Photos: How dense Reynoldstown development is changing Memorial Drive
I live in Grant Park, but close enough to this to enjoy the amenities. The movie theater will be my new go to. The traffic in the area is going to be bad. Those who can work from home probably won’t have to deal much, but if you have to drive to work the morning and evening rush hour are gonna be painful. That being said, I’m excited about the density here. It is easy to go down the beltline if someone works in midtown.
What to expect when buying a house in Los Angeles in 2020
Long story short, I am the 3rd generation owner of my meticulous family owned and operated 5 unit apartment complex. I have actually been involved in running it since my childhood and I am now 66. I grew up and lived at that property for my first 18 years. Unfortunately I am all alone now so I can only rely upon myself.
It is located right in the heart of prime Hollywood, CA in Los Angeles, CA 90046. It also happen to be right at the border of Hollywood and the separate city of West Hollywood. I am now very seriously thinking of selling it and finally retiring from a lifetime of being a hands-on landlord. Of its 5 units total, the 2 main front units are LARGE side by side duplex house units and best suited for owner occupancy. The 3 units concealed in the gated rear patio area are very charming more standard sized units and one of them has it’s very own, large, enclosed, secluded, fiberglass waterproofed rooftop sundeck directly off of its bedroom. All of my units now have their own laundry hookups for their own washer and gas dryer and and I have easy off street parking for up to 8 cars. I am its sole owner now. Clearly I have transformed this property with very high quality materials including USA made "K" type Copper, all new rebar reinforced hardscape, new sewer, earthquake retrofitting plus incredible new aesthetics inside and outside. Clearly I have invested MANY thousands of dollars into it and most of that is quite recently. Two of my units are completely remodeled, one being my largest front main owner occupancy type, very formal 2 bedroom duplex house and it currently rents for $3,400 per month. Coincidentally, that large owner’s type unit is just being vacated after 4 1/2 years of the same tenant, so currently it is actually an ideal time for it to be vacant if a new owner wants to live in it. I am attaching some photos of my building and of the large 2 bedroom duplex house being vacated currently.
This is why I am writing to you. Your article and what I have and want to retire from and sell are a perfect match. Naturally I have a lot more that I could say. Random realtors and investors are pounding at my door and soliciting me every week now. One random realtor wants me to list it with her and market it with a direct emphasis on its designed potential to once again feature dual owner occupancy in the two main front side by side duplex house units. She wants to list it for $2,999,999. It currently nets about $130,000 annually and the expense level there is virtually zero. I have already redone just about everything to keep it up and running for decades to come. My 5 unit apartment building shows a construction date of 1949. It’s across from a large city park with tennis and basketball and it’s easily adjacent to EVERYTHING imaginable. It’s one block south of Sunset Blvd..
Another part of the long story short is that I will need to find a new income source if I sell it as I am otherwise retired.
Do you have connections or referrals that could potentially help me make this happen? I MUST get the highest sales outcome possible to make this happen as other matters and factors are fully dependent upon it.
You’re right, LADude, about the motivation for generating revenue, but it’s the merchants who deserve and would get more revenue if this is approved. If the merchants want this, it’s probably because their customers are complaining about not shopping there because there’s nowhere to park. Seems like a win for both the merchants and the customers to me.
"Ease traffic flow and reduce pollution". If you add meters with time limits thus making people move there cars (increasing parking availability), doesn’t that result in more cars going in and out of the spaces versus someone who parks there car there all day (i.e. a decrease in traffic flow)? And that means more cars stopping to wait for a space, and more cars idling while waiting for someone to park (i.e. increased pollution). This is really about generating revenue.