About the Property
447 S Rampart Boulevard is a 5-story, 48-unit New York style, 1920s brick apartment building located in the heart the Westlake neighborhood, one of the hottest submarkets in Los Angeles. This extremely well-maintained asset is made up of 37 singles (0+1), 4 singles + office (0+1+Office), 6 one-bedroom, one-bathroom (1+1) units, and a unique 2-story single + large downstairs space apartment. The building features on-site laundry, a security camera monitoring system, and is master metered for gas (separately studded) & electric. There is also an adjacent on-site parking lot with 15 surface parking spaces.
With a new tenant demographic moving in to revamp storefronts and forge new hotspots, the area is attracting a more high-end, cutting-edge clientele looking to live/work in/next to the thriving Downtown LA market. Residents have access to these trendy bars & eateries, entertainment venues, and the quintessential Los Angeles lifestyle. The local influx of new tenants has created a tenant pool willing to pay top dollar for an urban lifestyle and trendy interior finishes. The ever-growing appeal of the Westlake neighborhood and the strong rental upside potential make these assets an ideal value-add investment opportunity for an investor looking to capitalize on huge rental upside potential through capital improvements and unit/common area renovations.