Los Angeles CA  home offered at $5,350,000 

Call Lisa DiNoto Group at (909)921-2544 to see this home.

 

1852 N Edgemont Street
Los Angeles, California CA 90027-4104
Sold For: $4,950,000
Listing ID: 23235387
Price/SqFt: $388.81
Status: Closed
Sold Date: 4/06/2023
SqFt: 13,760 Sq Ft
Acres: 0.470 Acres
Year Built: 1937

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 floorplans. The classic French-Normandy buildings house spacious apartment layouts, with units averaging over 1,000 square feet of living area. Current ownership has already renovated several units, providing a blueprint to add considerable value to the remainder of the property and potentially recapture approximately 45% 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. While this already creates approximately $17,100 in extra income currently, there may be an opportunity to rent out additional garage space to increase the revenue stream to nearly $22,000. 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 average sales price during that time period has been nearly $2,700,000, 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.

Primary Features

County: Los Angeles
Price Reduction Date: 2023-03-03T00:00:58+00:00
Price/SqFt: 388.81
Property Type: Residential Income
Year Built: 1937
Zoning: LARD1.5

Interior

Cooling: no
Cooling Type: None
Heating: no
Heating Type: None
Stories Total: 2

External

Lot Size Area: 20477
Lot Size Source: Assessor
Lot Size Square Feet: 20477
Number Of Buildings: 2
Parking: yes
Parking Features: Assigned
Parking Total: 18

Location

Country: US
MLS Area Major: C20 - Hollywood
Street Number: -62

Additional

Association: no
Days On Market: 72
List Agent State License: 01357019
List Office State License: 00530854
Lot Size Units: Square Feet
New Construction: no
Number Of Units Total: 12
Parcel Number: 5589031031
Senior Community: no

Financial

Cap Rate: 4.22
Gross Multiplier: 14.95
Gross Operating Income: 347829
Net Operating Income: 225573
Special Listing Conditions: Standard
Total Expenses: 122256

Zoning Info


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Listed by: Roderick'Rick' Raymundo, DRE #01357019 from Marcus & Millichap 818-212-2700

Contact - Listing ID 23235387

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Lisa DiNoto

9483 Haven Ave #100
Rancho Cucamonga, CA 91730
Phone: 9099212544

Data services provided by IDX Broker
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