PROPERTY HIGHLIGHTS
Growth Investment Group and Lee & Associates are proud to present the DREW LA, a fee simple interest 12-unit apartment in Glassell Park, a desirable and centrally located suburb in the City of Los Angeles. The property consists of 2 separate buildings, a house/triplex that was built in 1920s and a 9-unit apartment that was built in 1950. The buildings sit on a large lot size of 27,399 square feet.
The property, originally 10-units, has recently benefitted with fully enhanced upgrades in 4 of 9 legacy units and one single family home with basement converted into 3 beautifully remodeled apartment units - complete with its certificate of occupancy for a total of 12 units. There are 4 units remain untouched, leaving room for the Buyer to remodel and reposition the units. Additionally, the lot is large enough where a creative investor may find more upside opportunities by adding storage units and 1 habitable unit for additional income (verify with City).
Both buildings are separately metered for electricity and gas. Each unit has its own water heater. The converted triplex is comprised of 1x2 Bedroom + 2 Bath + Den, 1x1 Bedroom, and 1 Studio units and the second single story building contains 7x1Bedrom and 2x2 Bedroom units. The large lot size provides ample parking of 23 parking spaces and potentially extra space for additional motored vehicles or bike rack for bicycles.
The Property is in Glassell Park, an area that is in the Path of Gentrification. It borders trendy Atwater Village and Silver Lake on the west, sought after Glendale on the northwest, Eagle Rock on the northeast, Mount Washington on the southeast and Cypress Park on the south. The neighborhood is in a relatively hilly region of Los Angeles with spectacular views and immediate access to the Glendale (2) Freeway and the Golden State (5) Freeway.