We are pleased to present Nob Hill Towers at 2430 Ocean View Ave Los Angeles, 90057a 7-story, 52-unit, architecturally significant (with Mills Act Potential), classic 1920s building located in the Westlake submarket of Los Angeles just 1 block from MacArthur Park and just over 1 mile to the heart of Downtown Los Angeles. Built in 1929, this unique concrete building is comprised of 2 Small (0+1), 28 (0+1), 13 (1+1), 4 (1+1+den), and 5 (2+2) units that range from approximately 300-2,500 gross square feet. The 52,871 square foot structure is situated on a 13,024 square foot, LAR4-1 zoned lot. The property offers an art deco feel with vintage charm and classic period finishes throughout the lobby, common areas, and units. The building's units feature incredibly spacious layouts with hardwood floors, Neoclassical fireplaces, floor radiator heaters; and most units have sweeping city/mountain views. There are two elevators in the building, onsite laundry (4 washing/6 drying machines), secured garage parking for 20 cars, 8 large storage rooms in a vast basement (3 of which are leased to tenants for additional income), and the building is master metered for electricity, gas, and water. There is a RUBS program in place in which tenants reimburse the landlord monthly for a portion of the utility costs. All tenants have access to the building's unique rooftop patio with views of the city, Santa Monica Mountains, and the Downtown Los Angeles skyline. The property boasts an excellent WalkScore rating of 94 and is one block away from Westlake's MacArthur Park billed as Los Angeles' version of New York's Central Park when it was under construction. Today it has become much more than the green grass and lake that comprise it. The park and the 2.72-mile area surrounding it also called Westlake is one of LA's most historic neighborhoods. Victorian homes and apartment complexes characterize the area, but newer developments are going up quickly. You'll find an eclectic mix of bars and restaurants on the east side of the park. Big-box stores will take care of most of your retail needs, while entertainment lovers will appreciate the Crypto Arena and LA Convention Center residing just across the 110 Freeway. The park is the biggest calling card of the neighborhood, and it has become increasingly well-maintained over the last few years. The building is just six blocks (0.6 miles) away from the Metro Red/Purple Line Westlake/MacArthur Park Station and 0.8 miles away from the Metro Red/Purple Line Wilshire/Vermont stationproviding easy access to Downtown, Hollywood, the Westside and surrounding areas. Downtown LA and the 101/110 freeways are all within 1.5 miles of the property, offering residents effortless access to countless shopping, dining, entertainment, and recreation options of revitalized Downtown Los Angeles, Koreatown, Hollywood, Echo Park, and Silver Lake. The property also presents a tangible value-add opportunity to legalize and lease two existing, non-conforming units. Unit 606 is fully remodeled and currently being used as an office; however, it has the potential to be transformed into a desirable rental unit, generating approximately an additional $1,950 in monthly rent, or $23,400 per year. Unit 110 is currently being used for building storage and will require renovation prior to being rent-ready. Nob Hill Towers is well positioned for a skilled value-add investor to implement a high-end unit/common area renovation program optimizing market rents, appreciation, and future returns.
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