208 W 14th St, Los Angeles, CA 90015

$8,200,000
For Sale

Property Details

0 0 0 Commercial, Multifamily

208 W 14th St, Los Angeles, California 90015

Description:

Pacific Partners Real Estate Investments, as exclusive agent, is pleased to present for sale the Casa Loma, a 60-unit apartment community / hotel in the rapidly developing South Park district of Downtown Los Angeles. Blocks away from AEG’s $1.2-billion expansion at L.A. Live, the Casa Loma is also directly adjacent to two large mixed-use developments, including Jade Enterprises’ .67 acre “Emerald” project. Not featured on the market in nearly 20 years, the Property, constructed in 1921, consists of 60 units above four retail stores. All the units are currently operating as rent-controlled apartments; NONE of the units are considered to be SRO’s. The original Certificate of Occupancy specifies that the building is a “4 Story, Class C, 65 rooms, Hotel and Stores”. Buyer retains the option to either continue to operate the building as a rent-controlled apartment with significant upside or investigate the possibility of returning the property to its original usage. The Property is master-metered for both gas and electric. Major systems upgrades include a newly-installed elevator, copper plumbing, and updated electric.