Marcus & Millichap is pleased to present a six unit multifamily property located in Echo Park, California. Situated at 920 Everett Street, in between Sunset Boulevard and Stadium Way just southwest of the Dodger Stadium, the property is well positioned in a great location within Echo Park.
Located between Hollywood and Downtown Los Angeles, Echo Park is best known for its wide variety of age demographics and unique cultural arts scene. Offering countless trendy restaurants, niche coffee shops, and energetic nightlife, the area continues to attract new residents, businesses, and visitors each year. The area is adjacent to Silver Lake and is recognized as having some of the most modernistic architecture in the nation. The subject property is surrounded by the Silver Lake Reservoir to the northwest, Echo Park Lake to the south, and Dodger Stadium to the east. We are also one block from Sunset Boulevard, which hosts some of the best shopping and dining in Los Angeles.
Constructed in 2000, this non-rent controlled property hosts a streamlined unit mix of six (6) one bedroom/ two bathroom units. Each unit comes complete with a den. There is over 40% of upside in the rents that can be capitalized within a short period after ownership. The square footage on title is 2,482 SF, however the seller believes the building is at least 3,450 SF. Buyer to verify the exact square footage. Tenants enjoy a short walk to Sunset Boulevard, ample on-site parking stalls (10 spaces), and a ten minute drive to Downtown. Finally, this is the first time that the property is being offered on the market by the original developers.
Well positioned in a prime Echo Park location, this offering presents an excellent opportunity for a savvy investor to capitalize on strong market fundamentals and immediate upside rental potential in a rare non-rent controlled property.
