959 965 S Vancouver Avenue, East Los Angeles, CA 90022

Property Description

The subject property is a 7-unit apartment complex in East Los Angeles consisting of a duplex 959 & 961 S. Vancouver Avenue, and 5 units within 4 single story Spanish Style bungalows situated on a corner lot. The apartments are not subject to LA City RSO, and are under the LA County Rent Ordinance which allows rent increase up to a maximum of 8% per year. The units are currently due for a 3% increase which is reflected in the Proforma Income column. There is also one unit (#961) that the seller is in the process of evicting which will provide additional upside as this unit is at a below market rent. All of the apartments are below market rents with upside upon turnover. The buildings are situated around a courtyard with 3 double garages in the center which can be rented out for additional income, and there is surface parking area on the property for up to 5 vehicles. The 2 lots are approximately 11,410 SF combined, and are both zoned R4 which could provide future development potential (buyer to verify). The complex is located south of Whittier Blvd, just west of Atlantic Blvd in unincorporated L.A. County. All apartments are 1 bedroom 1 bath units and the tenants pay for electric and gas utilities. Landlord only pays for water / sewer as the trash service is provided through the county. Excellent upside in income on this very easy to manage property which is being sold by an out of area owner.