4th Price Reduction! We are pleased to present a 14-unit motel currently operating as an apartment building located along the trending Washington Blvd corridor. With 4 existing vacancies and a projected 7.98% CAP upon leasing of the vacancies, there is immediate opportunity for an operator to renovate and add-value while working with the existing tenants (majority of which are transitional housing) that are currently receiving subsidies up to $1,660 per month! The majority of units compose of bachelor style layouts (no kitchen), with 1 one bedroom unit (stand-alone structure), and 1 two bedroom unit (previous motel office). With 3,526sf of building located on 8,123sf of land, the property is well positioned for a local operator to continue relationships with the existing subsidy providers, or to return the property back to its original motel use. Located just minutes away from West Adams and Culver City, both investors and tenants are able to take advantage of the ever-improving amenities within the neighborhood, including but not limited to local coffee shops, breweries, restaurants, employment hubs, art galleries, and more! Buyer shall complete their own due diligence to determine the current legal use, tenancies, legal amount of units, and all aspects relating to the property. For more information please contact the listing broker.
Property Type :
Residential Income
County :
Los Angeles
Style :
Residential Income
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ByOwner last updated this listing 05/07/2024 @ 06:02
MLS: 23322219
LISTED BY: Casey Lins, Kidder Mathews of California, Inc.
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.
