CBRE, Inc., as exclusive advisor, is pleased to present an exceptional opportunity to purchase a 27-unit apartment building in the historic Pico-Union submarket west of Downtown Los Angeles. Situated on a wide street bounded by historic homes and apartments, 1110 S. Lake St. is a high-quality multifamily asset with 38% upside in rents. Mix of 9 1-bedroom 1-bath and 18 studio apartments with original hardwood flooring, exposed masonry walls, quartz counter tops and period appointments. A small, gated parking lot for approximately 5 vehicles is off the alley behind the building, laundry facility is on-site, separately-metered for gas. The Pico-Union/Westlake Submarket borders Mid-Wilshire/Koreatown, City West and Downtown Los Angeles. As these surrounding markets gentrify and become redeveloped, Westlake continues to offer ultra-low vacancy and affordable living. Current ownership has renovated a portion of the units paving the way for a buyer to grow rents and add value.
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Listing Courtesy ofCb Richard Ellis, Inc.