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1121 Echo Park Ave

Los Angeles, CA 90026
  • $3,870,000
  • STATUS: Active
  • ON SITE: 37 Days
  • MLS #: 22-148567
UPDATED: 17 min ago
$3,870,000
  • 17
    BEDS
  • 0.34
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 9,798
    SQFT
  • $395
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1916
County:

School Ratings & Info

Description

Situated just one parcel from Echo Park Lake and one block from Sunset Boulevard, the property offers tenants a prime location in the epicenter of this trendy submarket. With a unit mix comprised almost entirely of two bedroom units, the property's nine spacious floorplans cover approximately 9,798 square feet. The offering provides an investor with impressive cash flow for the area, with an initial CAP Rate of 4.69%. While similar properties in the area have sold for $600-$800 per square foot, 1121-1127 Echo Park Avenue is available for less than less than $395 per square foot. A new investor may benefit from reduced maintenance expenses, as the building does not appear on the LADBS seismic retrofit list (Buyer to verify). The property includes three buildings across the two parcels of land, which are zoned LAR3 and sit within a Tier 3 TOC (Buyer to verify). Given its close proximity to both Sunset Boulevard and Glendale Boulevard, the property allows tenants convenient access to some of Echo Park's trendiest shops and eateries. With Echo Park Lake immediately south of the property, tenants can enjoy the numerous benefits of one of Los Angeles' most popular parks.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-29T06:43:13.563. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.searchdesertrealestate.com/homes/127901143
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1121 Echo Park Ave Los Angeles, CA 90026

  • Price: $3,870,000
  • Status: Active
  • On Site: 37 Days
  • Updated: 17 min ago
  • MLS #: 22-148567
17
Beds
0
Baths
0
½ Baths
0.34
Acres
9,798
SQFT
$395
$/SQFT
1916
Built
Neighborhood:
Silver Lake - Echo Park
County:
Los Angeles
Area:
Silver Lake - Echo Park
Property Description
Situated just one parcel from Echo Park Lake and one block from Sunset Boulevard, the property offers tenants a prime location in the epicenter of this trendy submarket. With a unit mix comprised almost entirely of two bedroom units, the property's nine spacious floorplans cover approximately 9,798 square feet. The offering provides an investor with impressive cash flow for the area, with an initial CAP Rate of 4.69%. While similar properties in the area have sold for $600-$800 per square foot, 1121-1127 Echo Park Avenue is available for less than less than $395 per square foot. A new investor may benefit from reduced maintenance expenses, as the building does not appear on the LADBS seismic retrofit list (Buyer to verify). The property includes three buildings across the two parcels of land, which are zoned LAR3 and sit within a Tier 3 TOC (Buyer to verify). Given its close proximity to both Sunset Boulevard and Glendale Boulevard, the property allows tenants convenient access to some of Echo Park's trendiest shops and eateries. With Echo Park Lake immediately south of the property, tenants can enjoy the numerous benefits of one of Los Angeles' most popular parks.
Exterior Features

Lot Size Area 14998 Other Structures None Parking Garage Assigned Total Parking 13

Interior Features

Baths Total 9.00 Cooling Other Equipment Other Heating Other

Property Features

Assessed Total Value 1421576 Gross Income 258161 Gross Operating Income 250500 Like Units1 1 Like Units2 7 Like Units3 1 Net Operating Income 181564.00 Number Of Buildings 3 Number Of Units 9 Sale Type Standard Source Living Area Estimated Source Lot Size Area Estimated Total Annual Expense 68937 Type Of Units Residential Year Built Source Vendor Enhanced Zoning Lar3

Listing provided courtesy of Roderick 'Rick' Raymundo DRE#01357019 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-29T06:43:13.563. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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