2027 S Ridgeley Drive, Los Angeles, CA 90016

This 8 unit property located near the corner of Washington and Ridgeley includes a mix of 1 bedroom and 2 bedroom rental units, three of which are Section 8 housing. It is central to many Los Angeles attractions: 8.9 miles to LAX, 4.3 miles to Beverly Hills, 3 miles to The Grove, and about half a mile to a big Target store. It is also within walking distance to the metro station on La Cienega.



This property is a well-oiled working machine and has big income potential because of the location. The two bedroom units are renting for $1850 and the one bedroom units for $1450 with a rent increase of 3% every year. The property is paying for itself, nothing out pocket for the seller. The rental rates could be maximized - the seller was not able to maintain the yearly increase.



The water heater was changed last year, 2020. The whole building was painted 5 years ago. In 2017, the roof was fixed for leaks, the roof of the carport was replaced, no major repairs.