Apartment Complex Red Tagged

[Paul Martinez]

Hello BP Members,

I reside in San Gabriel Valley in california, about 15 minutes east of downtown LA.

There is a good decent sized apartment complex not to far from where i live, i drive by there quite often, its on a corner lot right in the middle of EVERYTHING in a decent part of town! Movie theatre, restaurants, super markets you name it! I don't understand why the owner of that property would not keep up with the maintenance, but the fact is that they kicked everyone out of the complex and it has been completely empty since the beginning of this year due to safety hazard issues. Of course the property needs a whole make over inside and out, but the location is great on this 81 unit apartment complex.

I see great opportunity but have no experience or knowledge. I still made a call anyways to see if they were going to sell, and the person was kind of rude saying they are not selling, yet its been months since I've called and no repairs have been done yet. I think the owner is probably out of state. I would like a piece of the action or at least witness how someone with the knowledge and experience would tackle an opportunity like this!?!?

any feed back greatly appreciated and many thanks in advance!

[Brian Burke]

My guess is that given it is in such a great location the owner is intending to demolish it and develop something new.  Sometimes the best use for old buildings is to level them. Just think of the Dunes hotel on the Las Vegas strip. An old tired hotel in the heart of the action. It was leveled and is now the Bellagio.  I’ll bet someone saw this opportunity long ago and acquired it to empty it. Getting permits takes an eternity so it might look like this for a while.