129-131 N. Rampart Blvd
9 Unit Multifamily Opportunity
KW Commercial, as the exclusive listing agents, are pleased to present the opportunity to acquire 129-131 North Rampart Blvd., Los Angeles CA 90026, a beautiful, historic, Spanish style 9-unit apartment community located in Rampart Village. The 90026 zip code and this building have experienced a rapid growth pattern due to the Silverlake and Echo Park demo’s spreading toward the south and east. The offering provides a significant value-add opportunity as current rents are below market.
Built in 1923 (rear unit) and 1928 (front units), this wood frame constructed apartment community encompasses 5,781 SF of improvements and features an over-sized unit composition of Five (5) One Bed | One Bath and Four (4) Large Single | One Bath apartment units. These apartment units are larger in size relative to competing units in the area and are estimated to be approx. 650 SF for the One Bed | One Bath units and 450 SF for the Four (4) Large Single | One Bath, depending on the orientation within the buildings.
129-131 North Rampart Blvd. offers residents a boutique living experience while being centrally located in one of the most engaging and diverse neighborhoods in LA. As a result of this very high demand locale, the current management experiences vacancies that fill rapidly and rents that have increased at a premium above neighboring apartment stock. The property provides approx. 20% rental upside potential making this an ideal investment for the astute investor looking for long term rent appreciation and consistent cash flow.
In recent years, current ownership has updated Five (5) of the Nine (9) apartment units with a variation of renovation and updating. Most units come with their own refrigerator and stove and an upgraded kitchen. Flooring varies by unit with hardwood, Saltillo, or tile. Bathrooms feature tile flooring and shower/bath enclosures. The asset offers the astute investor a significant value-add opportunity to increase income drivers through additional unit upgrades as units turn through natural attrition. Additionally, common area enhancements/renovations within the landscaping, hallways and stairwells will provide additional steps toward higher rental rates and/or resident retention.