1817 Garfield Pl, Los Angeles, CA 90028

Property Description

SEE ATTACHED MARKETING PACKAGE. Built in 2002 by its current owner, this 11,192 SF apartment building consists ten 2-bedroom, 2.5 bathroom townhouse style units. Two units are tri-level and all units have balconies, central air and heat, Pergo wood flooring and tile countertops. Access to the property is secured and each unit is provided with two gated, subterranean parking spaces. The property was constructed to satisfy the development standards for condominium conversion, providing a new owner the option of subdividing the tract or maintaining the property as apartment units. The property is fully occupied by long-term tenants. Seven tenants have individual Section 8 vouchers that are not project-based vouchers for a low income housing requirement. All units in the property are non-rent controlled, all of the tenants have month-to-month leases, and one unit will be delivered vacant at the close of escrow. Rents have not been raised in 11 years and are 40% below market at 1817 Garfield Place, offering a new owner the opportunity to realize a significant increase in income in what is a Class A property, situated in a premier location, that does not require any extensive repairs or renovation projects to realize its upside potential.