1032 N Berendo Street

Description

1032 N Berendo Street is an eight-unit apartment community in East Hollywood (90029). The offering provides investors with a unique and rare opportunity to acquire an irreplaceable asset with meaningful rental upside in one of LA's most dynamic and stable markets. 1032 N Berendo Street was built in 1962 and has 5,146 square feet of improvements. The unit composition features one (1) 2 Bedroom / 2 Bathroom units, six (6) 1 Bedroom / 1 Bathroom units, and (1) Single apartment. The offering has one "guest room" built in 1962 and can be updated and permitted into a legal ninth unit. The property is sited on a +/- 6,249 square foot parcel, zoned LAR4. Covered parking is provided for eight vehicles. Gas and electrical utilities are separately metered and paid for by residents. Ownership completed the mandatory soft-story retrofit in 2020 and received the Certificate of Compliance from the City. As a bonus, future ownership can add immediate value as there are two vacant units. With its prime location in East Hollywood, 1032 N Berendo Street is an outstanding rental location for residents looking for immediate access to major Hollywood employers, services, and entertainment venues. Additionally, the proximity to world-class neighboring venues makes this an ideal investment for apartment operators seeking a stable investment opportunity along with long-term wealth preservation and appreciation.