Situated in a small pocket between Silver Lake, Hancock Park, Koreatown, and Hollywood, the property sits squarely in the path of gentrification as the surrounding submarkets have each enjoyed substantial improvements over the past decade. This revitalization, and the corresponding rent growth, could soon reach Harvard Boulevard, putting the property in prime position to see increased income to the benefit on a new investor. All seismic retrofit repairs have already been completed (Buyer to verify), so a new owner can not only avoid an otherwise costly maintenance project, but can potentially collect additional income from tenants as a result. Additionally, the property will be delivered with plans for four potential ADUs, which could increase revenue by approximately $108,000 once completed, adding significant value to the property as well. Existing on-site laundry facilities also provide a supplemental revenue stream that boosts current cash flow. The current owner spared no expense in improving the common area and unit interiors, with most units being thoroughly remodeled. Upgraded units feature new quartz countertops, new stainless steel appliances, new wood flooring, new ceiling fans, newly remodeled bathrooms, and new AC units. A majority of the apartments have new copper plumbing as well, while the owner also replaced the roof in recent years. The property boasts 21 parking spaces, improving the ability to rent to tenants in this dense pocket. Tenants also enjoy convenient access to both Larchmont Village and Virgil Village, two trendy walkable neighborhoods each a short distance from the building. The immediate area also offers plenty for tenants, resulting in the property being dubbed a "Walker's Paradise" with a Walk Score of 90.
