1330 Portia Street

1330 Portia St, Los Angeles, CA 90026, USA

For Sale

$4,150,000

Property Description

Marcus and Millichap is pleased to present a ten (10) unit apartment building located at 1330 Portia Street in Los Angeles, California. The subject property is situated in a prime Echo Park Location, north of Sunset Boulevard and east of Echo Park Avenue.

Echo Park is a diverse and eclectic area, attracting strong development and new residents every year. Echo Park is a rapidly changing rental market that is adjacent to Silver Lake and Downtown Los Angeles. Echo Park has been subject to an invigorate stream of new housing development, community re-positing, and an increased demand of living in the area. Anchored by an eponymous lake dotted with swan boats and lotus flowers, and wrapped around Los Angeles’s second-largest park, the Echo Park neighborhood is also a nature-lover’s refuge in the heart of the city. Sunset Boulevard is the main thoroughfare and commercial artery that runs through the neighborhood, where along the boulevard and side streets you’ll find local favorites such as the Andante Coffee Shops, Mohawk Bend, and countless nightlife entertainment including the Short Stop and Sunset Lounge. Locals and visitors alike enjoy paddle-boating around the lake and watching the world-famous Los Angeles Dodgers play at Dodger Stadium. Over the last decade, Echo Park has been transforming into a proud revitalizing landmark within the City of Los Angeles.

Originally built in 1966 and renovated in 2022, this property contains a good unit mix of seven (7) one bedroom / one bathroom units, one (1) one bedroom / one bathroom unit featuring a full private basement, one (1) studio / one bathroom ADU unit, and one (1) one bedroom / one bathroom ADU unit. This renovated building boasts six (6) remodeled units and two (2) brand new construction ADU units with new flooring, stylish built-ins, quartz counters, stainless steel appliances, in-unit washer/dryers, sliding glass closets, and updated recessed lighting. The property itself features fresh low maintenance landscaping, a brand new roof, all new plumbing, copper repipe and new sewage, new main electrical panel upgrade and new in-unit electrical panels, new mini splits, wood deco aesthetic in the front, new windows, parking for select units, a completed soft-story retrofit, and more. All units are separately metered for gas and electricity. Tenants will love being within walking distance to some of the trendiest retail, restaurant, and entertainment amenities in Los Angeles. Some of these include nooworks fashion, Konbi, Brick Works, Short Stop, Little Joy Cocktails, Stereoscope Coffee, Alternate Universe, and many more. Most notably, outdoor recreation at Echo Park Lake is located less than half a mile away.

Situated in a prime Eastside location, this offering presents an excellent opportunity to acquire a well renovated new construction feel with a 4.7% initial cap rate.

Contact Agent

Jason Tuvia

818.212.2735

Unit Mix

Seven (7) One Bedroom / One Bathroom Units, One (1) One Bedroom / One Bathroom Unit Featuring a Full Private Basement, One Studio / One Bathroom ADU Unit, & One (1) One Bedroom / One Bathroom ADU Unit.

Property Type

Multifamily

Submarket

Price

Size

5,923 SF

Total Units

Year Built

1966/2022

Property Location

1330 Portia St, Los Angeles, CA 90026, USA

Property Description

Marcus and Millichap is pleased to present a ten (10) unit apartment building located at 1330 Portia Street in Los Angeles, California. The subject property is situated in a prime Echo Park Location, north of Sunset Boulevard and east of Echo Park Avenue.

Echo Park is a diverse and eclectic area, attracting strong development and new residents every year. Echo Park is a rapidly changing rental market that is adjacent to Silver Lake and Downtown Los Angeles. Echo Park has been subject to an invigorate stream of new housing development, community re-positing, and an increased demand of living in the area. Anchored by an eponymous lake dotted with swan boats and lotus flowers, and wrapped around Los Angeles’s second-largest park, the Echo Park neighborhood is also a nature-lover’s refuge in the heart of the city. Sunset Boulevard is the main thoroughfare and commercial artery that runs through the neighborhood, where along the boulevard and side streets you’ll find local favorites such as the Andante Coffee Shops, Mohawk Bend, and countless nightlife entertainment including the Short Stop and Sunset Lounge. Locals and visitors alike enjoy paddle-boating around the lake and watching the world-famous Los Angeles Dodgers play at Dodger Stadium. Over the last decade, Echo Park has been transforming into a proud revitalizing landmark within the City of Los Angeles.

Originally built in 1966 and renovated in 2022, this property contains a good unit mix of seven (7) one bedroom / one bathroom units, one (1) one bedroom / one bathroom unit featuring a full private basement, one (1) studio / one bathroom ADU unit, and one (1) one bedroom / one bathroom ADU unit. This renovated building boasts six (6) remodeled units and two (2) brand new construction ADU units with new flooring, stylish built-ins, quartz counters, stainless steel appliances, in-unit washer/dryers, sliding glass closets, and updated recessed lighting. The property itself features fresh low maintenance landscaping, a brand new roof, all new plumbing, copper repipe and new sewage, new main electrical panel upgrade and new in-unit electrical panels, new mini splits, wood deco aesthetic in the front, new windows, parking for select units, a completed soft-story retrofit, and more. All units are separately metered for gas and electricity. Tenants will love being within walking distance to some of the trendiest retail, restaurant, and entertainment amenities in Los Angeles. Some of these include nooworks fashion, Konbi, Brick Works, Short Stop, Little Joy Cocktails, Stereoscope Coffee, Alternate Universe, and many more. Most notably, outdoor recreation at Echo Park Lake is located less than half a mile away.

Situated in a prime Eastside location, this offering presents an excellent opportunity to acquire a well renovated new construction feel with a 4.7% initial cap rate.

Contact Agent

Jason Tuvia

818.212.2735

(818) 448-4415

CalBRE #01772495

Unit Mix

Seven (7) One Bedroom / One Bathroom Units, One (1) One Bedroom / One Bathroom Unit Featuring a Full Private Basement, One Studio / One Bathroom ADU Unit, & One (1) One Bedroom / One Bathroom ADU Unit.

Property Details

Property Type

Multifamily

Submarket

Echo Park

Price

$4,150,000

Price per Unit

$415,000

Price per SF

$700.66

Status

For Sale

Size

5,923 SF

Total Units

10

Year Built

1966/2022

Property Location

1330 Portia St, Los Angeles, CA 90026, USA