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Multifamily

1330 Portia St

1330 Portia St, Los Angeles, CA 90026

Listing Price: $4,150,000

Cap Rate
4.70%
Number of Units
10
Occupancy
80.0%
Price/Unit
$415,000
Price/Gross SF
$700.66
Gross SF
5,923

Investment Overview

Marcus and Millichap is pleased to present a ten (10) unit apartment building located at 1330 Portia Street in Los Angeles, California. The subject property is situated in a prime Echo Park Location, north of Sunset Boulevard and east of Echo Park Avenue. Echo Park is a diverse and eclectic area, attracting strong development and new residents every year. Echo Park is a rapidly changing rental market that is adjacent to Silver Lake and Downtown Los Angeles. Echo Park has been subject to an invigorate stream of new housing development, community re-positing, and an increased demand of living in the area. Anchored by an eponymous lake dotted with swan boats and lotus flowers, and wrapped around Los Angeles’s second-largest park, the Echo Park neighborhood is also a nature-lover’s refuge in the heart of the city. Sunset Boulevard is the main thoroughfare and commercial artery that runs through the neighborhood, where along the boulevard and side streets you’ll find local favorites such as the Andante Coffee Shops, Mohawk Bend, and countless nightlife entertainment including the Short Stop and Sunset Lounge. Locals and visitors alike enjoy paddle-boating around the lake and watching the world-famous Los Angeles Dodgers play at Dodger Stadium. Over the last decade, Echo Park has been transforming into a proud revitalizing landmark within the City of Los Angeles. Originally built in 1966 and renovated in 2022, this property contains a good unit mix of seven (7) one bedroom / one bathroom units, one (1) one bedroom / one bathroom unit featuring a full private basement, one (1) studio / one bathroom ADU unit, and one (1) one bedroom / one bathroom ADU unit. This renovated building boasts six (6) remodeled units and two (2) brand new construction ADU units with new flooring, stylish built-ins, quartz counters, stainless steel appliances, in-unit washer/dryers, sliding glass closets, and updated recessed lighting. The property itself features fresh low maintenance landscaping, a brand new roof, all new plumbing, copper repipe and new sewage, new main electrical panel upgrade and new in-unit electrical panels, new mini splits, wood deco aesthetic in the front, new windows, parking for select units, a completed soft-story retrofit, and more. All units are separately metered for gas and electricity. Tenants will love being within walking distance to some of the trendiest retail, restaurant, and entertainment amenities in Los Angeles. Some of these include nooworks fashion, Konbi, Brick Works, Short Stop, Little Joy Cocktails, Stereoscope Coffee, Alternate Universe, and many more. Most notably, outdoor recreation at Echo Park Lake is located less than half a mile away. Situated in a prime Eastside location, this offering presents an excellent opportunity to acquire a well renovated new construction feel with a 4.7% initial cap rate.

Investment Highlights

  • Prime Echo Park Location
  • Rare Turn-Key Asset - Initial 4.7% Cap Rate
  • Soft-Story Retrofit Complete
  • Renovated Units with a New Construction Feel
  • Good Unit Mix - Two (2) Brand New Construction ADU Units
  • Remodeled Building Boasts Brand New Roof, All New Plumbing, Copper Repipe, New Sewage, New Main Electrical Panel Upgrade & New In-Unit Electrical Panels, New Mini Splits, & Separate Meters Per Unit for Gas & Electricity
  • Solid Remaining Rental Upside
  • Outdoor Recreation Available Less than Half a Mile Away at Echo Park Lake

Exclusively Listed By

Financing By

Multifamily

1330 Portia St

Listing Price: $4,150,000

Cap Rate
4.70%
Number of Units
10
Occupancy
80.0%
Price/Unit
$415,000
Price/Gross SF
$700.66
Gross SF
5,923

Investment Highlights

  • Prime Echo Park Location
  • Rare Turn-Key Asset - Initial 4.7% Cap Rate
  • Soft-Story Retrofit Complete
  • Renovated Units with a New Construction Feel
  • Good Unit Mix - Two (2) Brand New Construction ADU Units
  • Remodeled Building Boasts Brand New Roof, All New Plumbing, Copper Repipe, New Sewage, New Main Electrical Panel Upgrade & New In-Unit Electrical Panels, New Mini Splits, & Separate Meters Per Unit for Gas & Electricity
  • Solid Remaining Rental Upside
  • Outdoor Recreation Available Less than Half a Mile Away at Echo Park Lake

Investment Overview

Marcus and Millichap is pleased to present a ten (10) unit apartment building located at 1330 Portia Street in Los Angeles, California. The subject property is situated in a prime Echo Park Location, north of Sunset Boulevard and east of Echo Park Avenue. Echo Park is a diverse and eclectic area, attracting strong development and new residents every year. Echo Park is a rapidly changing rental market that is adjacent to Silver Lake and Downtown Los Angeles. Echo Park has been subject to an invigorate stream of new housing development, community re-positing, and an increased demand of living in the area. Anchored by an eponymous lake dotted with swan boats and lotus flowers, and wrapped around Los Angeles’s second-largest park, the Echo Park neighborhood is also a nature-lover’s refuge in the heart of the city. Sunset Boulevard is the main thoroughfare and commercial artery that runs through the neighborhood, where along the boulevard and side streets you’ll find local favorites such as the Andante Coffee Shops, Mohawk Bend, and countless nightlife entertainment including the Short Stop and Sunset Lounge. Locals and visitors alike enjoy paddle-boating around the lake and watching the world-famous Los Angeles Dodgers play at Dodger Stadium. Over the last decade, Echo Park has been transforming into a proud revitalizing landmark within the City of Los Angeles. Originally built in 1966 and renovated in 2022, this property contains a good unit mix of seven (7) one bedroom / one bathroom units, one (1) one bedroom / one bathroom unit featuring a full private basement, one (1) studio / one bathroom ADU unit, and one (1) one bedroom / one bathroom ADU unit. This renovated building boasts six (6) remodeled units and two (2) brand new construction ADU units with new flooring, stylish built-ins, quartz counters, stainless steel appliances, in-unit washer/dryers, sliding glass closets, and updated recessed lighting. The property itself features fresh low maintenance landscaping, a brand new roof, all new plumbing, copper repipe and new sewage, new main electrical panel upgrade and new in-unit electrical panels, new mini splits, wood deco aesthetic in the front, new windows, parking for select units, a completed soft-story retrofit, and more. All units are separately metered for gas and electricity. Tenants will love being within walking distance to some of the trendiest retail, restaurant, and entertainment amenities in Los Angeles. Some of these include nooworks fashion, Konbi, Brick Works, Short Stop, Little Joy Cocktails, Stereoscope Coffee, Alternate Universe, and many more. Most notably, outdoor recreation at Echo Park Lake is located less than half a mile away. Situated in a prime Eastside location, this offering presents an excellent opportunity to acquire a well renovated new construction feel with a 4.7% initial cap rate.

Exclusively Listed By

Financing By

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