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    831 Glendale Boulevard

    Echo Park, CA 90026
    • $2,600,000
    • STATUS: Active
    • ON SITE: 176 days
    • ID#: SB21062956
    UPDATED: 38 min ago
    $2,600,000
    • 0
      BEDS
    • 0.16
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,432
      SQFT
    • $587
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1986
    County:

    School Ratings & Info

    Description

    We are pleased to present the coveted Echo Park "Lakeside Apartments, which, true to its name, sits directly across from Echo Park Lake along its West border. Built in 1986, this 5 Unit Apartment Building is NOT subject to the harsh measures of LA City Rent Control. The building boasts an outstanding Unit Mix of (5) 2-Bed/1-Bath Units, with (2) of which to be delivered vacant at COE! Further, the 4,432 Sq Ft structure sits on a healthy 6,999 Sq Ft of land and possesses an efficient footprint that offers ample parking to its occupants. Each unit is provided (1) assigned space and plenty of room to spare for comfortable ingress/egress. Recently, ownership has carried out a significant amount of capital improvements including, but not limited to, a new roof, renovated kitchens, and upgraded flooring throughout. From a financial standpoint, the (2) vacancies - along with the current, in-place rents - present investors with the opportunity for excellent income upon acquisition & lease up, by way of the generous 4.38% CAP Rate and 14.81 GRM. Moreover, the property's excellent WalkScore of 94 ("Walkers Paradise) is representative of one of the many factors that have led to rapid growth in tenant demand within the Submarket over recent years, especially amongst the millennial population. In addition, the Property lies in a Tier 2 TOC Zone and is, in turn, awarded a 35% Density Bonus. This is exponentially significant given the unparalleled location of the Lakeside Apartments.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T12:27:52.31. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Kohler Group | Zutila. Licensed in the State of California, USA.
    www.buysocal.homes/homes/115497463
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    831 Glendale Boulevard Echo Park, CA 90026

    • Price: $2,600,000
    • Status: Active
    • Updated: 38 min ago
    • ID#: SB21062956
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.16
    Acres
    4,432
    SQFT
    $587
    $/SQFT
    1986
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Los Angeles
    Area:
    699 - Not Defined
    Property Description
    We are pleased to present the coveted Echo Park "Lakeside Apartments, which, true to its name, sits directly across from Echo Park Lake along its West border. Built in 1986, this 5 Unit Apartment Building is NOT subject to the harsh measures of LA City Rent Control. The building boasts an outstanding Unit Mix of (5) 2-Bed/1-Bath Units, with (2) of which to be delivered vacant at COE! Further, the 4,432 Sq Ft structure sits on a healthy 6,999 Sq Ft of land and possesses an efficient footprint that offers ample parking to its occupants. Each unit is provided (1) assigned space and plenty of room to spare for comfortable ingress/egress. Recently, ownership has carried out a significant amount of capital improvements including, but not limited to, a new roof, renovated kitchens, and upgraded flooring throughout. From a financial standpoint, the (2) vacancies - along with the current, in-place rents - present investors with the opportunity for excellent income upon acquisition & lease up, by way of the generous 4.38% CAP Rate and 14.81 GRM. Moreover, the property's excellent WalkScore of 94 ("Walkers Paradise) is representative of one of the many factors that have led to rapid growth in tenant demand within the Submarket over recent years, especially amongst the millennial population. In addition, the Property lies in a Tier 2 TOC Zone and is, in turn, awarded a 35% Density Bonus. This is exponentially significant given the unparalleled location of the Lakeside Apartments.
    Exterior Features

    Fencing None Lot Features Front YardNear Park Number Of Separate Electric Meters 5 Open Parking Spaces 5 Parking Total 5 Pool Features None Pool Private YN No Property Attached YN No Road Frontage Type City Street Road Surface Type MaintainedPaved View Lake View YN Yes Waterfront Features Lake Front

    Interior Features

    Accessibility Features Accessible Approach With Ramp Appliances Double OvenFreezerDisposalGas OvenMicrowaveRefrigeratorWater HeaterDryerWasher Common Walls No Common Walls Cooling Central Air Cooling YN Yes Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes Interior Features Granite Counters

    Property Features

    Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.38 Common Interest None Community Features BikingFishingHikingLakeSidewalksPark Contingency All Offers Are To Be Submitted Subject To Interior Inspection. Electric Expense 900 Fuel Expense 240 Garage YN No Gross Income 172140 Gross Scheduled Income 172140 Insurance Expense 1773 Land Lease YN No Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms 1031 Exchange Maintenance Expense 5649 Net Operating Income 111797 New Construction YN No New Taxes Expense 29944 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 1 Operating Expense 51736 Property Condition Updated/Remodeled Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Actual Rent 13995 Trash Expense 0 Utilities Electricity AvailableNatural Gas AvailableSewer AvailableWater Available Vacancy Allowance Rate 5 Water Sewer Expense 4320 Water Source Public Zoning Lard2

    Listing provided courtesy of Joshua Barut of Lyon Stahl Investment Real Estate, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T12:27:52.31. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Kohler Group | Zutila. Licensed in the State of California, USA.
     
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    The Kohler Group | Zutila
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    Irvine CA, 92604