1053 Figueroa Terrace

Description

Presenting a rare opportunity to acquire this attractive 1992 custom-built and meticulously crafted,5 unit,city view apartment complex. Located adjacent to the iconic Chinatown, Echo Park & Silverlake areas of Los Angeles,& positioned strategically& conveniently near the #2,5,134,110,&101 freeways,& rapid transit including the Gold Line & bus routes. It is situated in a trendy & up-and-coming strong rental market amidst DTLA, Silverlake,Dodger Stadium,Echo Park & the Financial District neighborhoods with major employers including USC,Good Samaritan Hospital,Paramount Studios,& the Los Angeles Fashion and Arts Districts,& much more.This property offers an excellent opportunity for discerning homeowners or investors to secure a true value-added asset in a highly coveted locale.Comprising 3 stories with a total building size of 7,658 sq.ft. per assessor,all units are spacious & the apartment complex boasts a desirable unit mix including an OWNER unit of approx.2,641 sq.ft.(will be available upon close of escrow with new paint & carpet throughout) featuring a 3br,3.5bth townhome-style front unit with an office /den(could be used as a 4th bedroom),large recreation room, C/A, spacious laundry area, ample storage rooms,a 2-car attached garage. The outside laundry & storage rooms with best possibilities for ADU are utility ready with dry walls & windows.Buyer to Investigate feasibility, seller makes no guarantees and no warranties. The remaining 4 units are an ideal mix of two larger (over 1,100 sq. ft. ea) 3br,2bth U and two good-sized 2-br,1-bth U. Each unit boasts an excellent layout, individual water heaters, & separate metering for gas and electricity utilities, ensuring convenience & efficiency. Four units are occupied by tenants on month to month leases. Rent comparable reports indicate a positive upside & added investment potential. Property is not under city’s Rent Stabilization Ordinance (RSO), but subject to State Rent Control AB1482 & Just Cause Ordinance (JCO). Buyer to investigate, seller makes no guarantees & no warranties. Total 10 parking spaces,3 covered spaces, 5 open parking spaces & a 2 car garage. Great Owner user building. Residents benefit from an array of culinary delights, cultural experiences, & artistic exhibitions for investors,owner or professionals, further enriching the allure of this investment opportunity. Now is the time to seize this exceptional offering in one of Los Angeles’ most dynamic and sought-after neighborhoods.

Listing information courtesy of: YAN CHOW, RE/MAX PREMIER/SANMARINO 626-660-1139. *Based on information from the Association of REALTORS/Multiple Listing as of 11/23/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.