Iconic Investments is pleased to present for sale Crestview Apartments in the heart of the City West/Echo Park submarket of Los Angeles. This is an excellent opportunity for value-add investors who want to capitalize on this submarket’s soaring popularity.
Crestview Apartments consists of 2, side-by-side apartment buildings, situated on 39,725 square feet of land. The unit mix consists of 28 1-Bed/1 Bath and 4 2-Bed/1 Bath units. These large units range from approximately 700 to 900 square feet. A renovation-oriented buyer can remodel and reposition the property to offer millennials and families a well-appointed alternative to single- family residences and brand-new construction. The property will be delivered with 6 vacant units.
An alternative to repositioning the asset would be to utilize the 39,725 square foot lot and build 159 units. The property is zoned LACW which allows the construction of 99 units plus the Tier-2 TOC Bonus of an additional 60 units.
Property Address: 215 & 225 Lucas Ave, Los Angeles CA 90026
