508 N Ardmore Ave, Los Angeles, CA 90004
508 N Ardmore Ave, Los Angeles, CA 90004
508 N Ardmore Ave, Los Angeles, CA 90004
508 N Ardmore Ave, Los Angeles, CA 90004
508 N Ardmore Ave, Los Angeles, CA 90004
508 N Ardmore Ave, Los Angeles, CA 90004
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Armand Martin

Armand Martin

+1(661) 221-5011
$ 1,750,000
Est. payment | /mo

11 Beds

6 Baths

4,103 SqFt

Save
$ 1,750,000
Est. payment | /mo
Save

11 Beds

6 Baths

4,103 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 4,103 sqft

Price per Sqft $426

MLS Listing ID 26832295

Bedrooms 11

Year Built 1916

Lot Size 8,250 Sqft

Acres 0.1894

Property Sub-Type Multi-Family

Property Description

"Rare East Hollywood value-add opportunity with immediate operational upside and vacancy leverage at close." All the buyers want: Cash flow NOW Ability to raise NOI FAST Low interest rate leverage Airbnb / furnished rental angle Future appreciation Potential redevelopment (LAR3) 5.5% commercial rates are VERY attractive right now "At today's favorable commercial financing environment, investors have a rare opportunity to leverage immediate upside with strong long-term appreciation potential." 2 VACANT UNITS This is your GOLD. LA multifamily buyers LOVE: Immediate repositioning No eviction headache Instant NOI increase" Two vacant units delivered at close create immediate flexibility for market-rate leasing, furnished rental operations, or owner-user occupancy." "Potential opportunity for furnished rental or short-term rental strategy (buyer to verify local regulations). "VALUE-ADD STRATEGY investors thinking: "force appreciation."Rental upside Renovation upside Operational upside Market rent gap Example: "Significant upside potential through strategic renovations and rent repositioning."LAR3 = LONG TERM PLAY Investors: LAR3 = future density potential" LAR3 zoning provides long-term redevelopment and densification potential in a rapidly evolving East Hollywood corridor." LOCATION: This property is sitting in: East Hollywood Near Koreatown Near Netflix Near Larchmont Near 101 FWY That's a HUGE renter pool. Positioned: "Located within one of Los Angeles' strongest renter-driven submarkets with proximity to major employment and entertainment hubs."Rare East Hollywood / Koreatown Value-Add Opportunity We are pleased to present 508 N Ardmore Ave, a rare value-add multifamily investment opportunity located in the highly desirable East Hollywood / Koreatown corridor of Los Angeles. The property consists of: One remodeled 3BR/2BA + den single-family residence with private yard Four 2BR/1BA apartment units built in 1987 Approximately 4,103 SF building area on an 8,250 SF LAR3-zoned lot Two units will be delivered vacant at closing, creating immediate flexibility for: Market-rate leasing Furnished rental strategy Potential short-term rental operation (buyer to verify) Owner-user occupancy The property offers strong operational fundamentals including: 5 on-site parking spaces On-site laundry Individual water heaters Security camera system Located just minutes from Larchmont Village, Netflix, Hollywood, Koreatown, Silver Lake, Echo Park, Downtown Los Angeles, and the 101 Freeway, the asset benefits from one of LA's strongest renter-driven submarkets. Investors will appreciate the significant upside potential through: Rent repositioning Strategic renovations Vacancy leverage Long-term redevelopment potential under LAR3 zoning At today's favorable commercial financing environment, this property presents a compelling opportunity to acquire a cash-flowing asset with immediate and long-term upside. BEST FOR:1031 exchange buyers Airbnb/furnished operators Small apartment syndicators, Young owner-users

Location

State CA

County Los Angeles

Area Mid-Wilshire

Zoning LAR3

Rooms

Other Rooms None

Interior

Heating Combination, Electric

Cooling Ceiling Fan, Dual, Window Unit(s)

Equipment Dishwasher, Refrigerator, Range/Oven, Garbage Disposal

Exterior

Parking Features Assigned

Garage Spaces 5.0

Building

Level or Stories Two

Others

Special Listing Condition Standard

TheMLS (CLAW)
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Armand Martin

+1(661) 221-5011

armand.martin@exprealty.com

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508 N Ardmore Ave