- The building is vacant
- The property is a freestanding industrial building currently used as for creative office. It’s easily adaptable to warehouse distribution, garment manufacturing, graphic design, ad agency, or other creative uses.
- It is adjacent to Culver City and Sony Studios and is one block from 10 Freeway at the Fairfax exit. It is also near West Hollywood, Beverly Hills and dozens of 4 & 5-star restaurants.
- This property is located in the Opportunity Zone. Opportunity Zones offer tax benefits to investors who elect to temporarily defer tax on capital gains if they timely invest those gain amounts in a Qualified Opportunity Fund (QOF). Investors can defer tax on the invested gain amounts until there is an event that reduces or terminates the qualifying investment in the QOF (an “inclusion event”), or December 31, 2026, whichever is earlier.
- The length of time the taxpayer holds the QOF investment determines the tax benefits they receive.
- If the investor holds the QOF investment for at least five years, the basis of the QOF investment increases to 10% of the deferred gain.
- If the investor holds the QOF investment for at least seven years, the basis of the QOF investment increases to 15% of the deferred gain.
If the investor holds the investment in the QOF for at least 10 years, the investor is eligible to elect to adjust the basis of the QOF investment to its fair market value on the date that the QOF investment is sold or exchanged.
In conjunction with:
- Property Address: 5703 & 5709 W Adams Blvd., Los Angeles CA 90016
- Lot Size: 9,698 SF
- Square Footage of Building:8,818 SF
- Year Built: 1989
- Year Renovated: 2006
- # Of Parcels: Two
- # Of Lots: Three
- Zoning: LACM
- APN: 5048-004-042, 5048-004-043
- PRE AUCTION BIDS DUE PRIOR TO DECEMBER 4TH 2023 NOON PT
- AUCTION FINAL BID DATE: DECEMBER 14TH 2023 NOON PT
- STARTING BID: $4,000,000