Property listed by Marcus & Millichap, Roderick 'Rick' Raymundo 818-212-2700
$5,330,000
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… Read More 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 -- approximately 97% of all transactions-- has surpassed $1,000,000. In fact, the median sales price during that time period has been nearly $2,400,000, forcing residents who seek the space and amenities of a private home to instead opt for high-end rentals, such as those offered by 1852-62 N Edgemont Street. Moreover, as remote and hybrid working models have become more prevalent, the low-density neighborhoods within Los Feliz have become even more desirable to those employed in denser Hollywood and Koreatown. Tenants at the property enjoy convenient access to Griffith Park, a 4,210-acre urban wilderness area that is home to the Griffith Observatory, the Los Angeles Zoo, the Hollywood Sign, and the Greek Theatre. Los Feliz Village, a trendy shopping area filled with boutiques and restaurants, sits mere blocks from the property. Hollywood is directly west of the property, offering access to world-famous clubs, restaurants, and entertainment venues. Transit options are numerous in the area, with the 101 Freeway nearby and the Hollywood/Western and Vermont/Sunset metro stations both in the vicinity. Read Less
Listing Snapshot
Days Online
12
Last Updated
Property Type
Other
Beds
20
Square Ft.
13,760
Lot Size
0.47 Acres
Year Built
1937
MLS Number
25547701
30 Days Snapshot Of 90027
$2.80M
+42%
(avg) sold price
12
-33%
homes sold
90
+52%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1937, Building area total: 13,760, Levels: Two, Living area: 13760, 2 stories, 2 buildings
Cooling
None
Heating
None
Income
Gross income: $410,268, Net operating income: $262,510
Lot
0.4701 acres, 20,477 square feet, Size: 20,477
Parking
18 totals parking, Assigned
Property
Zoning: LARD1.5
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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