LP.com

1326-28 5th Avenue is a six-unit value-add property located in the Arlington Heights neighborhood of Los Angeles. Constructed in 1950, 1326-28 5th Avenue is situated on a 6,534 SF lot and consists of two separate structures. The front structure showcases a charming Victorian architectural structure and is comprised of two vacant 2-bedroom units, while the back structure is a two-story walk-up structure consisting of four (4) 1-bedroom units. The current owners have maintained the property and carried out significant capital renovations, particularly focusing on building systems and select common areas. Key improvements include electrical upgrades, boiler replacements, and partial repaving of the parking lot. Moreover, the two vacant units two bedrooms in the front Victorian structure have been stripped down to the studs, and ready-to-issue (RTI) plans have been approved for extensive renovations of these front units. The current state of the building allows an investor to immediately concentrate on interior and cosmetic exterior renovations upon acquisition. This unique advantage enables rapid stabilization of the project and facilitates the attainment of high rental premiums associated with renovated product in the area.