David Bramante of BRE Investment is pleased to announce the exclusive listing for sale of 531 N Soto Street, Los Angeles, CA 90033.
This large 8-unit apartment building is located in the Boyle Heights neighborhood of LA, which is only a few minutes east of Downtown LA’s creative Arts District and Chinatown neighborhood.
The two-story center hallway building consists of eight extremely large one-bedroom / one-bathroom units (approximately 941 SF each) and is situated on a 7,008 square foot lot. Tenants have secure and assigned parking spaces in the rear of the building.
Presently, 50% of the building will be delivered vacant at the close of escrow while the remaining tenants are facing various types of evictions. The Seller will assign and/or assist the buyer with those unlawful detainers if requested.
The property’s exterior was recently painted, but the interior common areas and vacant apartments do need to be renovated. Because the units are so large, they have been unofficially used as two-bedroom units by its tenants, which is something the new owner can explore during renovations.
The tenants pay for the separately metered electricity and gas, while the landlord pays for trash, water, and sewage services. There is limited landscaping in front and the back of the lot, connected to an alley, is asphalt.
List price: $1.299M
Contact David to find out more about this property and to schedule a private tour. The current rent roll and marketing package are available upon request.