229 E 30th St, Los Angeles, CA 90011

Property Description

Large Units-(2 buildings) in the heart of Los Angeles. There are 7 units (6 units per Assessor). Seller says she inherited through a series of probates in LA County, which Fidelity Title has pushed back on. She has provided Probate Court case numbers in response. This may need to await resolution
 or may require a different title insurer. The court documents referred to the building as 7 units in the proceedings. City and Agencies have inspected multiple times over the years, and seem to be aware of 7th unit, Requesting changes over the years to other items, which were done. Downtown, U.S.C., Manufacturing, Light Rail and transportation corridors close by. Property has been operated as a mom & pop business. Seller may elect a 1031 exchange, but will not delay buyers' close. Please do NOT enter the property NOR interact with the tenants. Sold As is. Subject to Inspection. Seller will provide limited info she has on file. Gross rents numbers appear to be very low - provided to me verbally, with some delinquent. Seller will not cooperate with Lender based conditions. Priced for quick sale. The price was drastically reduced due to lack of information available to buyers, lax management history, long term tenants/occupants. May not be ideal for inexperienced buyers. This is as-is. Rental business is as-is. I am describing this as a "pig". You are being offered a very challenging property rental business.