1631 Granville Ave, Los Angeles, CA 90025

Description

TRUST SALE/PROBATE (NO COURT CONFIRMATION) FIRST TIME OFFERED FOR SALE IN OVER 40 YEARS. TWO UNITS OF THE FOUR UNITS TO BE DELIVERED VACANT! First time offered for sale in over 40 years! Exceptional opportunity to acquire a rarely available multifamily property in the highly desirable Sawtelle/West Los Angeles area. Situated at 1631 Granville Avenue, Los Angeles, CA 90025, this approximately 3,989-square-foot building is situated on an approximately 5,601-square-foot LAR3 lot and offers a compelling combination of immediate rental upside, long-term investment potential and an outstanding Westside location. Two of the four + apartment units will be delivered VACANT at the close of escrow, providing a new owner with the rare opportunity to immediately renovate, occupy and/or lease these units at current market rents without the delay and uncertainty often associated with acquiring a fully occupied Los Angeles multifamily property. Property is being sold As-Is. The property is configured with three very spacious 2-bedroom/1-bath units, one 1-bedroom/1-bath unit, plus an additional permitted guest room without a kitchen. The three occupied spaces are currently rented month-to-month at $1,800, $1,491 and $875 per month, providing substantial long-term rental upside. The $875 tenancy is the guest room. GREAT PARKING FOR 9 VEHICLES CONSISTING OF ONE DOUBLE CAR GARAGE, 2 CAR PORTS, 4 TANDEM PARKING SPOTS AND ONE PRIVATE FRONT PARKING SPOT. An especially interesting feature of this property is the difference between the County Assessor records and the property's CERTIFICATE of OCCUPANCY. Los Angeles County Assessor/public records currently reflect the property as five units, while the Certificate of Occupancy reflects four dwelling units plus a guest room. The guest room does not contain a kitchen. Because the CERTIFICATE OF OCCUPANCY IDENTIFIES FOUR DWELLING UNITS PLUS GUEST ROOM rather than five dwelling units, the property may potentially qualify for 1-4 unit residential financing rather than financing typically associated with a 5+ unit multifamily property. This could provide an attractive financing alternative for qualified purchasers, including potential owner-users. No representation or warranty is made regarding financing eligibility. Buyers should consult directly with their lender and appraiser regarding property classification, loan programs and financing availability. Buyer is advised to independently investigate and verify all information regarding permits, Certificate of Occupancy, unit count, uses, square footage, zoning and development potential to Buyer's satisfaction. The two vacant apartments represent a particularly attractive opportunity for an investor seeking immediate control over 50% of the legal apartment units. Renovate and re-rent at market, accommodate an owner-user, or reposition the property as part of a longer-term investment strategy. Located in the desirable Sawtelle/West Los Angeles neighborhood, the property benefits from its proximity to the restaurants, shopping, employment and entertainment destinations of Sawtelle and the greater Westside, with convenient access to Santa Monica, Brentwood, Century City, UCLA and major transportation corridors. The approximately 5,601-square-foot LAR3 lot may also offer future redevelopment or additional development possibilities. Buyer to independently investigate all zoning, density, development, ADU and other potential uses with the City of Los Angeles and appropriate professionals. Offered at $1,780,000, this Trust Sale represents an increasingly difficult-to-find combination: a desirable 90025 location, first offering in more than four decades, two vacant apartment units, significant rental upside, additional guest-room income, potential 1-4 unit financing eligibility and LAR3 land.