707 Crenshaw Blvd, Los Angeles, CA 90005

Property Description

SEE OM IN DOCS SECTION OF LISITNG. 707 Crenshaw Boulevard is a ten-unit classic 1940s vintage apartment building constructed in 1940. The unit mix consists of six light housekeeping units, one studio, four 2bedroom/1bathroom units and two non-conforming lock-off units. The property will be delivered with RTI plans for a 4 bed/4bath two story 1,100 square foot accessory dwelling unit and plans that have been submitted to LADBS to create an additional studio on the 2nd floor of the main building. The property currently is a two-story,6,362-square-foot walk-up building with wood frame and stucco construction plus a separate small freestanding parking garage building with laundry room, situated on a7,499-square-foot lot. The superior location and classic building architecture provide the perfect opportunity for an investor to continue the value-add strategy of the current owner, who has already completed the following:* Added one studio in the main building *Submitted plans to LADBS for a second similar studio to be created by taking space from 2bed/1bath Unit 705-2 in the main building,*Created two non-confirming lock off units to add additional income to the property, and *Completed RTI plans for a brand new free-standing 4 bed/4bath ADU building at the rear of the property that would replace the existing parking garage.*Upgraded the main electrical panel to 400A, which is sufficient to power all of the anticipated upgrades and improvements at the property. Most of the units have been renovated to a fully modern standard with new vinyl flooring, stainless steel appliances, quartz kitchen countertops and clean tile backsplashes in the kitchens and new vanity, flooring, showers, and fixtures in the bathrooms. All two-bedroom units feature large bedrooms, open kitchens, spacious living room areas, ample storage and closet space, crown molding and significant natural light. All light housekeeping units feature open kitchenettes, large living spaces, ample closet and storage space, crown molding and significant natural light. The two non-conforming lock off units feature new kitchenettes, bathrooms and living spaces. Parking is provided on-site with four (4) single garage spaces and one single surface space. Units are separately metered for electricity and gas and the landlord pays for water and trash. The property also includes a laundry room with one washer and dryer provided through a lease with a laundry company.