing pockets of Los Angeles. The property's transit-oriented and highly walkable location offers residents access to the top job centers in Los Angeles, an emerging dining and nightlife scene, and plentiful recreational and cultural amenities. The property is located on the northwest corner of West 3rd Street and Bonnie Brae street, and consists of two parcels, totally 20,282 square feet of land zoned C2. There are 41 total units, including a 34-unit apartment building at 1901 West 3rd street and two structures located at 1913 West Third Street; a stand alone back house and a 3,400 square foot Victorian house that has been converted into a 6-unit apartment building. The property is gated with 24 parking spaces and is separately metered for gas and electric. This pride of ownership property has had 70% +/- of the units renovated, with approximately 25% rental upside. While the exorbitant costs of home ownership and high barriers to entry for new rental developments continue to fuel strong submarket fundamentals, 1901-1913 W 3rd Street is well positioned to provide consistent returns for investors.
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Attribution contact: 310-909-5428
Listing Agent: Richard Ringer
Listing Office: Richard J. Ringer Inc.