$1,450,000
$1,595,000
9.1%For more information regarding the value of a property, please contact us for a free consultation.
7,440 Sqft Lot
SOLD DATE : 03/23/2023
Key Details
Sold Price $1,450,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SR23000365
Sold Date 03/23/23
HOA Y/N No
Year Built 1962
Lot Size 7,440 Sqft
Property Description
This property current has a total of 6 units and is located in prime Silver Lake, California. There are three structures on a total of
7,440 square feet. The current total building square footage is 4,619 and offers one- and two-bedroom apartment homes in a variety of floor plans. Three units are vacant and already gutted for a potential remodel. The buildings are in the process of utilizing the Ellis Act for the other three occupied units, but that has been on hold through the Pandemic. It is the owner’s understanding that this can recommence in Q1 2023. Or alternatively the process can be reversed if a Buyer decides to simply remodel and reposition the property. Some retrofit work is required.
* Phenomenal Silver Lake Location
* Tremendous Views & Potential Upside
* Major Reposition or Redevelopment Opportunity
* R3-1VL LA City Zoning with Tier 3 TOC (16 unit max density)
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LAR3
Interior
Fireplace No
Laundry None
Exterior
Garage Assigned
Carport Spaces 3
Pool None
Community Features Biking, Curbs, Foothills, Hiking, Storm Drain(s), Street Lights, Urban
Total Parking Spaces 3
Private Pool No
Building
Lot Description Sloped Down
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5427002012
Energy Description 1000.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
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Bought with John Kim • JYK Commercial Realty, Inc.
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "