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 (“Walker’s 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.
Property Status :