THE OFFERING

Lilly Enterprises, Inc., as the exclusive listing agency, is pleased to present for sale 817 N Madison Avenue, a 7 unit apartment offering in Los Angeles (East Hollywood), CA.  Deferred maintenance and under market rents (± 300% in rental upside), present an investor with the possibility to achieve long term growth through turnover and renovation.  The property is subject to The City of LA Rent Stabilization Ordinance (RSO), which supersedes the Assembly Bill 1482 "Tenant Protection Act of 2019."  The property is not subject to The City of LA Soft-Story Retrofit Program.  

Two separate structures reside on a single ± 7,500 SF lot with a triplex in the front and a quad in the rear.  There are 3 undesignated and unassigned parking spaces, which can all be gated from the front entry.  A large common area patio resides in the rear, which is currently being used as an outdoor fitness space.  Plumbing is a combination of galvanized in the front and copper in the rear.  The roof was replaced within the last year.  Unit sizes range from ± 675 SF for the 1BR/1BA's and ± 775 SF for the 2BR/1BA's.  Each unit is serviced by individual wall heaters and water heaters.  Landlord is responsible for water, sewer and electric.  Tenants are responsible for gas.

817 N Madison is located 2 blocks NE of N Vermont Ave. & Melrose Ave., one block E of Los Angeles City College.  Residents are serviced by close proximity to neighborhood amenities, eateries, shopping, public transportation and convenient access to the 10 and 110 Freeways.  The East Hollywood neighborhood of Los Angeles is located in the Central Los Angeles region and is surrounded by other vibrant neighborhoods such as Hollywood, Larchmont, Koreatown, Silver Lake and Los Feliz.