Our approach to this project was to create a model that is adaptable to similar property types within Los Angeles County. From the large pool of similarly sized and priced 1920‘s bungalow courtyard properties in Los Angeles County, we selected a few sample sites to test our model.
6248 Greenleaf Ave., Whittier, CA 90601
|This property was built in 1923 and consists of 11 units in a desirable & central location of Whittier, CA. There are 8 1 bed, 1 bath bungalows as well as a larger 3 unit building in the back of the property. This is a very similar layout to our subject property, and would be a fairly replicable design implementation, converting the front 6 bungalows into SRO units and either converting or demolishing and rebuilding the back buildings to incorporate a community room, community lounge, parking, offices, a site manager’s unit and possibly additional SRO units.|
Price - $1,499,000
5022 Wall Street, Los Angeles, CA 90011
This project was constructed in 1921 and is situated on a 9,235 sq. ft. lot with approximately 4,578 rentable sq. ft. within 7 separate bungalow style buildings. The property is very similar to our subject site with 7 original buildings and a central courtyard. As you can see from the photos, this site is a bit run down and could serve as a prime property for renovation into PSH.
Price - $975,000
503 S Los Robles, Pasadena, CA 91101
This property was built in 1922 and is located in the city of Pasadena which is very comparable to the city of Glendale, where property values and occupancy rates are high. The property consists of 6 buildings, totaling 3,761 sq. ft. on a 17,324 sq. ft. lot. Four of the buildings are 1-bed, 1-bath bungalows along with a studio and a large 3-bed building in the rear of the lot.
Price - $1,545,000