Waterfront
Address
831 Glendale Boulevard Echo Park, CA
Price
$ 2,600,000
Property Attributes
  • MLS#SB21062956
  • TypeIncome
  • CountyLOS ANGELES
  • CityEcho Park
  • Zip90026
  • Style
  • Price$ 2,600,000
  • Bedrooms5
  • Full Bathrooms5
  • Half Bathrooms0
  • Lot Size6,999 SqFt
Listing Provided Courtesy Of:
Joshua Barut with Lyon Stahl Investment Real Estate, Inc..
Data Source:
CRMLS
Property Description

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.

Price History
3/26/2021 Listed $2,550,000

General Features

Accessibility Accessible Approach with Ramp
Appliances Double Oven, Freezer, Disposal, Gas Oven, Microwave, Refrigerator, Water Heater, Dryer, Washer
Community Features Biking, Fishing, Hiking, Lake, Sidewalks, Park
Cooling Central Air
Heating Wall Furnace
Interior Features Granite Counters
Levels Two
Listing Agent Joshua Barut - BRE#01971720
Listing Agent State License 01971720
MLS Area 699 - Not Defined
Open Parking Spaces 5
Pool Features None
Property Type Residential Income
PropertyCondition Updated/Remodeled
Sewer Public Sewer
Terms 1031 Exchange
Total Actual Rent 13995
Total Units 5
Utilities Electricity Available, Natural Gas Available, Sewer Available, Water Available
View Lake
Water Sewer Expense 4320
Waterfront Features Lake Front
Zoning LARD2

Interior Features

Air Conditioning Y/N Yes
Common Walls No Common Walls
Fireplace Features None
Heating Y/N Yes

Exterior Features

Fencing None
Lot Features Front Yard, Near Park
Lot Size Acres 0.16
Lot Size Area 6999
Lot Size Source Assessor
Lot Size Square Feet 6999
Lot Size Units Square Feet
Number of Buildings 1
Number of Separate Electric Meters 5
Number of Separate Gas Meters 5
Number of Separate Water Meters 1
Road Frontage Type City Street
Road Surface Type Maintained, Paved
Total Parking 5
View Y/N Yes
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 90026

Price
AVG $1.68M
$2.6M
Visits
AVG 23
42
Year Built
AVG 1932
1986
Walkscore
AVG 84
94
Data Provided by Walkscore ® not using MLS data

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