Just got a flyer from a reasonably active local broker announcing a deal he closed with the following characteristics: In Westlake, a rapidly improving neighborhood situation between Koreantown and Downtown 10 units totaling 9,800 sq ft 15,000+ sq ft lot R4 zoning $1.8MM price The flyer didn’t specify the rents, but, as I recall, the
Am looking at a deal now that has an interesting problem: While ZIMAS and the county both show 12 units, the certificate of occupancy shows 11 units. The building only has 11 parking spaces, so it was pretty clearly built as 11, with the final unit added at some point along the way, most likely illegally.
When someone joins Adaptive, one of the things I tell her is that she should not worry too much about making a mistake. The reasons are that (i) we can fix pretty much any mistake, so long as we know about it*; and (ii) Jon and I make bigger mistakes than any of our employees
Have some bad news for those of you who love vaulted ceilings in apartments… they’re almost always illegal in LA. First, what do I mean by vaulted ceilings? They’re the ones where you can look up and see the structure of the roof. Here’s an example: Beautiful, right? So, why should that be illegal? Two reasons:
Is it really hard to find deals right now? Yes, it is. The market for income property continues to be very hot. And yet we just went into contract on a 12 unit with optimally-sized units and parking in a good location for ~$200 / sq ft. That’s a good deal now, but it also