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1435 N Avenue 47

Los Angeles, CA 90042
  • $4,050,000
  • STATUS: Active Under Contract
  • ON SITE: 92 Days
  • ID#: 21-795672
Under Contract
UPDATED: 60 min ago
$4,050,000
  • 22
    BEDS
  • 0.24
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,628
    SQFT
  • $469
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

Description

We are pleased to present an eleven (11) unit apartment building located at 1435 North Avenue 47 in Los Angeles, California. The subject property is situated in a prime Eagle Rock location, south of York Boulevard and west of Eagle Rock Boulevard. Eagle Rock is an eclectic neighborhood northeast of Downtown, with working class roots and a hip, laid-back vibe. Vintage shops, coffeehouses, Southern-inspired diners and old-school Italian joints line commercial strips that surround quaint residential blocks. A retro-cool bowling alley and Occidental College, a small liberal arts school, liven up the area, along with several craft beer focused watering holes. The neighborhood is inhabited by a wide variety of ethnic and socioeconomic groups and the creative class. Over the past decade the Eagle Rock and neighboring Highland Park have been experiencing gentrification as young urban professionals have moved from nearby neighborhoods such as Los Feliz and Silver Lake. The submarket is currently experiencing high levels of gentrification, with residents pouring over from Atwater Village, Silverlake, & Echo Park in hopes of finding a more laid-back environment while still living in the city. Built in 1963, this turn-key property is well renovated, stylish, and located within walking distance to Occidental College. The property contains an incredible unit mix of eleven (11) two bedroom / one bathroom units. Eight (8) units have been completely remodeled, and three (3) will be delivered vacant. This offering also comes with preliminary plans to build one (1) two bedroom ADU unit in the back of the building. Tenants will enjoy living with easy access to all of Los Angeles's world class amenities while being within walking distance to local restaurants, retail, and other amenities. Some of these include Echo Garden, Thai Eagle Rox, Put Me In Coach, Chifa, Hilltop Coffee + Kitchen, Society of the Spectacle, & Advanced Stitchworks. They can also find outdoor recreation within walking distance at Elysian Park. Outdoor recreation is also nearby at Yosemite Recreation Center. While street parking is in abundance, there ample on-site parking available. Situated in a prime Eagle Rock location, this offering presents an excellent opportunity to acquire a high cash flowing turn-key property with stylish upgrades that includes preliminary plans to build an ADU in the back.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-16T18:42:28.41. 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.
www.lahomedeals.com/homes/122415992
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1435 N Avenue 47 Los Angeles, CA 90042

  • Price: $4,050,000
  • Status: Active Under Contract
  • On Site: 92 Days
  • Updated: 60 min ago
  • ID#: 21-795672
22
Beds
0
Baths
0
½ Baths
0.24
Acres
8,628
SQFT
$469
$/SQFT
1963
Built
Neighborhood:
Highland Park
County:
Los Angeles
Area:
Highland Park
Property Description
We are pleased to present an eleven (11) unit apartment building located at 1435 North Avenue 47 in Los Angeles, California. The subject property is situated in a prime Eagle Rock location, south of York Boulevard and west of Eagle Rock Boulevard. Eagle Rock is an eclectic neighborhood northeast of Downtown, with working class roots and a hip, laid-back vibe. Vintage shops, coffeehouses, Southern-inspired diners and old-school Italian joints line commercial strips that surround quaint residential blocks. A retro-cool bowling alley and Occidental College, a small liberal arts school, liven up the area, along with several craft beer focused watering holes. The neighborhood is inhabited by a wide variety of ethnic and socioeconomic groups and the creative class. Over the past decade the Eagle Rock and neighboring Highland Park have been experiencing gentrification as young urban professionals have moved from nearby neighborhoods such as Los Feliz and Silver Lake. The submarket is currently experiencing high levels of gentrification, with residents pouring over from Atwater Village, Silverlake, & Echo Park in hopes of finding a more laid-back environment while still living in the city. Built in 1963, this turn-key property is well renovated, stylish, and located within walking distance to Occidental College. The property contains an incredible unit mix of eleven (11) two bedroom / one bathroom units. Eight (8) units have been completely remodeled, and three (3) will be delivered vacant. This offering also comes with preliminary plans to build one (1) two bedroom ADU unit in the back of the building. Tenants will enjoy living with easy access to all of Los Angeles's world class amenities while being within walking distance to local restaurants, retail, and other amenities. Some of these include Echo Garden, Thai Eagle Rox, Put Me In Coach, Chifa, Hilltop Coffee + Kitchen, Society of the Spectacle, & Advanced Stitchworks. They can also find outdoor recreation within walking distance at Elysian Park. Outdoor recreation is also nearby at Yosemite Recreation Center. While street parking is in abundance, there ample on-site parking available. Situated in a prime Eagle Rock location, this offering presents an excellent opportunity to acquire a high cash flowing turn-key property with stylish upgrades that includes preliminary plans to build an ADU in the back.
Exterior Features

Carport Spaces Total 11 Covered Parking 11 Levels Two Lot Description Front YardSingle Lot Lot Location City Lot Size Area 10343 Other Structures Other Parking Garage DrivewayCovered ParkingDetachedCarport DetachedBuilt-In StorageSide By Side Patio Features Patio Open Pool Description None Pool YN No Spa None Spa YN No Tennis Court None Tennis YN No Total Parking 11 View Description HillsMountains View YN Yes

Interior Features

Bathroom Features Remodeled Baths Total 11.00 Common Walls Attached Cooking Appliances Built-In GasOven-GasMicrowave Cooling Wall Unit(S) Equipment RefrigeratorRange/OvenWasher Flooring Hardwood Heating Other Interior Features Built-Ins Kitchen Features Remodeled Laundry In Unit Laundry Equipment Own

Property Features

Assessed Total Value 709211 Gross Income 301058 Gross Operating Income 301058 Land Lease Type Fee Like Units1 11 Net Operating Income 204620.00 Number Of Buildings 1 Number Of Units 11 Property Condition Updated/Remodeled Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 87406 Type Of Units Market Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning Lard3

Listing provided courtesy of Jason Tuvia DRE#01772495 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-16T18:42:28.41. 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.
 
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The Bobnes Group Real Estate | eXp Realty
3512 Magnolia Blvd
Burbank CA, 91505