1922 Lake Shore Ave, Los Angeles, CA 90039
3 Unit Apartment Building Offered at $1,495,000 at a 4% Cap Rate in Los Angeles, CA 90039
For Sale
Active
6 pictures
Asking Price $1,495,000
- Property Type
-
Multifamily
- Square Feet
- 2,302 SF
Listing Contacts
Sean Rosenzweig
Property 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.
DO NOT DISTURB TENANTS.
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.
DO NOT DISTURB TENANTS.
Property Details
- Year Built
- 1903
- Stories
- 2
- Lot Size (sq. ft)
- 10,019 SF
- Units
- 3
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 SF 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
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