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$2,100,000
Est. payment /mo
7,496 Sqft Lot
UPDATED:
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26218467
HOA Y/N No
Year Built 1910
Lot Size 7,496 Sqft
Property Sub-Type Apartment
Property Description
Truly an incredible Silver Lake asset in one of the most coveted pockets of the city. This property is the perfect addition for an investor, owner-user (house hacker), or value-add investor, with the ability to add 2–6 ADUs.
This asset checks so many boxes. The front Craftsman duplex offers exceptional character and charm. The upstairs residence features 3 bedrooms and 2 bathrooms with high-end renovations, while the downstairs unit also features 3 bedrooms and 2 bathrooms and is available for an immediate owner-occupier.
The rear four units are all 2-bedroom, 1-bathroom units and benefit from newer construction built in 1985, providing the updated systems and construction quality many investors are looking for.
Four of the six units have experienced turnover and have been completely gut-remodeled. The remaining two units provide an opportunity for tremendous upside. There is approximately 45% upside in the current rents alone, excluding any ADU potential.
The property also features a massive six-wide parking lot, with all spaces oversized and approximately 2+ cars deep in tandem. Some tenants have accommodated as many as three vehicles in the past. This parking configuration provides the potential to build approximately 2–6 ADUs, depending on the investor's preferred plan.
For example, if an investor elected to build four ADUs, the property could potentially achieve approximately 115% upside, more than doubling its value with an estimated $650,000 investment. This would bring the total investment to approximately $2.7 million, with a projected new value of over $4.3 million.
Do not miss this opportunity!
This asset checks so many boxes. The front Craftsman duplex offers exceptional character and charm. The upstairs residence features 3 bedrooms and 2 bathrooms with high-end renovations, while the downstairs unit also features 3 bedrooms and 2 bathrooms and is available for an immediate owner-occupier.
The rear four units are all 2-bedroom, 1-bathroom units and benefit from newer construction built in 1985, providing the updated systems and construction quality many investors are looking for.
Four of the six units have experienced turnover and have been completely gut-remodeled. The remaining two units provide an opportunity for tremendous upside. There is approximately 45% upside in the current rents alone, excluding any ADU potential.
The property also features a massive six-wide parking lot, with all spaces oversized and approximately 2+ cars deep in tandem. Some tenants have accommodated as many as three vehicles in the past. This parking configuration provides the potential to build approximately 2–6 ADUs, depending on the investor's preferred plan.
For example, if an investor elected to build four ADUs, the property could potentially achieve approximately 115% upside, more than doubling its value with an estimated $650,000 investment. This would bring the total investment to approximately $2.7 million, with a projected new value of over $4.3 million.
Do not miss this opportunity!
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Interior
Fireplace No
Laundry Inside
Exterior
Pool None
Community Features Biking, Curbs, Dog Park, Foothills, Golf, Hiking, Park, Suburban
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 1
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5424024020
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
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Listed by Cameron Samimi Lyon Stahl Investment Real Estate, Inc. 310-259-7556, DRE #02035763
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