Description
Welcome to 1917 Montrose — an investor’s dream property in the heart of hip, vibrant Echo Park!
This 16 unit mid-century apartment complex is an incredible value add opportunity. All units are approximately 600 square foot, one-bedroom/one bathroom floor plans.
Centrally located, this property sits around the corner from renowned Sunset Boulevard and historic Alvarado Street, just feet from Echo Park’s hot entertainment spots. It’s a stone’s throw from Echo Park Lake and within easy reach of Silver Lake, Los Feliz, Elysian Park and Dodger Stadium.
This property is ripe with value-added income potential and includes resident parking. Priced to sell at $175,000/unit, the property has a market cap rate of 12.8 – unheard of in Los Angeles! Separately metered for gas and electric, there is also a common area in the back of the property.
With every conceivable amenity within walking distance, this property will be a crown jewel in any investor portfolio.
Details
- Property Type: Multifamily
- Property Status: Sold
- Property Size: 9,786 Sq Ft
- Lot Size: 14,375 Sq Ft
- Bedrooms: 16
- Bathrooms: 16
- Year Built: 1962
- Price: $3,416,000
- Number of Units: 16
- Price/Unit: $213,500
- GRM: 22.74
- Price/SqFt: $349
- CAP: 2.26
Address
Open on Google Maps- Address 1917 Montrose St
- City Los Angeles
- State/county California
- Zip/Postal Code 90026
- Area Echo Park
