Gallery Lofts has a live work opportunity that should interest your creative energies. This listing involves a plan to purchase two ground floor loft units with the potential to be combined into one unit. This is your opportunity to create a one-of-a-kind townhouse-like space. Both are currently available for purchase with a vision towards the rare opportunity that this presents. Individually, these units are a fantastic offering to live in or work from in their current condition however these side-by-side units that share a non-load bearing wall which, through a design review process with the HOA, can be opened to create a residence unlike any other in the heart of Downtown LA Arts District. #DTLA
While this property is not part of the Mills Act Tax savings the topic is one of our most popular subjects. Other Loft buildings can qualify for a big Tax savings with the Mills Act. To get a list of those properties Get a free list of Mills Act approved Loft buildings in Downtown Los Angeles. Fill out this online form.
Mills Act participants can realize very fruitful property tax savings each year for recently improved or purchased old properties because the valuation of a Mills Act property is determined by the Income Approach to Value rather and not by the common Market approach to calculating appraised value. The Income Approach, divided by a capitalization rate, gives the assessed value of the property. Generally, the income potential for an owner-occupied residential property is calculated by looking at rental rates for comparable nearby properties, while the income from a commercial property is based on actual rent received. Because rental values vary greatly, the actual Mills Act historic property tax savings may vary. #ArtsDistrict
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.