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LOS ANGELES-A Los Angeles investor has purchased a mixed-use building near Downtown L.A. that was constructed in 1912 and will renovate the property in a value-added play, according to Sperry Van Ness.

Brent Sprenkle of the West Los Angeles office of Sperry Van Ness tells GlobeSt.com that the property at 310 Alvarado St., which was fully leased at the time of the sale, is structurally quite sound but needs extensive cosmetic repairs and renovations. Sprenkle, who represented the buyer along with David Mashian, also of Sperry’s West L.A. office, says the buyer paid $1.54 million for the 16,017-sf retail and apartment building. The property also includes a cellular antenna and billboard space that represent income streams for the owner. Sprenkle says the buyer, who acquired the property from a Palos Verdes-based seller, sees significant upside in the deal because of the potential for increased rents as well as the rise in development in the Downtown Los Angeles area. The property is just west of Downtown.

Along with ample parking, the mixed-use complex includes two retail units on the first floor and 33 apartment units on the top three floors consisting of 22 single and nine one-bedroom, one-bathroom units with rents ranging from $442 to $589. The roof space is leased to Verizon Telecom and Nextel for cell site antennas.

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