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Multifamily

1650 Echo Park Avenue

1650 Echo Park Ave, Los Angeles, CA 90026

Listing Price: $9,200,000

Cap Rate
5.14%
Number of Units
28
GRM
13.08
Price/Unit
$328,571
Price/Gross SF
$440.42
Gross SF
20,889

Investment Overview

PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.

The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 28-unit apartment building located at 1650 Echo Park Avenue. The property is situated on Echo Park Avenue, within walking distance of one of the most vibrant neighborhoods in Los Angeles.

Situated on a 9,004 square-foot parcel, the property features 15 studios, 12 one-bedroom units (11 of which include dens), and one two-bedroom unit. Eighty-six percent of the units have been renovated, along with the building’s common areas. Investors have the opportunity to implement a proven interior renovation strategy for the remaining units and capture over 16% upside in rental income through renovation premiums and loss-to-lease recovery. Furthermore, one of the units will be delivered vacant, enabling new ownership to further enhance and achieve superior rental rates.

Over the past decade, Echo Park has become one of the most desirable neighborhoods in Los Angeles, offering abundant open space combined with urban walkability. Real estate on the north end of Sunset Boulevard commands some of the highest rents in the city.
The property’s irreplaceable location north of Sunset Boulevard, coupled with its remaining value-add potential and attractive assumable debt, makes 1650 Echo Park Avenue an exceptional acquisition opportunity.

This property is being sold alongside 1416 Echo Park Avenue, with the option to purchase the buildings together or individually.

Investment Highlights

  • The In-Place Loan is fixed at 3.98% Until 2029, Offering Tremendous Yield at Acquisition
  • Eighty-Six Percent of Units Have Been Extensively Renovated with Redesigned Layouts, New Kitchens, New Bathrooms, Flooring, Stainless Steel Appliances & Finishes
  • Highly Desirable Pocket of Echo Park with a Walk Score of 87: Daily Errands Don't Require a Car, with Convenient Access to the Area's Coolest Coffee Shops, Restaurants, and Nightlife
  • Only 10% of Multi-Family Buildings are 25 Units or More in the 90026 Zip Code
  • There is More Than 16 Percent Remaining Rental Upside Through Interior Renovations
  • Within Close Proximity to High-Paying Jobs in the Surrounding Markets of Hollywood, Downtown Los Angeles, Koreatown & Glendale

Exclusively Listed By

Financing By

Multifamily

1650 Echo Park Avenue

Listing Price: $9,200,000

Cap Rate
5.14%
Number of Units
28
GRM
13.08
Price/Unit
$328,571
Price/Gross SF
$440.42
Gross SF
20,889

Investment Highlights

  • The In-Place Loan is fixed at 3.98% Until 2029, Offering Tremendous Yield at Acquisition
  • Eighty-Six Percent of Units Have Been Extensively Renovated with Redesigned Layouts, New Kitchens, New Bathrooms, Flooring, Stainless Steel Appliances & Finishes
  • Highly Desirable Pocket of Echo Park with a Walk Score of 87: Daily Errands Don't Require a Car, with Convenient Access to the Area's Coolest Coffee Shops, Restaurants, and Nightlife
  • Only 10% of Multi-Family Buildings are 25 Units or More in the 90026 Zip Code
  • There is More Than 16 Percent Remaining Rental Upside Through Interior Renovations
  • Within Close Proximity to High-Paying Jobs in the Surrounding Markets of Hollywood, Downtown Los Angeles, Koreatown & Glendale

Investment Overview

PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS. The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 28-unit apartment building located at 1650 Echo Park Avenue. The property is situated on Echo Park Avenue, within walking distance of one of the most vibrant neighborhoods in Los Angeles. Situated on a 9,004 square-foot parcel, the property features 15 studios, 12 one-bedroom units (11 of which include dens), and one two-bedroom unit. Eighty-six percent of the units have been renovated, along with the building’s common areas. Investors have the opportunity to implement a proven interior renovation strategy for the remaining units and capture over 16% upside in rental income through renovation premiums and loss-to-lease recovery. Furthermore, one of the units will be delivered vacant, enabling new ownership to further enhance and achieve superior rental rates. Over the past decade, Echo Park has become one of the most desirable neighborhoods in Los Angeles, offering abundant open space combined with urban walkability. Real estate on the north end of Sunset Boulevard commands some of the highest rents in the city. The property’s irreplaceable location north of Sunset Boulevard, coupled with its remaining value-add potential and attractive assumable debt, makes 1650 Echo Park Avenue an exceptional acquisition opportunity. This property is being sold alongside 1416 Echo Park Avenue, with the option to purchase the buildings together or individually.

Exclusively Listed By

Financing By

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