Address
215 Lucas Avenue Los Angeles, CA
Price
$ 6,595,000
Property Attributes
  • MLS#20655456
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaDowntown L.A.
  • Zip90026
  • StyleMid Century Modern
  • Price$ 6,595,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size0.91 Acres
Listing Provided Courtesy Of:
Peter Strauss with Iconic Investments.
Property Description

2 property portfolio. APN 5153-029-018 & 019. 215 & 225 Lucas Ave, a 32-unit value-add opportunity situated on two contiguous lots measuring 39,725 square feet (0.91 acres) of R4 land with a Tier 2 TOC bonus located in the low-vacancy Westlake/City West sub-market of Los Angeles, just west of Downtown Los Angeles. The property is being delivered with 26 units vacant at closing allowing investors the opportunity to immediately commence value-add improvements upon close of escrow. The current floor plans and layouts of the units allow for easy legal reconfiguration of the units to add additional bedrooms without losing unit counts. 22 current one-bedroom units can be legally converted to two-bedroom layouts, and 4 two-bedroom units can be updated to three-bedroom plans. The proposed unit conversion opens the opportunity for investors to capture an additional 40% of rental upside.

Price History
11/4/2020 Listed $6,595,000

General Features

Architectural Style Mid Century Modern
Carport Spaces 33.00
Co-Listing Agent Last Name Hooman
Co-Listing Agent Last Name Ghaffari
Co-Listing Agent State License # 01229985
Co-listing Agent Hooman Ghaffari - BRE#01229985
Cooling None
Directions Lucas Ave between Beverly Blvd & Third St
Facing Direction East
Heating Natural Gas
Levels Two
Listagentaor Beverly Hills/Greater LA
Listing Agent Peter Strauss - BRE#01335696
Listing Agent State License 01335696
MLS Area C42 - Downtown L.A.
Parking Features Carport
Source System CRMLS
Special Listing Conditions Standard
Total Units 32
View None
Zoning LACW

Interior Features

Heating Y/N Yes
Total Stories 2

Exterior Features

Lot Size Acres 0.9100
Lot Size Area 39725.0000
Lot Size Source Assessor
Lot Size Square Feet 39725.00
Lot Size Units Square Feet
Number of Buildings 2
Parking Y/N Yes
Total Parking 33.00

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 90026

Price
AVG $1.78M
$6.6M
Visits
AVG 35
29
Year Built
AVG 1929
1951

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