Property summary

We are pleased to present 3245 W. Avenue 32, a 12 Unit NON-RENT CONTROLLED apartment community located in Glassell Park, CA (90065) which is designated by AB 1482 in which the most recent allowable rent increase in 2024 is 8.8%.Glassell Park is adjacent to Atwater Village, Eagle Rock and just blocks to both DTLA and Echo Park. The area continues to experience a dramatic and significant shift like what Silver Lake and Echo Park experienced over the past 20 years. Important development news for the area is the LA River Master Plan project which is just 1 mile away from the offering. This mammoth, +/- $30 Billion undertaking is poised to alter the face of LA and specifically, Glassell Park, forever. A world-class team, including urban design architect Frank Gehry and international landscape architects Olin, are leading the transform of 51 miles of the LA River into a recreational green oasis. 3245 W. Avenue 32 was constructed in 1990 and comprises +/-11,966 square feet of improvements and feature 12 units comprised of all Large 2 Bedroom-2 Bathroom apartment homes. Most units have been completely remodeled and feature central air conditioning / heating, bright and open floor plans, new wood flooring, modern custom European kitchens with premium stainless-steel appliance packages, new cabinetry, upgraded baths with new vanities, tile surrounds and along with new lighting, locks, hardware and innovative finishes throughout.Each apartment home also comes with one or more balconies and select upper units feature treetop views of the surrounding city.In recent years, the common and exterior spaces have undergone a significant renovation highlighted by updated laundry, entries, passages, staircases and lighting along with drought resistant landscaping and a redesigned exterior color palate. A multi-camera video system completes the package.Gated/secured parking is provided for all units.Since the assets are not subject to LA City rent control, any below market rents will provide the astute investor future increased rent potential and ease of management.Glassell Park (90065) is as diverse as the people living in it. Thanks to its neighborhood feel, the area is perfect for young people looking for a "next-level" coffee experience and a community vibe. Within blocks you will find many of L.A.'s newest foodie revolution hot spots along with Habitat Coffee for a barista inspired espresso, Lemon Poppy Kitchen for European pastries, Tres Palmas for seafood tacos, dog friendly Division 3 for an alfresco breakfast or Verdugo Bar for craft beer on the patio. Can be purchased with its sister building - 16 Units at 3232 W. Avenue 32