|ADDRESS||501 S. Los Angeles Street, and 116 and 121 E. 5th Street, Los Angeles St, LA, CA|
|OVERVIEW||418 Residential Units|
Originally built as hotels, the properties are now operated as single room occupancy and studio apartments. The buildings feature artisan ironwork, marble masonry, impressive lobby entries with grand pillars, and building exterior cornices. Value add potential exists through unit and common area renovations, enhancement of the income-producing ground level retail space, and potential commercial activation of the lobby and basement space.
With an outstanding Walk Score of 97, the properties are proximate to an impressive array of Los Angeles’ best restaurants, coffee shops and trendy bars. Downtown CBD employment, civic buildings, Metro transit, Pershing Square and cultural and entertainment destinations are all nearby.
The Historic Core and surrounding Downtown Los Angeles neighborhoods – including South Park, the Arts District, Chinatown, Bunker Hill & Grand Avenue, and the Civic Center have benefitted from over $24 billion of transformational investment since 1999.
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