VALUE ADD OPPORTUNITY * There is a high potential for Value Add to this property with a 28% – 40% increase of rents over time for both one and two bedrooms. To achieve these rents a new owner will need to upgrade the unit interiors to include upgraded flooring, new kitchens, new bathrooms, new paint and modern lighting – estimated to cost between $8-12K/unit. The common areas will also need to be updated to a more modern look/feel – think Viceroy Hotel and Kelly Wearstler. This will attract the young, professional crowd who are looking for a modern, well located place to call their home. Once the rents are at these levels the GSI will increase by 32% to over $730,000 per year..