1922 Lake Shore Ave - A 3-Unit in Prime Echo Park 3 Unit Apartment Building Offered at $1,842,163 CAD at a 4.80% Cap Rate in Los Angeles, CA 90039
INVESTMENT HIGHLIGHTS
- Situated on a 9,999-Square-Foot Lot, the Property Aligns with Today's Renters' Needs: Low Density and Large Outdoor Space
- Located in Desirable Elysian Heights, Echo Park, Near Silver Lake, Offering Convenient Access to Employment, Retail, and Entertainment
- On-Site Parking with No Seismic Retrofit Requirements
- Current Ownership has Attentively Maintained the Property
- Family Owned and Operated for the Last 13 Years
- There is 27 Percent Remaining Rental Upside Through Interior Renovations
EXECUTIVE SUMMARY
DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT LISTING TEAM FOR DETAILS.
Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a three-unit apartment community located at 1922-1924.5 Lake Shore Avenue. The subject property is located east of the Glendale Freeway and north of Sunset Boulevard.
The property is located in Elysian Heights, which is typically characterized as being part of Echo Park & near Silver Lake. This submarket’s popularity has grown significantly over recent years, with a vibrant and lively nightlife scene and trendy retail and coffee shops in the immediate area. With rent growth and developments in the area, the location has been catering to families, young professionals and artists alike in recent years.
The property is situated on a large 9,999 square foot parcel and is comprised of two one-bedroom units and one two-bedroom unit. There is 27% remaining rental upside that new ownership can capture through interior renovations.
Taking into consideration the desirable location and remaining value-add components, 1922-1924.5 Lake Shore Avenue is well suited to provide investors with healthy returns and long-term appreciation potential.
Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a three-unit apartment community located at 1922-1924.5 Lake Shore Avenue. The subject property is located east of the Glendale Freeway and north of Sunset Boulevard.
The property is located in Elysian Heights, which is typically characterized as being part of Echo Park & near Silver Lake. This submarket’s popularity has grown significantly over recent years, with a vibrant and lively nightlife scene and trendy retail and coffee shops in the immediate area. With rent growth and developments in the area, the location has been catering to families, young professionals and artists alike in recent years.
The property is situated on a large 9,999 square foot parcel and is comprised of two one-bedroom units and one two-bedroom unit. There is 27% remaining rental upside that new ownership can capture through interior renovations.
Taking into consideration the desirable location and remaining value-add components, 1922-1924.5 Lake Shore Avenue is well suited to provide investors with healthy returns and long-term appreciation potential.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $1,842,163 CAD |
| Price Per Unit | $614,054 CAD |
| Sale Type | Investment |
| Cap Rate | 4.80% |
| Gross Rent Multiplier | 14.82 |
| No. Units | 3 |
| Property Type | Multifamily |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 2,302 SF |
| No. Stories | 2 |
| Year Built | 1903 |
| Parking Ratio | 1.3/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 2+2 | 1 | - | - |
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ZONING
| Zoning Code | LAR1 (Los Angeles Residential) |
