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Multifamily

1922-1924.5 Lake Shore Avenue

1922 Lake Shore Ave, Los Angeles, CA 90039

Listing Price: $1,495,000

Cap Rate
4.00%
Number of Units
3
GRM
17.11
Price/Unit
$498,333
Price/Gross SF
$649.44
Gross SF
2,302

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a three-unit apartment community located at 1922-1924.5 Lake Shore Avenue. The subject property is located east of the Glendale Freeway and north of Sunset Boulevard.

The property is located in Elysian Heights, which is typically characterized as being part of Echo Park & near Silver Lake. This submarket’s popularity has grown significantly over recent years, with a vibrant and lively nightlife scene and trendy retail and coffee shops in the immediate area. With rent growth and developments in the area, the location has been catering to families, young professionals and artists alike in recent years.

The property is situated on a large 9,999 square foot parcel and is comprised of two one-bedroom units and one two-bedroom unit. One unit will be delivered vacant allowing new ownership to immediately renovate and rent the unit out for a market rental rate. There is 24% remaining rental upside that new ownership can capture through interior renovations.

Taking into consideration the desirable location and remaining value-add components, 1922-1924.5 Lake Shore Avenue is well suited to provide investors with healthy returns and long-term appreciation potential.

Investment Highlights

  • One Unit will be Delivered Vacant Allowing New Ownership to Immediately Renovate & Re-Tenant the Unit at a Market Rental Rate
  • Situated on a 9,999 Square Foot Lot, the Subject Property is Aligned with the Evolving Needs of Today's Renters – Low Density, with Large Outdoor Space
  • Current Ownership has Attentively Maintained the Property
  • Located in a Desirable Pocket of Elysian Heights, Part of Echo Park and Near Silver Lake. Residents Enjoy Convenient Access to Employments Centers, Retail, and Entertainment in Silver Lake, Echo Park, & Downtown LA
  • Family Owned and Operated for the Last 13 Years
  • On-Site Parking with No Seismic Retrofit Requirements
  • There is 24 Percent Remaining Rental Upside Through Interior Renovations

Exclusively Listed By

Financing By

Multifamily

1922-1924.5 Lake Shore Avenue

Listing Price: $1,495,000

Cap Rate
4.00%
Number of Units
3
GRM
17.11
Price/Unit
$498,333
Price/Gross SF
$649.44
Gross SF
2,302

Investment Highlights

  • One Unit will be Delivered Vacant Allowing New Ownership to Immediately Renovate & Re-Tenant the Unit at a Market Rental Rate
  • Situated on a 9,999 Square Foot Lot, the Subject Property is Aligned with the Evolving Needs of Today's Renters – Low Density, with Large Outdoor Space
  • Current Ownership has Attentively Maintained the Property
  • Located in a Desirable Pocket of Elysian Heights, Part of Echo Park and Near Silver Lake. Residents Enjoy Convenient Access to Employments Centers, Retail, and Entertainment in Silver Lake, Echo Park, & Downtown LA
  • Family Owned and Operated for the Last 13 Years
  • On-Site Parking with No Seismic Retrofit Requirements
  • There is 24 Percent Remaining Rental Upside Through Interior Renovations

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a three-unit apartment community located at 1922-1924.5 Lake Shore Avenue. The subject property is located east of the Glendale Freeway and north of Sunset Boulevard. The property is located in Elysian Heights, which is typically characterized as being part of Echo Park & near Silver Lake. This submarket’s popularity has grown significantly over recent years, with a vibrant and lively nightlife scene and trendy retail and coffee shops in the immediate area. With rent growth and developments in the area, the location has been catering to families, young professionals and artists alike in recent years. The property is situated on a large 9,999 square foot parcel and is comprised of two one-bedroom units and one two-bedroom unit. One unit will be delivered vacant allowing new ownership to immediately renovate and rent the unit out for a market rental rate. There is 24% remaining rental upside that new ownership can capture through interior renovations. Taking into consideration the desirable location and remaining value-add components, 1922-1924.5 Lake Shore Avenue is well suited to provide investors with healthy returns and long-term appreciation potential.

Exclusively Listed By

Financing By

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