Nestled between Downtown and Beverly Hills, this enclave runs parallel to Hollywood in the north. The housing stock in Mid-Wilshire is made up of single-family homes, townhomes, apartments, and condos.A mix of magnificent homes, inclusive schools, and hip-and-happening restaurants make it one of the most desirable places to live in Los Angeles. And that’s not even counting the sheer beauty of the place, readily apparent in its sunny, tree-lined streets and green spaces. Diversity is the name of the game in Mid-Wilshire, not just in terms of culture and religion, but also in terms of architecture, real estate, and shopping and dining options.The things to do and see in Mid Wilshire are definitely tailored to this diverse population. There is something for everyone to enjoy. Building an ADU (accessory dwelling unit) in Mid Wilshire will increase your current property value by $150,000 - $250,000.
Why is the market for ADU’s trending In Mid Wilshire?
1. Museums
Mid Wilshire is filled with museums that will catch the eye of any visitor. This increases tourism in the area. LACMA, arguably LA’s most popular museum, is there and has over 100,000 objects on display. It is the largest art museum on the west coast. The Petersen Automotive Museum has exhibits on automotive history, aesthetic designs, and technology will spark conversation. Popular classic car models, antiques, movie cars, and futuristic cars are also on display.
2. Pedestrian and Pet Friendly
Mid Wilshire now has bike lanes, crosswalks, and many pedestrian walkways, which are perfect for residents who prefer to get around on foot. Many of the residential communities in Mid Wilshire feature their own private dog parks, but there are three very new and well-maintained dog parks offered to locals in both the community and the surrounding neighborhoods. Seeing people walk their dogs in the area is not uncommon.
3. Affordability
ADU’s are small living units that are usually around 1,500 square feet. Within the past few years, over 3,000 new ADU’s have been built for thousands of homeowners. Why? Because it works.Not only are homeowners looking to build more ADU’s in the area, but renters are looking for more private alternatives to apartments in which they can have their own personal space. Rather than paying rent for a small apartment, a tenant would prefer having their own small home. As a homeowner in the area, making an investment in building an ADU will pay off as tenants are ready to move in.
Mid Wilshire Demographics
With a population of 40,000 people and 25,000 housing units that were built before 2010, it makes sense that ADU’s built after 2018 are so sought after due to their affordability as well as modern build.
Median Income - $89,000
Median Age - 40 years old
Average Home Price - $900,000
How Much Can I Rent An ADU In Mid Wilshire For In Today’s Market?
The average ADU in Mid Wilshire rents for about:
Studio ADU- $2000/m
1 Bed 1 Bath ADU- $2200/m
2 bed 2 bath ADU- $2600/m
3 bed 3 bath ADU- $3200/m
ADU Walkability Score In Mid Wilshire
The ADU walkability score is measured by walking distance from your new ADU to these attractions, the closer you are to these locations the more your future tenant will pay for rent.
Ofri Peretz (818) 569 - 9947 actively looks for homes with ADU potential. She also had multiple homes sell for over asking in Mid Wilshire before and after the unit was built. When renting out your newly built ADU, hiring a realtor can make the process a breeze. When an agent is hired, they can create a listing for you, help check out the applicants, and manage the other aspects of renting so you don’t have to worry about it. A realtor may also increase the amount of rent you can receive monthly for your ADU.
Neo Builders Inc. is an experienced construction company with a specialty in building ADU’s. Building an ADU with Neo Builders will increase your monthly cash flow in a stress free and organized process. Don’t wait, make the call today for a step towards financial freedom. An initial consultation and quote are totally FREE of charge. If you would like to understand Los Angeles ADU laws click here NEO Builders
For All Your ADU Needs
NEO Builders Inc.
3940 Laurel Canyon, Studio City #394, 91604
License #: 10611