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$5,330,000
Est. payment /mo
13,760 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 13,760 sqft
Price per Sqft $387
MLS Listing ID CL25547701
HOA Y/N No
Year Built 1937
Lot Size 0.470 Acres
Acres 0.47
Property Sub-Type Other
Property Description
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 floor plans. The classic French-Normandy buildings house spacious apartment layouts, with units averaging over 1,000 square feet of living area. Several units have already been renovated, providing a blueprint to add considerable value to the remainder of the property and potentially recapture approximately 36% 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. Together, these secondary income streams produce more than $22,000 annually for the owner. 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 -- appro
Location
State CA
County Los Angeles
Zoning LARD
Interior
Heating None
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 5589031031
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap
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