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$1,500,000
Est. payment /mo
10 Beds
8 Baths
4,446 SqFt
UPDATED:
12/05/2024 03:42 AM
Key Details
Property Type Multi-Family
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 4,446 sqft
Price per Sqft $337
MLS Listing ID 24439995
Bedrooms 10
HOA Y/N No
Year Built 1960
Lot Size 6,878 Sqft
Property Description
COPPER PLUMBING & SOFT-STORY RETROFIT COMPLETED...Fantastic 8-unit investment property located in the up and coming Rampart Village neighborhood, directly adjacent to Silverlake, Echo Park and Koreatown. The well-maintained mid-century apartment complex, built in 1960, offers a total of 4,446 square feet of living space on a 6,878 SF lot zoned R3, with a strong unit mix of (6) 1-bedroom/1-bath units and (2) 2-bedroom/1-bath units. The building features several recent upgrades: all above ground plumbing was replaced with copper, both soft-story retrofits were completed in 2018, the water heater was replaced in 2019, the driveway was recently re-paved, and all 9 seismic gas shut-off valves have been installed. The roof has also received regular annual maintenance. While the property is comprised of longer term tenants, about half of the units have been upgraded with new kitchens. There are two tuck-under parking areas at the front and back of the building with 12 spots in total (8 spots without tandem parking). The property is also separately metered for gas & electric. Lastly, there's an on-site laundry room which provides additional monthly income. The building has been under the same ownership for over 11 years and there is still 42% upside in rental income remaining. The property's various system upgrades and longer term tenants, combined with its excellent location near trendy neighborhoods and vibrant cultural hubs, make this a fantastic investment opportunity.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Laundry Common Area
Exterior
Parking Features Covered, Garage, Tandem, Uncovered
View Y/N No
View None
Total Parking Spaces 12
Building
Story 2
Entry Level Two
Architectural Style Mid-Century Modern
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5157001004
Special Listing Condition Standard
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Listed by Jake Glaser • Lyon Stahl Investment Real Estate, Inc.