100% Vacant Three Unit Rehab Project

$1,168,000

1409 S. Westmoreland, LA 90006

# of Units: 3

Pro Forma GRM: 7.43 

Pro Forma CAP Rate: 11.4%

Price/SF: $374

Building SF: 3,121

Lot SF: 6,758

Zoning: LARD1.5 + Tier 3 

Year Built: 1903 & 1924

Description

100% vacant, value-add opportunity in Pico - Union ready for an experienced investor and/or contractor. The subject property currently features a 3Br+1Ba 2,029 SF house built in 1903. The house was previously operating as a duplex. The back structure is a 1,092 SF 1Br+1Ba duplex built in 1924. The property is ready to be reconfigured and repositioned into a legal 4 unit with an ADU. This can be achieved by converting the front house into two legal units and converting the garages into an ADU. It is also possible to convert the back duplex units into 2Br units. Future rent potential with this reconfiguration is over $13,000 per month!

PLEASE INQUIRE ABOUT FULL MARKETING PACKAGE THAT OUTLINES REPOSITIONING OPTIONS

Location

The subject property sits between Pico and Venice Blvd in the neighborhood of Pico-Union it is flanked by Koreatown and Westlake. It is the fourth most dense neighborhood in Los Angeles. The Metro Purple, Expo, and Blue Line are all less than two miles from the subject property. Within the next decade, the Purple Line station will be expanded west to reach LACMA, Beverly Hills, and UCLA and is expected to open in phases between 2023-2027. 

Property Highlights

  • 3 Units - 100% Vacant in Pico-Union

  • Very Walkable Location Walk Score​ *89*

  • House (3Br+1Ba)

    • 2,029 SF 

    • Two Levels

    • Can be Converted into Two Units

    • 3Br+1Ba on Lower Level

    • 2Br+1Ba on Top Level

  • Duplex 2(1Br+1Ba)

    • Units Average 546 SF Each​

    • Can be Converted into 2Br+1Ba Units

  • 2- Car Garage + Tool Shed

    • Can Be Converted into an ADU​

  • Near Westlake, Koreatown, MacArthur Park, and Purple Line Station​​

  • Favorable Zoning

    • LARD1.5

    • Tier 3 TOC

  • Ideal Owner - User Opportunity ​​

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