The Berkshire Apartments | 2050-2062 Commonwealth Ave
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The Berkshire Apartments 2050-2062 Commonwealth Ave
17 Unit Apartment Building $7,087,350 CAD ($416,903 CAD/Unit) 5.20% Cap Rate Los Angeles, CA 90027
Investment Highlights
- 2050 North Commonwealth Avenue is a charming 17-unit courtyard apartment community in Los Feliz (90027)
- 2050 North Commonwealth Avenue has a Walk Score of 89 out of 100. This location is Very Walkable, so most errands can be accomplished on foot
- There is a significant affordability gap to home ownership within the 90027 zip code, with the median SFR selling for more than $2,280,250
- Located in Los Feliz, 2050 N Commonwealth Ave is a short distance from many happening shops and a shorty drive primary employers in Hollywood and DTLA
- The Hollywood-Silver Lake submarket is one of the strongest employment centers in the Los Angeles MSA and offers access to a diverse set of employers
- There are Fourteen (14) parking spaces in total. Ownership completed the mandatory soft-story retrofit (2020)
Executive Summary
Built in 1928, 2050 North Commonwealth Avenue is a quintessential 1920s courtyard property that attracts quality residents who appreciate the asset’s style, irreplicable charm, and extremely desirable location. An exceptional unit composition consists of Two (2) 2 Bedroom/1 Bathroom Units, Eleven (11) 1 Bedroom/1 Bathroom Units, and Four (4) Studio apartments. In all, 2050 North Commonwealth Avenue comprises +/- 12,251 square feet of improvements and is sited on a +/- 13,499 square foot parcel.
Most apartment units are accessed through an inviting and tastefully landscaped courtyard. Each unit provides front and rear egress, coved ceilings, hardwood flooring, built-in storage, and period details. In recent years, current ownership has completed several meaningful capital expenditures such as the mandatory soft-story retrofit (2020), replacement/repair of all the buildings staircase railings (2022), re-roofed with Class A materials (including tear-off) (2005) and installed a new 100-gallon water heater (2019).
Parking is provided for 14 vehicles via eleven (11) on-grade spaces and three (3) enclosed garages. Electrical and gas utilities are separately metered, and each resident pays for their usage. There is also a large common area laundry room with significant storage.
Los Feliz is a premier rental destination in Los Angeles and commands rents comparable to many Westside and beach communities. Los Feliz attracts young and diverse residents who appreciate all the unique experiences, hippest restaurants, and destinations in the immediate area. 2050 North Commonwealth Avenue is a short distance from many happening coffee shops and dining options and a short drive from the City's primary employers in Hollywood and Downtown Los Angeles. 2050 North Commonwealth Avenue has a Walk Score of 89 out of 100. This location is Very Walkable so that most errands can be accomplished on foot. This location is in the Greater Griffith Park neighborhood in Los Angeles. Nearby parks include Barnsdall Park, Barnsdall Park, and William Mulholland Memorial.
Most apartment units are accessed through an inviting and tastefully landscaped courtyard. Each unit provides front and rear egress, coved ceilings, hardwood flooring, built-in storage, and period details. In recent years, current ownership has completed several meaningful capital expenditures such as the mandatory soft-story retrofit (2020), replacement/repair of all the buildings staircase railings (2022), re-roofed with Class A materials (including tear-off) (2005) and installed a new 100-gallon water heater (2019).
Parking is provided for 14 vehicles via eleven (11) on-grade spaces and three (3) enclosed garages. Electrical and gas utilities are separately metered, and each resident pays for their usage. There is also a large common area laundry room with significant storage.
Los Feliz is a premier rental destination in Los Angeles and commands rents comparable to many Westside and beach communities. Los Feliz attracts young and diverse residents who appreciate all the unique experiences, hippest restaurants, and destinations in the immediate area. 2050 North Commonwealth Avenue is a short distance from many happening coffee shops and dining options and a short drive from the City's primary employers in Hollywood and Downtown Los Angeles. 2050 North Commonwealth Avenue has a Walk Score of 89 out of 100. This location is Very Walkable so that most errands can be accomplished on foot. This location is in the Greater Griffith Park neighborhood in Los Angeles. Nearby parks include Barnsdall Park, Barnsdall Park, and William Mulholland Memorial.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$572,785
|
$46.75
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$11,456
|
$0.94
|
| Effective Gross Income |
$561,329
|
$45.82
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$195,642
|
$15.97
|
| Net Operating Income |
$365,687
|
$29.85
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $572,785 |
| Annual Per SF | $46.75 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $11,456 |
| Annual Per SF | $0.94 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $561,329 |
| Annual Per SF | $45.82 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $195,642 |
| Annual Per SF | $15.97 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $365,687 |
| Annual Per SF | $29.85 |
Property Facts
| Price | $7,087,350 CAD | Apartment Style | Low Rise |
| Price Per Unit | $416,903 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 5.20% | Building Size | 12,251 SF |
| Gross Rent Multiplier | 12.4 | Average Occupancy | 94% |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | Parking Ratio | 1.47/1,000 SF |
| Price | $7,087,350 CAD |
| Price Per Unit | $416,903 CAD |
| Sale Type | Investment |
| Cap Rate | 5.20% |
| Gross Rent Multiplier | 12.4 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 12,251 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1928 |
| Parking Ratio | 1.47/1,000 SF |
Unit Amenities
- Microwave
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $4,162 CAD | - |
| 1+1 | 11 | $3,241 CAD | - |
| Studios | 4 | $2,593 CAD | - |
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Walk Score ®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 5591-008-027 | Improvements Assessment | $417,698 CAD (2024) |
| Land Assessment | $370,960 CAD (2024) | Total Assessment | $788,659 CAD (2024) |
PROPERTY TAXES
Parcel Number
5591-008-027
Land Assessment
$370,960 CAD (2024)
Improvements Assessment
$417,698 CAD (2024)
Total Assessment
$788,659 CAD (2024)
zoning
| Zoning Code | LAR1 |
| LAR1 |
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The Berkshire Apartments | 2050-2062 Commonwealth Ave
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