5937 Avalon Blvd, Los Angeles, CA 90003

Property Description

This building is a 2 story walk up with 4 stairways located on 59th St, Avalon and the rear of the building. The unit mix is comprised of 9-One bedroom/one bath, 13-Studios, & 9-commercial units. Due do the age of the property it is subject to rent control for the apartments. Utilities are separately metered for gas and electricity. The building rents out the 10 parking spaces in the rear to the tenants. There is a long term lease of the parking lot which owner pays the neighboring property. There is a laundry room for tenants to use that generates income and a leasing office that can be use for collection of rents and management. Parts of the building was updated in the last 10 years. This 31 unit mixed use building is 28,648 square feet. 
 The property is ideally situated just south of the downtown business district and east of the 110 freeway. As market conditions continue to improve, the property will allow for rental increases for both the apartments and the commercial spaces. There is currently a mortgage balance of approximately $2,000,000 at a rate of 4.3%. This loan is assumable. Must qualify with bank. Do not walk or enter property without prior consent.