KW Commercial as exclusive advisors are pleased to present 3261 Rowena Avenue. Built in 1946, and located in Los Feliz (90027), offers the long-term value conscience investor strong current income metrics along with future rental upside in one of the most stable and desirable neighborhoods in Los Angeles.
3261 Rowena Avenue features very large apartment homes (+/- 8,264 SF of improvements) and an exceptional unit composition comprised of
Two (2) 2 Bedroom - 1 Bathroom and Eight (8) 1 Bedroom - 1 Bathroom apartment homes. The large interiors include dining areas, hardwood flooring, original wall and ceiling moldings among other architectural details from the era.
Current ownership has performed quality renovations in 40% of the apartment homes (4 of 10 units), thus creating a strong demand for units as they become available. With this proven concept, the asset experiences healthy current income upon acquisition with the opportunity to capture the remaining rental upside as units turn over in the remaining 60% of units.
The property is sited on a large 10,473 square foot parcel with a systems package including separate electrical and gas utilities, separate water heaters and common area laundry facilities.
A total of 9 parking spaces are available for vehicle parking and/or storage located in both garages and open spaces.
Centrally located in the most prime Los Feliz neighborhood, 3261 Rowena Avenue’s transit oriented and very walkable location offers residents access to many nearby venues including Gelsons and Trader Joe’s markets, along with numerous dining/entertainment locations including Meze Café, Square One Silverlake, Barbix, Starbucks and What the Fish.
Travel south just 1.6 miles puts you in Silver Lake’s Sunset Junction which is considered the trendiest community in Southern California, go east and you are in DTLA and locations west put you in Hollywood proper – all providing a myriad of cultural destinations and dining options.
Given the property’s location and strong income metrics, 3207 Rowena Avenue is an ideal investment for apartment operators seeking strong returns along with long term wealth preservation and appreciation.
