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Sold
$2,750,000
44
Residential
975 Vendome St.
Los Angeles / CA
90026
5426-016-003
1926
11.36 / 8.55
4.41 / 7.35
$62000
$135
bachelors and singles
Description: This building was completely vacant due to a fire which burned out the basement and its electrical systems. The unit above the fire was damaged and there were holes in the roof where the fire dept cut in. The owner had full coverage for fire (covered up to $3.5 million in damages) and rents lost (up to $300,000). The insurance company was paying the $20,000 per month while the city of LA kept the tenants out. The Seller was willing to transfer the building and allow the new buyer to collect from the insurance company. This building was bought as a tax credit deal 15 years ago and has a regulatory agreement in place on it which restricts rents. New financing was necessary for this project. There was a Regulatory Agreement on the building.
The building is 43 units plus one non-conforming: mostly singles and bachelors CURRENTLY VACANT DUE TO FIRE. There is a attached store on the corner of Sunset which is the only inhabited unit. It is master metered for gas. THIS BUILDING HAS BEEN SOLD AND IS NO LONGER AVAILABLE.
Disclaimer:
This information has been secured from sources we believe to be reliable, but make no representation or warranties, expressed or implied as to the accuracy of the information. References to square footage and/or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Client Testimonials
Peter does what it takes to get the job done and the sale closed. He does it all while always acting with the utmost ethics. I highly recommend Peter.
