Investment Overview

NOAH Conversion Opportunity with Immediate Eligibility 1701 Westmoreland Blvd is an ideal candidate for a Naturally Occurring Affordable Housing (NOAH) conversion. With 50% of tenants already on vouchers and the remaining rents below 80% AMI, the asset qualifies for income certification under California’s Welfare Tax Exemption (RTC §214). New ownership can pursue full property tax relief while preserving affordability and tenant stability. Welfare Tax Exemption Enhances Cash Flow By partnering with a qualified nonprofit or forming a limited partnership with a nonprofit managing member, buyers can pursue the California Welfare Tax Exemption, eliminating property taxes on qualifying units. This strategy significantly enhances net operating income and long-term yield while supporting public affordability goals. Rare Alignment with LA Housing Policy & Future Legislation 1701 Westmoreland Blvd directly supports Los Angeles’ anti-displacement initiatives and the City’s broader efforts to preserve naturally affordable housing in vulnerable neighborhoods. With strong tenant stability and below-market rents, the property aligns with key public priorities and is positioned as a model for impact-driven preservation investment in a high-demand urban submarket. Significant Rental Upside with Limited Disruption Current 2-bedroom rents average ~$1,178, while market comparables exceed $2,200 — presenting over 79% rental upside. The property's existing affordability profile allows for low-friction compliance with NOAH guidelines while still offering long-term income growth potential through certification, turnover, or light value-add. SB 1211 Potential (Buyer to Verify) Located on an expansive lot in addition to existing tuck under parking, this property offers a unique opportunity under SB 1211, which may allow for significant ADU development beyond traditional limits. This overlay introduces a new avenue for long-term value creation and increased density for investors. Transit-Oriented Location in High-Demand Submarket Located in the heart of Harvard Heights, 1701 Westmoreland Blvd boasts a Walk Score of 88 and is two blocks from the metro stops along S Western Ave; a half-mile from Loyola High School and walking distance to major retailers such as CVS and Food 4 Less at the Western Plaza Shopping Center. Harvard Heights is a densely populated neighborhood of over 20,000 people that is known for its architecturally significant real estate and sits just west of Downtown Los Angeles, offering residents a short commute to major employment hubs. Institutional Scale with Favorable Basis Available as a portfolio with three other buildings, 1701 Westmoreland Blvd offers true scale for operators seeking to grow within LA’s urban core. The offering price reflects a favorable cost per unit and square foot when compared to recent sales, with the added advantage of long-term affordability positioning.