Landlord turns apartment parking into ADUs. Gives tenants $200/month credit for loss of parking. 501 S Kingsley Dr, Los Angeles, California. I see 13 under building tuck-in carports. Street parking is difficult in that area. Units are mainly studios so maybe they hope many don't have cars? Permit states they will turn the carports into five ADUs along with laundry room and storage. They offer studios in the building for $1500/month. 13 x $200 is $2600 when they can bring in $7500 more rent. Makes sense. I'm amazed city is allowing them to take the tenants parking. Maybe it wasn't part of their leases? Maybe parking isn't part of rent control? Makes sense to rent apartments with parking separately today because of rent control. Landlords' costs and expenses have gone sky high while rent control causes them to lose over 30% of market rent. I've represented small landlords who've had to sell because of rent control. They couldn't break even on buildings with no mortgages. Rent control is the main cause of the current housing crisis. NIMBYs are the second main cause then extreme building requirements and red tape. Almost forgot higher interest rates. #realestateappraiser #losangeles #ADU Link to article first comment.
Permit and plans for the conversion of parking to ADUs.
Ad for the building:
22-unit apartment building located in the heart of Koreatown. Built in 1956, the property consists of (19) studio/one-bathroom units and (3) one-bedroom/one-bathroom units. Rent control rent is 31% below market rent. The 11,274 sf building sits on a 11,210 sf lot that is LAR4 zoned.
https://www.redfin.com/CA/Los-Angeles/501-S-Kingsley-Dr-90020/home/7090075
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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