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Multifamily

1852-62 N Edgemont Street

1852-62 N Edgemont Street, Los Angeles, CA 90027

Listing Price: $5,695,000

Cap Rate
4.00%
Number of Units
12
Price/Unit
$474,583
Price/Gross SF
$413.88
Gross SF
13,760

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 1852-62 N Edgemont Street, a 12-unit multifamily property situated in the prime Los Feliz neighborhood of Los Angeles, CA. Occupying two parcels with excellent visibility on the corner of Franklin Avenue and Edgemont Street, the property features a favorable unit mix with mostly two-bedroom units, half of which are townhouse floorplans. The classic French-Normandy buildings house spacious apartment layouts, with units averaging over 1,000 square feet of living area. Current ownership has already renovated several units, providing a blueprint to add considerable value to the remainder of the property and potentially recapture approximately 42% in rent upside. A unique and lucrative benefit of this property is the substantial amount of supplemental income that it generates, by virtue of its 12 private parking garages, six additional open spaces, and landlord-owned laundry facilities. While this already creates approximately $17,100 in extra income currently, there may be an opportunity to rent out additional garage space to increase the revenue stream to nearly $22,000. Although Los Feliz is directly adjacent to the bustling neighborhoods of Hollywood, Silver Lake, and Glendale, the hillside area is generally secluded and has long been considered one of the most desirable locations for some of the most affluent residents of Los Angeles. Demand for rental housing has increased substantially as many locals find themselves priced out of homeownership. Almost every single-family home sale in the past year -- approximately 97% of all transactions -- has surpassed $1,000,000. In fact, the average sales price during that time period has been nearly $2,700,000, forcing residents who seek the space and amenities of a private home to instead opt for high-end rentals, such as those offered by 1852-62 N Edgemont Street. Moreover, as remote and hybrid working models have become more prevalent, the low-density neighborhoods within Los Feliz have become even more desirable to those employed in denser Hollywood and Koreatown. Tenants at the property enjoy convenient access to Griffith Park, a 4,210-acre urban wilderness area that is home to the Griffith Observatory, the Los Angeles Zoo, the Hollywood Sign, and the Greek Theatre. Los Feliz Village, a trendy shopping area filled with boutiques and restaurants, sits mere blocks from the property. Hollywood is directly west of the property, offering access to world famous clubs, restaurants, and entertainment venues. Transit options are numerous in the area, with the 101 Freeway nearby and the Hollywood/Western and Vermont/Sunset metro stations both in the vicinity.

Investment Highlights

  • Excellent Los Feliz Location -- Average Single-Family Home Price Nearly $2,700,000 Over Past Year
  • Outstanding Unit Mix -- Mostly Two Bedrooms, Including Several Townhouse-Style Floorplans
  • Spacious Floorplans -- 13,760 Rentable Square Feet Spread Over 12 Apartments
  • Large 20,477 Square Foot Corner Lot on Franklin Avenue Spanning Two Parcels
  • Attractive Price per Square Foot Relative to Recent Sales of Comparable Properties
  • Several Units Extensively Upgraded While Preserving Original French-Normandy Character
  • Value-Add Opportunity -- Completing Current Renovation Schedule Could Improve Income by Approximately 42%
  • Strong Supplemental Revenue Streams via Landlord-Owned Laundry Facilities and Valuable Parking Garages

Exclusively Listed By

Multifamily

1852-62 N Edgemont Street

Listing Price: $5,695,000

Cap Rate
4.00%
Number of Units
12
Price/Unit
$474,583
Price/Gross SF
$413.88
Gross SF
13,760

Investment Highlights

  • Excellent Los Feliz Location -- Average Single-Family Home Price Nearly $2,700,000 Over Past Year
  • Outstanding Unit Mix -- Mostly Two Bedrooms, Including Several Townhouse-Style Floorplans
  • Spacious Floorplans -- 13,760 Rentable Square Feet Spread Over 12 Apartments
  • Large 20,477 Square Foot Corner Lot on Franklin Avenue Spanning Two Parcels
  • Attractive Price per Square Foot Relative to Recent Sales of Comparable Properties
  • Several Units Extensively Upgraded While Preserving Original French-Normandy Character
  • Value-Add Opportunity -- Completing Current Renovation Schedule Could Improve Income by Approximately 42%
  • Strong Supplemental Revenue Streams via Landlord-Owned Laundry Facilities and Valuable Parking Garages

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 1852-62 N Edgemont Street, a 12-unit multifamily property situated in the prime Los Feliz neighborhood of Los Angeles, CA. Occupying two parcels with excellent visibility on the corner of Franklin Avenue and Edgemont Street, the property features a favorable unit mix with mostly two-bedroom units, half of which are townhouse floorplans. The classic French-Normandy buildings house spacious apartment layouts, with units averaging over 1,000 square feet of living area. Current ownership has already renovated several units, providing a blueprint to add considerable value to the remainder of the property and potentially recapture approximately 42% in rent upside. A unique and lucrative benefit of this property is the substantial amount of supplemental income that it generates, by virtue of its 12 private parking garages, six additional open spaces, and landlord-owned laundry facilities. While this already creates approximately $17,100 in extra income currently, there may be an opportunity to rent out additional garage space to increase the revenue stream to nearly $22,000. Although Los Feliz is directly adjacent to the bustling neighborhoods of Hollywood, Silver Lake, and Glendale, the hillside area is generally secluded and has long been considered one of the most desirable locations for some of the most affluent residents of Los Angeles. Demand for rental housing has increased substantially as many locals find themselves priced out of homeownership. Almost every single-family home sale in the past year -- approximately 97% of all transactions -- has surpassed $1,000,000. In fact, the average sales price during that time period has been nearly $2,700,000, forcing residents who seek the space and amenities of a private home to instead opt for high-end rentals, such as those offered by 1852-62 N Edgemont Street. Moreover, as remote and hybrid working models have become more prevalent, the low-density neighborhoods within Los Feliz have become even more desirable to those employed in denser Hollywood and Koreatown. Tenants at the property enjoy convenient access to Griffith Park, a 4,210-acre urban wilderness area that is home to the Griffith Observatory, the Los Angeles Zoo, the Hollywood Sign, and the Greek Theatre. Los Feliz Village, a trendy shopping area filled with boutiques and restaurants, sits mere blocks from the property. Hollywood is directly west of the property, offering access to world famous clubs, restaurants, and entertainment venues. Transit options are numerous in the area, with the 101 Freeway nearby and the Hollywood/Western and Vermont/Sunset metro stations both in the vicinity.

Exclusively Listed By

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