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Multifamily

1108 Manzanita St

1108 Manzanita St, Los Angeles, CA 90029

Listing Price: $1,300,000

Cap Rate
5.01%
Number of Units
4
Occupancy
75.0%
Price/Unit
$325,000
Price/Gross SF
$533.66
Gross SF
2,436

Investment Overview

Marcus and Millichap is pleased to present a four (4) unit apartment building with RTI plans for an ADU unit located at 1108-1112 Manzanita Street in Los Angeles, California. The subject property is situated in the best location of Silver Lake, east of Sunset Boulevard and north of Santa Monica Boulevard. Silver Lake is an Eastside neighborhood that fully embraces the hipster lifestyle. Although often described as the Brooklyn of Los Angeles, Silver Lake is much more than just a hipster haven. The popular central L.A. neighborhood has gone from urban grit to sophisticated chic over the years and is home to celebrities, creatives, professionals, and an ever increasing number of families. Funky blocks with street art are lined with artisanal coffee shops, vegan cafes and creative Asian eateries, as well as indie music venues, trendy bars and boutiques. These food and entertainment centers earned this area a walk score of 80. The area also includes fine examples of modernist architecture and a namesake reservoir that is ringed by a popular walking trail with a dog park and a grassy meadow. Silver Lake is diverse, eclectic, and above all, authentic. It offers some of the best of L.A. living, in close proximity to Hollywood and Downtown Los Angeles and incredible hilltop views, independent boutique shopping, and an increasingly popular dining scene. Residents also enjoy the easy access to sought-after outdoor spaces such as Silver Lake Meadows, Silver Lake Dog Park, Barnsdall Art Park, Bellevue Park Basketball Courts, Echo Park, and Elysian Park. The famous Elysian Park is home to Secret Swing Angels Point, Dodger Stadium, Victory Memorial Grove, Radio Hill, and is adjacent to Los Angeles State Historic Park. Built in 1920, this property contains a great unit mix of two (2) one-bedroom / one-bathroom units and two (2) two-bedroom / one-bathroom units. The units are spread across two (2) character bungalow buildings and one (1) duplex all with open lighting and plenty of yard space. The offering will be delivered with RTI plans for a new three-bedroom / two and a half-bathroom ADU unit as well as RTI plans to reconfigure all the one-bed units into two-bed units. There are currently four (4) parking spaces with potential to modify fencing to add more. Tenants will love being in the best location of Silver Lake, right below Sunset Junction with walkable access through a lush community garden featuring one of Silver Lake’s secret staircases. Residents are also within walking distance to incredible amenities such as Erewhon, Bacari, La Colombe, Kombu Sushi, and many more of Los Angeles’s trendiest. Situated in the best location of Silver Lake, this offering presents an excellent opportunity for any investor to capitalize on 30-year fixed residential financing to achieve strong rental upside by executing the RTI plans to build an ADU and add bedrooms all in the trendiest market of Los Angeles.

Investment Highlights

  • Located in the Best Location of Silver Lake
  • Significant Rental Upside Potential
  • Over 11.4% Pro Forma Cap Rate
  • Rare Opportunity for an Easy Value-Add Project in Prime Silver Lake
  • Delivered with RTI Plans to ADD a 3-Bed/2.5-Bath ADU Unit & RTI Plans to Reconfigure All Existing 1-Bed Units into 2-Bed Units
  • Located Right Below Sunset Junction with Walkable Access Through a Lush Community Garden Featuring One of Silver Lake's Secret Staircases
  • Within Walking Distance to Some of the Trendiest Retail, Restaurant, & Entertainment Amenities Silver Lake
  • Four (4) Parking Spaces with Potential to Modify Fencing to Add More

Exclusively Listed By

Financing By

Multifamily

1108 Manzanita St

Listing Price: $1,300,000

Cap Rate
5.01%
Number of Units
4
Occupancy
75.0%
Price/Unit
$325,000
Price/Gross SF
$533.66
Gross SF
2,436

Investment Highlights

  • Located in the Best Location of Silver Lake
  • Significant Rental Upside Potential
  • Over 11.4% Pro Forma Cap Rate
  • Rare Opportunity for an Easy Value-Add Project in Prime Silver Lake
  • Delivered with RTI Plans to ADD a 3-Bed/2.5-Bath ADU Unit & RTI Plans to Reconfigure All Existing 1-Bed Units into 2-Bed Units
  • Located Right Below Sunset Junction with Walkable Access Through a Lush Community Garden Featuring One of Silver Lake's Secret Staircases
  • Within Walking Distance to Some of the Trendiest Retail, Restaurant, & Entertainment Amenities Silver Lake
  • Four (4) Parking Spaces with Potential to Modify Fencing to Add More

Investment Overview

Marcus and Millichap is pleased to present a four (4) unit apartment building with RTI plans for an ADU unit located at 1108-1112 Manzanita Street in Los Angeles, California. The subject property is situated in the best location of Silver Lake, east of Sunset Boulevard and north of Santa Monica Boulevard. Silver Lake is an Eastside neighborhood that fully embraces the hipster lifestyle. Although often described as the Brooklyn of Los Angeles, Silver Lake is much more than just a hipster haven. The popular central L.A. neighborhood has gone from urban grit to sophisticated chic over the years and is home to celebrities, creatives, professionals, and an ever increasing number of families. Funky blocks with street art are lined with artisanal coffee shops, vegan cafes and creative Asian eateries, as well as indie music venues, trendy bars and boutiques. These food and entertainment centers earned this area a walk score of 80. The area also includes fine examples of modernist architecture and a namesake reservoir that is ringed by a popular walking trail with a dog park and a grassy meadow. Silver Lake is diverse, eclectic, and above all, authentic. It offers some of the best of L.A. living, in close proximity to Hollywood and Downtown Los Angeles and incredible hilltop views, independent boutique shopping, and an increasingly popular dining scene. Residents also enjoy the easy access to sought-after outdoor spaces such as Silver Lake Meadows, Silver Lake Dog Park, Barnsdall Art Park, Bellevue Park Basketball Courts, Echo Park, and Elysian Park. The famous Elysian Park is home to Secret Swing Angels Point, Dodger Stadium, Victory Memorial Grove, Radio Hill, and is adjacent to Los Angeles State Historic Park. Built in 1920, this property contains a great unit mix of two (2) one-bedroom / one-bathroom units and two (2) two-bedroom / one-bathroom units. The units are spread across two (2) character bungalow buildings and one (1) duplex all with open lighting and plenty of yard space. The offering will be delivered with RTI plans for a new three-bedroom / two and a half-bathroom ADU unit as well as RTI plans to reconfigure all the one-bed units into two-bed units. There are currently four (4) parking spaces with potential to modify fencing to add more. Tenants will love being in the best location of Silver Lake, right below Sunset Junction with walkable access through a lush community garden featuring one of Silver Lake’s secret staircases. Residents are also within walking distance to incredible amenities such as Erewhon, Bacari, La Colombe, Kombu Sushi, and many more of Los Angeles’s trendiest. Situated in the best location of Silver Lake, this offering presents an excellent opportunity for any investor to capitalize on 30-year fixed residential financing to achieve strong rental upside by executing the RTI plans to build an ADU and add bedrooms all in the trendiest market of Los Angeles.

Exclusively Listed By

Financing By

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