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Multifamily

1120 Logan St

1120 Logan St, Los Angeles, CA 90026

Listing Price: $2,070,000

Cap Rate
2.36%
Number of Units
8
Price/Unit
$258,750
Price/Gross SF
$421.42
Gross SF
4,912

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 1120 Logan Street, an eight-unit multifamily property located just one block from Sunset Boulevard within the Echo Park neighborhood of Los Angeles, CA. With current rents averaging approximately $1.75 per square foot, a new owner can potentially double the property’s income by matching the area’s market rents that have surpassed $3.50 per square foot. One-quarter of the units have already been substantially upgraded, providing a blueprint for a new investor to follow and recapture the rent upside. Renovated units feature new wood flooring, quartz countertops, new custom cabinets, stainless steel appliances, tile backsplashes, new lighting, and remodeled bathrooms. Built in 1962, the property is nestled between Echo Park Lake and Sunset Boulevard, sitting just one block from both one of Los Angeles’ most popular parks and one of the city’s trendiest streets. As the neighborhood has gentrified in recent years, new shops and restaurants have emerged along both Sunset Boulevard and Glendale Boulevard, providing numerous destinations within blocks of the property. The building has therefore received a Walk Score of 93, with the immediate area considered a “Walker’s Paradise.”

Investment Highlights

  • Prime Echo Park Location - One Block from Echo Park Lake and One Block from Sunset Boulevard
  • Substantial Rent Upside -- Potential to Increase Rents to Achieve a 7.07% Pro Forma CAP Rate
  • Excellent Opportunity to Implement Repositioning Strategy Gentrifying Echo Park Submarket
  • Attractive Price per Unit -- Available for $258,750 per Unit When Similar Buildings Closed for Over $317,000 per Unit
  • Significant Capital Improvements -- 25% of Units Extensively Upgraded in Recent Years
  • Considered a "Walker's Paradise" with a Walk Score of 93
  • Strong Collection History -- No Tenants with Past Due Balances
  • Current Rents Average Only $1.75 per Square Foot While Similar Properties Achieve Over $3.50 per Square Foot

Exclusively Listed By

Financing By

Multifamily

1120 Logan St

Listing Price: $2,070,000

Cap Rate
2.36%
Number of Units
8
Price/Unit
$258,750
Price/Gross SF
$421.42
Gross SF
4,912

Investment Highlights

  • Prime Echo Park Location - One Block from Echo Park Lake and One Block from Sunset Boulevard
  • Substantial Rent Upside -- Potential to Increase Rents to Achieve a 7.07% Pro Forma CAP Rate
  • Excellent Opportunity to Implement Repositioning Strategy Gentrifying Echo Park Submarket
  • Attractive Price per Unit -- Available for $258,750 per Unit When Similar Buildings Closed for Over $317,000 per Unit
  • Significant Capital Improvements -- 25% of Units Extensively Upgraded in Recent Years
  • Considered a "Walker's Paradise" with a Walk Score of 93
  • Strong Collection History -- No Tenants with Past Due Balances
  • Current Rents Average Only $1.75 per Square Foot While Similar Properties Achieve Over $3.50 per Square Foot

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 1120 Logan Street, an eight-unit multifamily property located just one block from Sunset Boulevard within the Echo Park neighborhood of Los Angeles, CA. With current rents averaging approximately $1.75 per square foot, a new owner can potentially double the property’s income by matching the area’s market rents that have surpassed $3.50 per square foot. One-quarter of the units have already been substantially upgraded, providing a blueprint for a new investor to follow and recapture the rent upside. Renovated units feature new wood flooring, quartz countertops, new custom cabinets, stainless steel appliances, tile backsplashes, new lighting, and remodeled bathrooms. Built in 1962, the property is nestled between Echo Park Lake and Sunset Boulevard, sitting just one block from both one of Los Angeles’ most popular parks and one of the city’s trendiest streets. As the neighborhood has gentrified in recent years, new shops and restaurants have emerged along both Sunset Boulevard and Glendale Boulevard, providing numerous destinations within blocks of the property. The building has therefore received a Walk Score of 93, with the immediate area considered a “Walker’s Paradise.”

Exclusively Listed By

Financing By

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