An excellent opportunity to acquire a 3-unit, single story, bungalow style multifamily property in the Silver Lake neighborhood of Los Angeles. Located at 617 Micheltorena St. this multifamily asset was built in 1925. It offers an ideal unit mix with three detached bungalows each consisting of 2 bedrooms and one bathroom. Two of the three units have been beautifully renovated with hardwood floors, granite countertops and stainless steel appliances. Residents of the building enjoy a host of amenities including, air conditioning in each unit, two off-street parking spaces per unit and each unit has it's own washer and dryer inside. Two of the units have gated outdoor patio space for BBQ and leisure activities. There is a community garden at the rear of the property where residents can grow their own vegetables. The building boasts a total of 2,160 square feet on a 8,065 square foot lot.
Silver Lake has seen a steady increase in demand for apartment units as it continues to transform into one of the most trendy neighborhoods for restaurants and nightlife in the entire City of Los Angeles. Recent development projects such as the Silver Lake Reservoir Complex which seeks to create additional recreational spaces such as a dog park, recreation center, pedestrian path around the reservoir, basketball courts and play areas has attracted additional buzz. In addition, Silver Lake is central to an astonishing variety of activities within the town itself and in neighboring Hollywood and Downtown Los Angeles.
Residents of 617 Micheltorena St. enjoy the building for a combination of reasons including accessibility to quick transportation, quality schools and universities, nearby parks and golf courses and of course the nearby Dodger Stadium and Staples Center arena. The building is within close proximity to some of the most hip restaurants and nighlife in LA including: Tintorera, La Colombe Coffee Roasters, Botanica Restaurant + Market, Red Lion Tavern and Cha Cha Lounge. Sports fans will find the location particularly appealing due to its convenient location just a few exits down the freeway from Dodger Stadium and The Staples Center. Transportation is especially easy because the neighborhood is bordered by both the 101 Freeway and Sunset Blvd. With the neighborhood being located very close to Los Angeles City College and USC, a high concentration of students tends to reside here.
For the right investor, this multi-family asset will represent a great opportunity to generate years of steady cash flow and a higher than average ROI with minimal management responsibilities. The close proximity to so many restaurants and well-known attractions will lead to increased appreciation as the urban neighborhood lacks additional space for apartment building projects to be developed. Enrollment numbers continue to grow at the two nearby university campuses assuring a continued uptick in demand for student housing as well. With the current rents being below market, a significant increase in rental income will be achievable when new tenants move in.
ALL UNITS WILL BE DELIVERED OCCUPIED
