2946 S Western Ave, Los Angeles, CA 90018

Property Description

2946 Western Ave is a rare opportunity to acquire a sound legacy asset in historic Jefferson Park, one of the most sought-after communities in Southern California to invest in. The four-unit building sits on a 5,761-square-foot lot with 3,280 square feet of total living space. It has a unit mix of three spacious 3-bed/1-bath apartments and one 2-bed/1-bath apartment (at least one 3-bed apartment will be delivered vacant at the close of escrow). Each unit is separately metered for gas, water and electricity keeping the owners operating responsibilities to a minimum (landscaping and common area electricity and water). Tenants are responsible for their own gas, electricity, water, sewer and trash. There is an on-site laundry facility operated by WASH Laundry that provides additional income for the owner. Secured within a gated perimeter, dedicated off-street parking is provided for tenants in a recently resurfaced parking lot to the rear of the property. The well-maintained building has recently been painted, and upgrades have been made to exterior lighting. This property is located in the middle of current and future development and revitalization projects on Western Avenue. Its location in the center of a historic and cultural hub of the city offers current and future tenants a wide array of lifestyle amenities. It's comfortably close to the E-Line offering convenient access to all parts of Los Angeles and is within short walking distance to grocery stores, community markets, vibrant eateries and thriving schools. It is perfectly situated for a future owner to cultivate a strong legacy investment. It is a great opportunity for a 1031 Exchange. Furthermore, the large lot and favorable LAC2 zoning provides an attractive long-term redevelopment opportunity by utilizing local density incentives. Buyer and buyer's agent to conduct their own due diligence, investigations, and inspections regarding all aspects of the property to their full satisfaction.