15-Unit Apartments

Highlights:

• 6,400 SF Multi-Family Property
• 15 Studio/1 Bath Units
• All Units Are Affordable Rent Levels
• Building Contains A Fire Sprinkler System
• 5 Open Parking Spaces
• Major Street Location
• Close to County/USC Keck Hospital & Downtown Los Angele

Description:

5073 Huntington Drive is a 15-unit (permitted with plans) 6,400 SF multi-family property located in El Sereno neighborhood of Los Angeles. The 3-story property is located on the NEC of Huntington Drive and Portola Ave. The unit mix will consist of 15 Studio units with kitchenettes. Zoned C4, the property sits on a 4,500 SF lot. Onsite amenities include a laundry room, units with A/C and gated limited uncovered and tuck under parking.

The property was originally permitted and built as 3 affordable units but is currently being processed through the City of Los Angeles Unpermitted Dwelling Units program for 15 affordable units. 5 units are currently occupied. Cost to complete this work is estimated at approximately $500,000 but buyer to confirm cost and scope of work.

The property will be delivered to a potential purchaser with Ready to Issue (RTI) building permit for 15 units and will include an affordable rental restriction covenant, with rental rate levels to be determined by the Los Angeles Housing Department. Buyer to pay for permits and fees required to obtain permits and cost of the conversion to 15 permitted units.

El Sereno is located in the Monterey Hills area of Los Angeles. Spanish for “the serene”, the mountainous views meet the convenience and culture that Southern California life has to offer. El Sereno is just six miles from both Downtown Los Angeles and Pasadena. The neighboring communities are University Hills, Boyle Heights, East Los Angeles, Lincoln Heights, Montecito Heights, Highland Park, and the cities of Alhambra, Monterey Park and South Pasadena. El Sereno is a predominantly Mexican American community in Los Angeles.

Highland Park is located just over the hill, along with the 110 Freeway. The 10 Freeway is availabe south via Huntington Drive to Mission Road. California State University, Los Angeles is located nearby. Huntington Drive is a wide thoroughfare through El Sereno with abundant restaurant and shopping amenities, along with smaller mom and pop shops. Los Angeles Fire Department Station 16 (South El Sereno) and Station 47 (El Sereno) are within the community. There are multiple public city parks located within El Sereno, including Ascot Hills Park, Guardia Park, and El Sereno Arroyo Playground.

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