Sold $700,000 - Duplex
a) beautiful vintage Spanish style. b) location-wise it is one of the best streets in Echo Park. If you know Echo Park, it’s Cerro Gordo St. c) it has a potentially fantastic back yard. Currently it has not been landscaped, etc. but it is screaming out to be done. It is a 7500 sq ft lot. d) It has spectacular views out the back.
Yesterday a friend of mine who lives here in Echo Park let me know that his landlord is selling the duplex he lives in, and is willing to sell it for a bit under market value to one of his own tenants (my friend or the other tenant) before putting it on the open market. Neither my friend nor the other tenant are in a position to buy it but they (we) may be in a position to help you buy it at this price.
As a pure investment duplex I don’t think it ‘pencils out’ well. But it does work well either as an owner-user (i.e. living in one and renting the other,) or uniting the units (they are side by side) and making it into a single family residence. It’s attributes are as follows:
a) beautiful vintage Spanish style.
b) location-wise it is one of the best streets in Echo Park. If you know Echo Park, it’s Cerro Gordo St.
c) it has a potentially fantastic back yard. Currently it has not been landscaped, etc. but it is screaming out to be done. It is a 7500 sq ft lot.
d) It has spectacular views out the back.
e) It is currently two 2 bed, 1 bath units, approx. 1200 sq ft each. If it was converted into a single family residence one would probably make it into a 3 bed 2.5 bath 2400 sq ft house. Highlighting the period features and bringing it into the 21st Century. I estimate that one would spend about $150K and at the end of that have a $1 Million property.
The property could be had for approximately $700K, plus relocation fees for both tenants, which would be about $30k.
If you are thinking about buying in the hottest real estate market in Los Angeles, you just might want to look at this. Things are sizzling over here.
