Nob Hill Towers

Kidder Mathews proudly presents an exclusive opportunity to acquire Nob Hill Towers, an exquisite Art Deco multifamily building boasting 52 units. Nestled in the highly sought-after Westlake/MacArthur Park neighborhood of Los Angeles, this property at 2430 Ocean View Avenue exudes charm and elegance. Originally constructed in 1929, Nob Hill Towers is well-maintained and has retained its timeless appeal, showcasing the grandeur of the 1920s era with its charming architecture and stunning lobby adorned with a chandelier and intricate tile flooring. Nob Hill Towers is a 7-story building totaling approximately 52,871 rentable square feet on approximately 13,939 square feet of land. The Property presents the opportunity for an investor to enter a high-demand rental market with the potential to add value through additional renovations. Its ideal unit mix includes (2) efficiency units, (28) studios, (13) one-bed/one-bath, (3) one-bed + den/one-bath, (3) two-bed + den/two-baths, (1) penthouse with one-bed/one-bath, and (2) penthouse units with two-bed + den/two-baths boasting expansive private rooftop patios. The units feature extremely oversized layouts, wood or vinyl-plank flooring, high ceilings, vanities, beautiful tile work, pedestal sinks, stainless steel appliances, formal dining and living rooms, wood-burning fireplaces (in select units), and many offering sweeping city views. Residents enjoy access to a rooftop terrace adorned with string lights, ample seating, and breathtaking views encompassing Griffith Park, the iconic Hollywood Sign, Downtown Los Angeles, and the surrounding city skylines. Additionally, the community offers 20 on-site parking spaces, controlled access, an on-site laundry facilities, and multiple basement storage rooms that could potentially be converted into ADUs (buyer to confirm). Strategically situated amidst a plethora of amenities, Nob Hill Towers is in close proximity to entertainment venues, shopping destinations, hotels, cultural hotspots, and renowned restaurants, as well as convenient local transportation options. The Property is one block away from 6th Street and less than half a mile away from MacArthur Park Lake. Tenants are only 0.5 miles to the Westlake/MacArthur Park Metro Station and 0.8 miles to the Wilshire/Vermont Metro Station. The Purple Line is currently undergoing construction to extend the line by 2026 with new stations servicing Beverly Hills, Westwood and Brentwood. Further, the Property is centrally located near major employment centers including Downtown LA, Beverly Hills, Century City, Hollywood, West Hollywood, and Mid-Wilshire. The location also provides access to the 101, 110, and 10 Freeways. Positioned within an area experiencing rapid economic growth, Nob Hill Towers presents investors with an enticing opportunity to enter a high-demand rental market, with the potential to add value through additional renovations.