Thank you
Oron Maher
Maher Commercial Realty
310-464-1453
We are pleased to present a value-add 8-unit apartment building in the heart of East Hollywood, just blocks from Virgil Village, Silverlake, and close to Los Feliz and Hollywood. The subject property consists of eight one bedroom, one bath units of which two will be delivered vacant. This property comprises of two buildings totaling approximately 5,624 square feet on an approximately 6,970 square foot parcel of land zoned C4-1D. The lot is zoned C4-1D and is in Tier 3 of TOC (transit-oriented community) allowing for the development of +/- 29 units using TOC, and potentially more units using ED1 as a 100% affordable project. Currently there is room for four car parking (two tandem spaces) and addition courtyard space. There is likely enough room on this site to build a detached ADU. Buyer to verify all development potential with their own architect. All development is subject to the Vermont/Western Station Neighborhood Area Plan. Seller and Broker make no representations as to developability of this property. At this time the building is master leased to APLA Health but will be delivered with no master lease in place. All of the leases are with Section 8 tenants and five of the six remaining tenants are paying significantly below market rents. There is immediate upside by increasing the current rents to 4% and filling two vacancies bringing you to an immediate 6.2% cap rate. After a 4% rent increase and filling two vacancies, there still remains an additional 36% upside in rents. The sale of the property is contingent upon approval of an early loan payoff by the state of California. East Hollywood borrows elements from neighbors Silverlake, Los Feliz, Echo Park, Larchmont Village and wraps them up in an attainably priced package. One notable architectural marvel, The Hollyhock House, was designed by Frank Lloyd Wright for oil heiress Alice Barnsdall, who also serves as the namesake for the structure's surrounding Art Park. With the neighborhood seemingly evolving by the day, East Hollywood's near 250-year history is just getting started. An equal mix of hyped hotspots attracting visitors far and wide and local institutions that have helped shape the neighborhood, East Hollywood is the place for those who want a neighborhood atmosphere with the big city at arms' length. Family-owned bars like Tiki-Ti and cornershop coffee house Cafecito Organico lend a more neighborly feel to East Hollywood, but the glitz and glimmer of L.A. is still ever-present in this historic neighborhood. Multi-cultural and family-oriented, East Hollywood is a great place to spend a year or a lifetime.
Sell a home like this and save $89,201 Find Out How
Total Bedrooms : 8
Total Baths: 8
Full Baths: 0
Half Baths: 0
None
Air Conditioning
Year Built: 1923
Building Area Total: 5,624
None
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.16
Lot Size Dimensions: 55x125
Lot Size Source: Other
Lot Size Square Feet: 6970
Original List Price: 1,495,000
Listing Contract Date: 2024-03-25
Listing Agreement: Seller Reserved
Parcel Number: 5542012019
Garage Description: Unassigned
Lease Term: Negotiable
Source Listing Status: Active Under Contract
Source Neighborhood: 637 - Los Feliz
Directions: North on Virgil Ave., West on Fountain Ave.
Zoning: C4-1D
Source Property Type: Residential Income
Area: 637 - Los Feliz
Property Age: 101
Year Built Source: Vendor Enhanced
Total Square Feet Living: 5624
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
933 N Mariposa Avenue, Los Angeles, CA,90029 | $3,200,000 | -- | -- | 6,426 | 9000 Sqft |
5017 Institute Place, Los Angeles, CA,90029 | $2,900,000 | -- | -- | 8,080 | 5746 Sqft |
811 N Kenmore Avenue, Los Angeles, CA,90029 | $1,149,000 | 3 | 2 | 1,555 | 5148 Sqft |
806 N Oxford Avenue, Los Angeles, CA,90029 | $1,349,000 | 4 | 2 | 1,700 | 5970 Sqft |
867 N Alexandria Avenue, Los Angeles, CA,90029 | $2,200,000 | 6 | 6 | 4,040 | 5130 Sqft |
867 N Alexandria Avenue, Los Angeles, CA,90029 | $2,200,000 | 2 | 1.5 | 4,040 | 5130 Sqft |
1214 N Kingsley Drive, Los Angeles, CA,90029 | $3,500,000 | -- | -- | 6,703 | 7893 Sqft |
5449 S Virginia Avenue, Los Angeles, CA,90029 | $1,850,000 | 10 | -- | 4,877 | 7502 Sqft |
932 N Kingsley Drive, Los Angeles, CA,90029 | $1,250,000 | -- | -- | -- | 9035 Sqft |
803 N Kingsley Drive, Los Angeles, CA,90029 | $2,600,000 | 14 | 16 | 5,390 | 7314 Sqft |
Copyright © 2024 by the Multiple Listing Service of the California Regional MLS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the California Regional MLS®. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited.
ByOwner last updated this listing 05/19/2024 @ 10:19
MLS: 24372459
LISTED BY: Oron Maher, Maher Commercial Realty
SOURCE: CRMLS
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.