Description
An extremely unique sprawling 6-unit property which features individual detached craftsman-style cottages which look and feel like single-family homes. Located in the heart of Echo Park ! 3 of the units sit along Lake Shore Drive and 3 units sit at the rear of the property along Lobdell Place. The addresses are 1607, 1611, 1613 Lake Shore Drive and 1608, 1612, 1614 Lobdell Place. This 4,478 SF property was built in 1931 and sits on a massive 11,900 SF lot zoned RD3-1VL. The unit mix consists of (2) 1-bedroom/1-bath, (3) 2-bedroom/1-bath and (1) 5-bedroom/2-bath. This property has been well maintained offers a ton of character. Unit features include ample outdoor space with front/back yards, decks/patios, hardwood floors and private entrances. All units have their own washers/dryers and individual water heaters. All units are individually metered for all utilities which substantially reduces operating expenses. No soft-story retrofit required and there are no COVID balances or delinquencies. The property boasts an 83 Walk Score, "Very Walkable". This value-add opportunity is attractively priced at a going-in 4.41% Cap Rate and 6.21% Pro Forma Cap Rate.* This property is part of a 3-property portfolio consisting of 14 units in total. All properties can be purchased together or individually.
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13BEDS
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0.27ACRES
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0BATHS
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01/2 BATHS
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4,478SQFT
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$669$/SQFT
School Ratings & Info
Description
An extremely unique sprawling 6-unit property which features individual detached craftsman-style cottages which look and feel like single-family homes. Located in the heart of Echo Park ! 3 of the units sit along Lake Shore Drive and 3 units sit at the rear of the property along Lobdell Place. The addresses are 1607, 1611, 1613 Lake Shore Drive and 1608, 1612, 1614 Lobdell Place. This 4,478 SF property was built in 1931 and sits on a massive 11,900 SF lot zoned RD3-1VL. The unit mix consists of (2) 1-bedroom/1-bath, (3) 2-bedroom/1-bath and (1) 5-bedroom/2-bath. This property has been well maintained offers a ton of character. Unit features include ample outdoor space with front/back yards, decks/patios, hardwood floors and private entrances. All units have their own washers/dryers and individual water heaters. All units are individually metered for all utilities which substantially reduces operating expenses. No soft-story retrofit required and there are no COVID balances or delinquencies. The property boasts an 83 Walk Score, "Very Walkable". This value-add opportunity is attractively priced at a going-in 4.41% Cap Rate and 6.21% Pro Forma Cap Rate.* This property is part of a 3-property portfolio consisting of 14 units in total. All properties can be purchased together or individually.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-23T18:43:30.103. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.