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.
Based on information from California Regional Multiple Listing Service, Inc. as of April 16th, 2021 at 7:48am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.