3367 Andrita ST Los Angeles, CA 90065

3367 Andrita Street is 35-unit apartment building located in the Glassell Park neighborhood of Los Angeles. Perched on a hilltop with breathtaking views of Downtown LA and the Elysian Valley, the property was built in 1989 and is not subject to local City of Los Angeles rent control. Instead, the property is subject to AB 1482 which enables owners to increase rents by 5%, plus the Consumer Price Index with a max ceiling rent increase of ten (10%) percent. 3367 Andrita Street boasts thirty-two (32) two-bedroom/two-bathroom units and three (3) three-bedroom/two-bathroom units. There are currently 22 apartment units vacant; however, owners are marketing for lease four (4) of the 2bedroom units at a monthly rate of $2,295/month. Lastly, 3367 Andrita Street is under a land use restrictive agreement that will expire in seventeen years (2039). Seven (7) units are subject to very low income and six (6) units are subject to low income. Glassell Park has seen a tremendous amount of redevelopment over the past couple of years that has spurred the demand for new housing in the neighborhood. Within a one-block radius, thirty-seven (37) small lot homes are being completed and will be for sale starting in the $900,000 range. In addition, a developer has broken ground for a 370-unit apartment building that is less than half a mile away. As new construction continues to develop in Glassell Park, rents and values will continue to increase for the next owner.