1607 Lake Shore Avenue (Part of 3 Property Portfolio)

1607 Lake Shore Avenue, Los Angeles, CA, USA

For Sale

$2,550,000

Property Description

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 1607 Lake Shore Avenue in Los Angeles, California. Situated in a prime Echo Park location, this is one (1) of a three (3) property portfolio which may be sold together or separately.

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.

Built in 1931, this property contains an incredible unit mix of two (2) one bedroom / one bathroom units, three (3) two bedroom / one bathroom units, and one (1) five bedroom / two bathroom unit. This well-maintained, craftsman style building offers tons of character with no soft-story retrofit required. Each unit has its own private, detached bungalow style building featuring in-unit washer/dryers, individual water heaters, & fully separate meters for all utilities. The property recently passed LA Housing SCEP Inspections. The large 11,900 square foot lot boasts plenty of yard space, decks, patios, one (1) storage space with potential to convert into an ADU unit, fresh landscaping, and much more. Three (3) units lay along Lake Shore Avenue, the other three (3) lay along Lobdell Place, offering separate addresses for each. Tenants will love living in a quiet residential pocket adjacent to the trendiest retail, restaurant, and entertainment amenities available in Los Angeles.

Offered as part of a three (3) property Echo Park portfolio, 1607 Lake Shore Avenue offers an investor very high initial cash flow on a double lot with remaining upside potential.

Contact Agent

Jason Tuvia

(818) 212-2735

Unit Mix

Two (2) One Bedroom / One Bathroom Units, Three (3) Two Bedroom / One Bathroom Units, & One (1) Five Bedroom / Two Bathroom Unit

Property Type

Multifamily

Submarket

Price

Size

4,478 SF

Total Units

Year Built

1931

Property Location

1607 Lake Shore Avenue, Los Angeles, CA, USA

Property Description

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 1607 Lake Shore Avenue in Los Angeles, California. Situated in a prime Echo Park location, this is one (1) of a three (3) property portfolio which may be sold together or separately.

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.

Built in 1931, this property contains an incredible unit mix of two (2) one bedroom / one bathroom units, three (3) two bedroom / one bathroom units, and one (1) five bedroom / two bathroom unit. This well-maintained, craftsman style building offers tons of character with no soft-story retrofit required. Each unit has its own private, detached bungalow style building featuring in-unit washer/dryers, individual water heaters, & fully separate meters for all utilities. The property recently passed LA Housing SCEP Inspections. The large 11,900 square foot lot boasts plenty of yard space, decks, patios, one (1) storage space with potential to convert into an ADU unit, fresh landscaping, and much more. Three (3) units lay along Lake Shore Avenue, the other three (3) lay along Lobdell Place, offering separate addresses for each. Tenants will love living in a quiet residential pocket adjacent to the trendiest retail, restaurant, and entertainment amenities available in Los Angeles.

Offered as part of a three (3) property Echo Park portfolio, 1607 Lake Shore Avenue offers an investor very high initial cash flow on a double lot with remaining upside potential.

Contact Agent

Jason Tuvia

(818) 212-2735

(818) 448-4415

CalBRE #01772495

Unit Mix

Two (2) One Bedroom / One Bathroom Units, Three (3) Two Bedroom / One Bathroom Units, & One (1) Five Bedroom / Two Bathroom Unit

Property Details

Property Type

Multifamily

Submarket

Echo Park

Price

$2,550,000

Price per Unit

$425,000

Price per SF

$569.45

Status

For Sale

Size

4,478 SF

Total Units

6

Year Built

1931

Property Location

1607 Lake Shore Avenue, Los Angeles, CA, USA