1329 2nd Ave Los Angeles, CA 90019

1329 2nd Ave, a 6-unit value add investment opportunity located in Arlington Heights between S Western Ave and Crenshaw Blvd, just off Pico Blvd and north of the Santa Monica Freeway. This property is made up of two structures including a four-plex in the front with 1+1's and a duplex with two singles in the rear structure; additionally, there are four enclosed garages with an additional two parking spaces. An investor can achieve just over 37% rental upside through interior unit renovations as the units are leased at below market rents; once stabilized, the pro forma CAP rate is projected to be 6.34%. There is currently an accessory space at the rear structure of the property that is vacant. There is potential to legalize into a unit for additional income - buyer to verify. Gas and electricity is separately metered; one unit currently has laundry but all units in the fourplex have washer and dryer hookups. Three of the units will be delivered vacant allowing the new owner to preform renovations upon closing. Arlington Heights is a historic area which embodies a huge, diverse community filled with many charms and local surprises. Along with its architectural beauty the friendliness and movement towards a sustainable neighborhood makes this area a very desirable place to live, work, and play. 1329 2nd Ave has a high walk score of 81, proximity to schools, employment, and transit options make this location convenient for residents to shop and commute throughout the city. Additionally nearby destinations such as Koreatown, Hollywood and Downtown LA are within a 15 minute drive.