506 N Madison Avenue

Marcus and Millichap is pleased to present a four (4) unit apartment building located at 506 N Madison Avenue in Los Angeles, California. The subject property is situated in a good East Hollywood location two (2) blocks outside Silver Lake, south of Melrose Avenue and west of N Virgil Avenue.

The multicultural enclave of East Hollywood is home to a vibrant array of traditional restaurants, farm-to-table eateries, and laid-back cafes, offering a delightful culinary journey for residents and visitors alike. Immerse yourself in the artistic ambiance of the area, where Frank Lloyd Wright’s awe-inspiring Mayan-style Hollyhock House stands as a testament to architectural brilliance. Adjacent to it, the LA Municipal Art Gallery showcases the works of local artists, creating a vibrant arts scene. Indulge in the charm of vintage boutiques clustering along N Virgil Ave, a testament to the neighborhood’s unique character. East Hollywood also boasts a range of indie performing arts organizations, adding a touch of creativity and cultural richness to the area. Convenience is paramount in this prime location. Just a short two-block walk from the subject property, residents will find themselves at Osi Food market, Tanka, Bolt Virgil Village, and Voodoo Vin, catering to all their daily needs. The neighborhood is bordered by Santa Monica Boulevard to the north, Silverlake to the East, Koreatown to the south, and Los Angeles City College to the west, ensuring a well-connected and accessible location. Transportation is a breeze with the nearby LA Metro and the convenient access to the US-101 Freeway, providing easy exploration of the entire city. East Hollywood’s central position allows investors to tap into the diverse rental market and unlock the potential for long-term growth and profitability.

Built in 1963, this property contains a streamlined unit mix of four (4) two-bedroom / one-bathroom units. These bright units feature tons of windows letting in natural light. Each room is spacious and well kept with lots of built-in closet space. The kitchens feature Terra Cota tiles, a stove/oven combo, refrigerator, and tons of dark wood cabinet space. The four (4) units sit in a near 3,500 SF building on a near 5,000 SF lot. This lot is gated and secure with controlled entry access. The property features plenty of onsite parking with four (4) spots in back and two (2) additional spots in front. There is amples space to add up to two (2) ADU unit(s). Residents of the subject property enjoy the dominant access to nearby commercial corridors and outdoor space. Tenants can walk two (2) blocks north to Melrose Ave to visit It’s Boba Time, Tasty’s Juice Bar, Going Underground Records, and the LA Museum of Love. Outdoor recreation is available right across the street at Madison West Park, a quaint green space with a newer playground.

Situated just two (2) blocks from Silver Lake, this offering presents an excellent opportunity for any investor capitalize on a highly leveraged 30-year fixed residential loan with a possible owner-user play.