240 N Van Ness Ave, Los Angeles, CA 90004

Property Description

240-42 N Van Ness Ave is a mid-century, 8-unit apartment building that consists of mostly one-bedroom and two-bedroom units. This two-story, courtyard-style apartment was built in 1948, is in phenomenal condition, and preserves the classic character and charm that is lost in new construction. The property features eight (8) parking spaces, an on-site laundry facility owned by the landlord, recently completed soft story retrofit, hardwood floors, original bath tiles, crown moldings, and new windows and stucco. Every unit has dual access points (front and back door) and three (3) of the units will be delivered vacant for immediate upside potential. Furthermore, this property has minimal operating expenses as the tenants pay for their portion of trash, gas, and electric expenses. 240-42 N Van Ness Ave represents a unique opportunity to acquire a pride of ownership property in a great neighborhood of LA. With homes selling for over $5MM on the same street, a savvy investor will capitalize on the renters neighborhood that is Larchmont Village for decades to come. With this rare buying opportunity, you can immediately renovate the three (3) vacant units, easily convert the additional, existing bachelor unit to a conforming 9th-unit, and enjoy the healthy rental income on day one due to the buildings little to no deferred maintenance.