1150 Kingsley Dr Los Angeles, CA 90029-1375

This 6-unit apartment building in East Hollywood presents a compelling value-add opportunity. Priced at $1,299,999, this property offers significant upside potential. The 3,199 square foot building, constructed in 1928, sits on a spacious 7,895 square foot lot and is zoned LARD1.5. Four of the six units are vacant, allowing for immediate renovation and repositioning. The existing structure comprises two buildings: a five-unit front building and a single-unit rear building. All units are in need of significant repair. The property also includes four detached garages in the rear, which could be converted into additional dwelling units (ADUs). The large lot size further enhances the potential for ADU development. After renovation, the property is projected to generate at least $175,200 in annual rental income. Located in an Opportunity Zone, this investment offers potential tax advantages. The central location in East Hollywood, near Virgil Village and Melrose Hill, ensures strong rental demand. This property's combination of vacant units, ADU potential, and prime location makes it an exceptional value-add investment. The price per unit is $216,666.50, and the price per square foot is $406.38. The property's address is 1150 N Kingsley Drive, Los Angeles, CA 90029. The APN is 5537015008.