Built in 1984, the property is not subject to Los Angeles rent control, instead allowing for higher annual rent increases. This is particularly beneficial to the new owner, who can more rapidly capitalize on the approximately 45% upside in rents. Current rents for unrenovated units average only $1.82 per square foot, while renovated units are achieving approximately $2.52 per square foot. Through the current owner's implementation of a successful value-add strategy, rents for the three renovated units generate an additional $1,062 per month above the average rent for an unrenovated unit. The attractive unit mix includes spacious floorplans, with half of the units featuring large lofts and high ceilings. Apartment interior amenities include central air and heating, wood flooring, fireplaces, private patios/balconies, and stainless steel appliances.