We are very pleased to exclusively offer for purchase 1016 Tiverton Avenue, a 13-unit Mediterranean revival multi-family property perfectly located right in the heart of beautiful Westwood Village. Bordering the UCLA campus, Westwood Village centers on a 1920s Mediterranean-style shopping precinct, now home to chain boutiques, coffee shops, and casual eateries. The acclaimed Geffen Playhouse presents new plays and classics, while movie theaters include the 1931 Regency Village, with its distinctive Spanish-inspired tower. Exhibitions at the nearby Hammer Museum range from old masters to contemporary art. Built in 1928, Westwood Village was conceived and built by the Janus family as a retail village. Its charming streets and architecture offer some of the finest environments for retailing in Los Angeles. Many original tenants remain in the village, such as the single screen theatres and Stan's Donuts which add to the allure of Westwood Village as a charming destination. Situated walking distance to both UCLA and The W Hotel, 1016 Tiverton is also located just quick walk to Trader Joes, Whole Foods, In-N-Out, Starbucks, Pete's Coffee, Jamba Juice, and so much more. Built in 1929, this stunning Mediterranean Revival apartment building was designed by renowned architects Brokaw & Tuffs. It is one of several Period Revival multi-family residential buildings along Tiverton Avenue. 1016 Tiverton is an excellent example of a Mediterranean Revival apartment built in the late 1920's in Westwood. It has a two-story height, rectangular plan, hipped clay tile roof with open eaves and exposed rafters. The property also features a porte cochere, an entryway composed of recessed arches, balconettes and combination of wood windows and steel windows including fixed and casement windows. The building features a total of 13 units - 4 studios and 9 one-bedroom units, one of which is located at the rear of the property. Five units have been renovated and have achieved strong market rents of $2,995 for the renovated one-bedrooms and $1,995 for renovated studios. The units are separately metered for gas and electric and there are 8 carport parking spots at the rear of the building. Boasting a 96 Walk score, 1016 Tiverton totals 12,567 square feet and sits on an oversized 11,746 square foot lot zoned R3. The units feature hardwood floors, high ceilings and excellent natural light. Renovated units feature new stainless-steel appliances, quartz countertops, some with in-unit washer/dryer and all with fully remodeled bathrooms. With more than 25% income upside potential, 1016 Tiverton offers the very rare opportunity to purchase a beautiful Mediterranean revival 13-unit apartment property in prime Westwood, one of the most sought after and desirable neighborhoods of Los Angeles, benefitting from being an excellent capital preservation play as well as offering significant appreciation potential, plus excellent cash flow with the ability to increase over time.
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Data last updated on 4/2/23 at 8:36 AM UTC