The 4th Street Townhomes represent a unique opportunity for the apartment investor. Built in 1991 the eight unit property was fully renovated in 2007 with the intent to subdivide and sell individual units as condominiums. Upon completing the renovation and near final approval for the subdivision, market conditions were such that selling as condos was no longer viable and the units were then leased, and the subdivision process was halted. The opportunity for todays investor is to purchase the property in near “turn-key” condition, continue renting the units while enjoying a good cash-on-cash return, and then subdivide the property and sell as condominiums when market conditions dictate.
The property is not subject to City of Los Angeles Rent Control. The building consists of seven 2-bedroom, 2 bath units and one 2-bedroom, 1 bath, handicap-designated unit (unit #4). The building is podium style construction with parking for 16 vehicles (2 spaces per unit)on the ground floor and two residential levels above.
Exterior improvements include:- Granite Counter Tops in Kitchens and Baths,Wood Laminate Floors,Travertine Tile Floors in Most Kitchens and Baths,Stainless Steel Kitchen Sinks,Dishwashers,Built-In Microwave Ovens