Property Detail

Description

Two-story duplex featuring two 3-bedroom, 2-bath units (one upper, one lower). Gated front patio and security gates. Interiors reflect deferred maintenance and present a clear value-add opportunity. Property is currently in the City of Los Angeles REAP program and has reportedly been in REAP for approximately five years. Seller is willing to relinquish any REAP funds currently held by the City. Upon successful REAP removal, buyer may be eligible to recover accumulated funds per LAHD guidelines. Seller currently pays all tenant utilities. One unit is occupied by a subtenant, and the tenant of record is reportedly not residing at the property. Seller will not complete repairs, pursue REAP removal, or address LAHD-related issues prior to closing. Property is priced accordingly for an experienced value-add investor.Asset will require a buyer familiar with LAHD compliance, renovation oversight, and tenant management strategies. Listing broker can provide available REAP documentation and contractor bids. Based on preliminary conversations with lenders and title representatives, the property may qualify for conventional financing and title insurance while in REAP; however, buyer must independently verify all financing and title conditions. Property is being sold strictly "AS-IS." Seller will make no repairs, credits, or termite remediation. Property will NOT be delivered vacant. Any tenant relocation negotiations or buyouts after close of escrow shall be the buyer's responsibility. Prime Venice location near the beach, boardwalk, restaurants, and retail. Strong long-term upside for an investor familiar with Westside coastal assets and Los Angeles housing regulations.DISCLOSURE: All information provided is deemed reliable but has not been verified by Seller or Listing Broker and may be based on third-party or public sources. Information regarding REAP status, rents, tenant occupancy, financing, title insurability, permits, LAHD matters, and potential recovery of REAP funds is subject to change. Buyer is advised to conduct their own independent investigations and consult with appropriate legal, financial, construction, and property management professionals regarding all aspects of the property. Property is sold strictly "AS-IS" and Seller and Listing Broker make no guarantees or warranties, express or implied.