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250K Price Reduction. Seller is Motivated. 16 units located in Mid City Los Angeles, subject to the City of LA Rent control ordinance. Property will be delivered vacant (15 of 16 units currently vacant and boarded up) and has plans and permits ready to go to start construction. Plans call for converting all existing studios (7 total) to 1+1's and all existing 1+1's (9 total) to 2+2's. All units will have W/D in them. No parking onsite. Projected market rents are $1895 for the 1's and $2695 for the 2's - these are based on recent comparable projects such as 2204 7th Ave, located just blocks away and similarly redone including upsizing of the units. Projected Market CAP rate of 5.6% once the project is completed. Email LA for more info including a copy of the approved remodel plans. MLS® ID: 22196877 Listed: 9/5/22 Updated: 10/16/22 Interior Features Total Bedrooms: 9 Total Bathrooms: 16 Cooling: None Heating: None Exterior/Building Features Lot Size: 8,910 ft2 lot Other Property Details Area Name: C16 - Mid Los Angeles Garage: No Parking: None View: N County: Los Angeles Pool: No Total Stories: 2 Zoning: LAR3 Property History Date Event Price Value 9/27/22 Price Change $3,550,000 -5% 9/14/22 Price Change $3,750,000 -6% Courtesy of The Agency, Jonathan Swire, Listing Contact: Based on information from California Regional Multiple Listing Service, Inc. as of 10/16/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.