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$1,699,000
Est. payment /mo
11 Beds
6 Baths
4,103 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,103 sqft
Price per Sqft $414
MLS Listing ID 26846831
Bedrooms 11
HOA Y/N No
Year Built 1916
Lot Size 8,250 Sqft
Property Description
PRICE DROPPED TO SELL FAST!! 2 UNITS WILL BE DELIVERED VACANT AT COE. "Rare East Hollywood value-add opportunity with immediate operational upside and vacancy leverage at close." All the buyers want: Cash flow NOW Ability to raise NOI FAST Low interest rate leverage Airbnb / furnished rental angle Future appreciation Potential redevelopment (LAR3) 5.5% commercial rates are VERY attractive right now "At today's favorable commercial financing environment, investors have a rare opportunity to leverage immediate upside with strong long-term appreciation potential." 2 VACANT UNITS This is your GOLD. LA multifamily buyers LOVE: Immediate repositioning No eviction headache Instant NOI increase" Two vacant units delivered at close create immediate flexibility for market-rate leasing, furnished rental operations, or owner-user occupancy." "Potential opportunity for furnished rental or short-term rental strategy (buyer to verify local regulations). "VALUE-ADD STRATEGY investors thinking: "force appreciation."Rental upside Renovation upside Operational upside Market rent gap Example: "Significant upside potential through strategic renovations and rent repositioning."LAR3 = LONG TERM PLAY Investors: LAR3 = future density potential" LAR3 zoning provides long-term redevelopment and densification potential in a rapidly evolving East Hollywood corridor." LOCATION: This property is sitting in: East Hollywood Near Koreatown Near Netflix Near Larchmont Near 101 FWY That's a HUGE renter pool. Positioned: "Located within one of Los Angeles' strongest renter-driven submarkets with proximity to major employment and entertainment hubs."Rare East Hollywood / Koreatown Value-Add Opportunity We are pleased to present 508 N Ardmore Ave, a rare value-add multifamily investment opportunity located in the highly desirable East Hollywood / Koreatown corridor of Los Angeles. The property consists of: One remodeled 3BR/2BA + den single-family residence with private yard Four 2BR/1BA apartment units built in 1987 Approximately 4,103 SF building area on an 8,250 SF LAR3-zoned lot Two units will be delivered vacant at closing, creating immediate flexibility for: Market-rate leasing Furnished rental strategy Potential short-term rental operation (buyer to verify) Owner-user occupancy The property offers strong operational fundamentals including: 5 on-site parking spaces On-site laundry Individual water heaters Security camera system Located just minutes from Larchmont Village, Netflix, Hollywood, Koreatown, Silver Lake, Echo Park, Downtown Los Angeles, and the 101 Freeway, the asset benefits from one of LA's strongest renter-driven submarkets. Investors will appreciate the significant upside potential through: Rent repositioning Strategic renovations Vacancy leverage Long-term redevelopment potential under LAR3 zoning At today's favorable commercial financing environment, this property presents a compelling opportunity to acquire a cash-flowing asset with immediate and long-term upside. BEST FOR:1031 exchange buyers Airbnb/furnished operators Small apartment syndicators, Young owner-user!!
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR3
Interior
Heating Combination, Electric
Cooling Dual
Fireplace No
Appliance Dishwasher, Disposal, Refrigerator
Exterior
Parking Features Assigned
Total Parking Spaces 5
Building
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 5520012015
Special Listing Condition Standard
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Listed by Max Lee Real Broker #01905008
NEARBY SCHOOL & BUSINESS
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Terrance Scotton
Realtor® Broker & Mortgage Broker | License ID: 01707848 NMLS: 908256
Realtor® Broker & Mortgage Broker License ID: 01707848 NMLS: 908256