Property Detail

Description

We are pleased to present 1701 Westmoreland Blvd, a 24-unit value-add investment opportunity in the Harvard Heights neighborhood of Los Angeles. The subject property was originally a HUD Project-Based Section 8 property and was opted out of the HUD program in October2011. Ideally positioned between Venice Blvd and W Washington Blvd, the property is just minutes from Downtown Los Angeles and Koreatown, with convenient access to the10 Freeway. Harvard Heights is a densely populated neighborhood known for its historic architecture and strong rental demand, making this an attractive opportunity for investors seeking upside potential in a prime central location.The property features a desirable unit mix of six one-bedroom and 18 two-bedroom units, along with 27 parking spaces. Current rents are significantly below market, offering over 79% rental upside. The property is well positioned for a Naturally Occurring Affordable Housing (NOAH) conversion, as 50% of the current tenants are voucher holders, while the remaining units rent for below approximately 80% of the area's median income (AMI). This favorable rent structure enhances the property's long-term stability and appeals to both value-add and mission-driven affordable housing operators. Residents benefit from a high walk score of 88, with convenient access to public transportation just two blocks away on S Western Ave, as well as proximity to major retailers, Loyola High School, other neighborhood amenities and major employment hubs.