1315 Bates Ave, a value-add investment offering perfectly located in the Los Feliz/Silver Lake area. It is centrally located just minutes away from Franklin Hills, Hollywood, Glendale, Larchmont Village, Paramount Studios, Silverlake & Los Angeles City College. It is located right across from a well-known Magnet school (Thomas Starr Middle School). This well located and HIGH Proforma CAP Rate Value-Add investment offering provides investors an excellent opportunity to buy in a very strong rental submarket with strong demand. The current rents are below market with an estimated 23% rental upside. It is in an excellent demographics area with ±$124,364 average household income within a-mile radius, and a Walk Score of 90 (walker s paradise). The property is a 2-story apartment built in 1964. It consists of 7 units totaling 6,860 SF of living area on a sizeable 6,792 SF lot. It offers an excellent unit mix of 2 x 3bed+2bath, 3 x 2bed+2bath, and 2 x 1bed+1bath units. Most of the units have excellent layouts with some units updated (#1, #6). The updated units have new flooring, smooth ceiling, ceiling fans, updated kitchen, and tiled bathroom. Unit #1 has direct access to 1 parking garage. Each unit has windows A/C and wall heater, and ceiling fans. The community has security cameras installed and serviced by shared laundry room (seller own machines). The parking seismic retrofit has been completed. It is individually metered for electricity and gas and offers 7 parking spaces with 1 garage and 6 covered parking spaces. The building is serviced by a master water heater/boiler.
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