2325 S Ridgeley Drive, Los Angeles, CA 90016

Property Description

The property for sale is a 8-unit apartment complex located at 2325 S Ridgeley Dr, Los Angeles CA 90016. The 7,152 square foot two story apartment was built in 1965 and is situated over a 9,500 square foot lot & is zoned LARD1.5. The eight-unit apartment consists entirely of 2 bedroom / 1 bathroom units. There are 7 on-site parking spots located at the back of the property. The property has approximately 42% remaining rental upside through unit renovations. A savvy investor can also take advantage of higher potential rents by renting to Section 8 tenants which pay higher than current market rents for Mid-City 90019 zip code. The Housing Authority of the City of Los Angeles (HACLA) voucher payment standards pays up to $2,887for 2 bedroom units. There are multiple developments that are currently underway in Mid-City and in planning stages. Mid-City is centrally located, offering unparalleled convenience in one of LA's most desirable areas. The property is near a number of restaurants, cafes, bars, grocery stores, shopping centers and spiritual centers. Mid-City is a diverse community that is being gentrified in a quiet neighborhood in the center of Los Angeles. The sub-market witnessed a relatively strong renter demand for 490 units during the past 12 months, compared to the five-year average annual renter demand for 370 units.