1136 S Westmoreland Ave

01-21-2022
04-04-2022

1136 S Westmoreland Ave, Los Angeles, CA 90006

  • Well Maintained Eight Unit Apartment Building in Growing Part of Koreatown - The current opportunity is located in a growing part of Koreatown that’s been going through major developments, presenting a rare opportunity for investors and/or developers looking to take advantage of either the Zoning or TOC Bonus this location has to offer.
  • ​Large Units & Low Rents - Comprised of eight large one bedroom and one bathroom, the new owner can take advantage of up to 70% increase in rents when compared to the current market. There are opportunities for additional income and ADU.
  • ​California’s New Housing Laws - Recent laws that took effect on January 2022 may shape the way new units are created to combat the housing crisis in Los Angeles. Owners are now converting storage, parking space, and some laundry units to create more housing. 1136 S. Westmoreland Ave has a detached L-Shape garage in the back that may potentially allow investors to build ADUs on top.
  • ​TOC Bonus: Toc Tier 3 building incentives | 70% unit density bonus | 50% increase in far | Height bonus: 22 feet for two stories | 30% reduction in setbacks | 0.5 parking spaces per unit
  • ​Opportunity Zone - Falling under the Economic Development Areas, this may provide investors with certain tax incentives for investments in designated census tracts. Investments made through special funds in these zones allow investors to defer or eliminate federal taxes on their capital gains.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 2,100,000
No. of Units
8
Year Built
1938
Building Size
6,414 Sq ft
Lot Size
9,819 Sq ft
No. of Stories
2
APN
5076-011-005
Opportunity Zone
Off
Price per unit
$ 262,500
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34.049647, -118.288619

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