We are pleased to present 1701 Westmoreland Blvd, a 24-unit value-add investment opportunity in the Harvard Heights neighborhood of Los Angeles. The subject property was originally a HUD Project-Based Section 8 property and was opted out of the HUD program in October2011. Ideally positioned between Venice Blvd and W Washington… Read More Blvd, the property is just minutes from Downtown Los Angeles and Koreatown, with convenient access to the10 Freeway. Harvard Heights is a densely populated neighborhood known for its historic architecture and strong rental demand, making this an attractive opportunity for investors seeking upside potential in a prime central location.The property features a desirable unit mix of six one-bedroom and 18 two-bedroom units, along with 27 parking spaces. Current rents are significantly below market, offering over 79% rental upside. The property is well positioned for a Naturally Occurring Affordable Housing (NOAH) conversion, as 50% of the current tenants are voucher holders, while the remaining units rent for below approximately 80% of the area's median income (AMI). This favorable rent structure enhances the property's long-term stability and appeals to both value-add and mission-driven affordable housing operators. Residents benefit from a high walk score of 88, with convenient access to public transportation just two blocks away on S Western Ave, as well as proximity to major retailers, Loyola High School, other neighborhood amenities and major employment hubs. Read Less
Property listed by Marcus & Millichap, Neema Ahadian 310-909-5500
Listing Snapshot
Days Online
33
Last Updated
Property Type
Other
Beds
42
Square Ft.
18,922
Lot Size
0.51 Acres
Year Built
1968
MLS Number
25523161
30 Days Snapshot Of 90006
$742k
-9%
(avg) sold price
5
+25%
homes sold
62
-3%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1968, Building area total: 18,922, Levels: ThreeOrMore, Living area: 18922, 1 building
Cooling
None
Heating
None
Income
Gross income: $340,373, Net operating income: $153,522
Lot
0.5095 acres, 22,193 square feet, Size: 22,193
Parking
27 totals parking, Gated
Property
Zoning: LAR2
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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