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Multifamily

1607 Lake Shore Ave

1607 Lake Shore Ave, Los Angeles, CA 90026

Listing Price: $2,400,000

Cap Rate
5.33%
Number of Units
6
Occupancy
100.0%
Price/Unit
$400,000
Price/Gross SF
$535.95
Gross SF
4,478

Investment Overview

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 1607 Lake Shore Avenue in Los Angeles, California. Situated in a prime Echo Park location, this is one (1) of a three (3) property portfolio which may be sold together or separately. 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. Built in 1931, this property contains an incredible unit mix of two (2) one bedroom / one bathroom units, three (3) two bedroom / one bathroom units, and one (1) five bedroom / two bathroom unit. This well-maintained, craftsman style building offers tons of character with no soft-story retrofit required. Each unit has its own private, detached bungalow style building featuring in-unit washer/dryers, individual water heaters, & fully separate meters for all utilities. The property recently passed LA Housing SCEP Inspections. The large 11,900 square foot lot boasts plenty of yard space, decks, patios, one (1) storage space with potential to convert into an ADU unit, fresh landscaping, and much more. Three (3) units lay along Lake Shore Avenue, the other three (3) lay along Lobdell Place, offering separate addresses for each. Tenants will love living in a quiet residential pocket adjacent to the trendiest retail, restaurant, and entertainment amenities available in Los Angeles. Offered as part of a three (3) property Echo Park portfolio, 1607 Lake Shore Avenue offers an investor very high initial cash flow on a double lot with remaining upside potential.

Investment Highlights

  • Prime Echo Park Location
  • Rare Opportunity to Acquire Up to Three (3) Assets in Echo Park
  • May Be Sold Together or Separately
  • First Time on the Market in 40+ Years - Long Term Owner
  • Nearly 5% Initial Cap Rate
  • Large 11,900 SF Lot Boasting Outdoor Yard Space, Decks, and Patios
  • Separately Metered for All Utilities - Low Operating Expenses
  • Well-Maintained Craftsman Bungalow Buildings that Look & Feel Like Single-Family Homes

Exclusively Listed By

Financing By

Multifamily

1607 Lake Shore Ave

Listing Price: $2,400,000

Cap Rate
5.33%
Number of Units
6
Occupancy
100.0%
Price/Unit
$400,000
Price/Gross SF
$535.95
Gross SF
4,478

Investment Highlights

  • Prime Echo Park Location
  • Rare Opportunity to Acquire Up to Three (3) Assets in Echo Park
  • May Be Sold Together or Separately
  • First Time on the Market in 40+ Years - Long Term Owner
  • Nearly 5% Initial Cap Rate
  • Large 11,900 SF Lot Boasting Outdoor Yard Space, Decks, and Patios
  • Separately Metered for All Utilities - Low Operating Expenses
  • Well-Maintained Craftsman Bungalow Buildings that Look & Feel Like Single-Family Homes

Investment Overview

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 1607 Lake Shore Avenue in Los Angeles, California. Situated in a prime Echo Park location, this is one (1) of a three (3) property portfolio which may be sold together or separately. 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. Built in 1931, this property contains an incredible unit mix of two (2) one bedroom / one bathroom units, three (3) two bedroom / one bathroom units, and one (1) five bedroom / two bathroom unit. This well-maintained, craftsman style building offers tons of character with no soft-story retrofit required. Each unit has its own private, detached bungalow style building featuring in-unit washer/dryers, individual water heaters, & fully separate meters for all utilities. The property recently passed LA Housing SCEP Inspections. The large 11,900 square foot lot boasts plenty of yard space, decks, patios, one (1) storage space with potential to convert into an ADU unit, fresh landscaping, and much more. Three (3) units lay along Lake Shore Avenue, the other three (3) lay along Lobdell Place, offering separate addresses for each. Tenants will love living in a quiet residential pocket adjacent to the trendiest retail, restaurant, and entertainment amenities available in Los Angeles. Offered as part of a three (3) property Echo Park portfolio, 1607 Lake Shore Avenue offers an investor very high initial cash flow on a double lot with remaining upside potential.

Exclusively Listed By

Financing By

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