The subject property consists of 58 residential units over 6 ground level retail and 1 office on a triple lot.  This brick building which is individually metered for electric and master metered for gas has amazing upside potential. 

Located a stone's throw from the Staples Center (just a few blocks away) the buildings have new roofs and have been kept in excellent condition.  A sprinkler system has been installed on the property and the property was earthquake reinforced in 1987.  Bought as a tax credit deal in 1994, the Seller has the 10 year hold requirement on the property making Tax credits available again. 

The building has a regulatory agreement affecting 100% of the residential units, limiting the rent to $777 for one person and $888 for two people for each unit.  This has very little effect on the upside potential of the building considering the market rent for singles in the area is $675/$725 and there are 53 singles in the building.

The retail & office units at ground level are all on two year leases with no options to renew.  They are considered modified triple net leases - seller pays only for property taxes and building maintenance.

Location:  

The location of this property is excellent, just a couple blocks west of the 110 and staples center on Pico Blvd.  There is a 99 cent store directly across the street abounded by a meat market and other stores.  The area is definitely retail friendly.

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.

 THIS PROPERTY HAS BEEN SOLD AND IS NO LONGER AVAILABLE.