Sold $2,250,000 - 4-Plex
This is an awesome deal for the right buyer, especially for someone who would like to live in one unit and rent the others. Here it is: First of all, the location is fabulous—a corner lot in prime Echo Park, two blocks from Elysian Park and, in the other direction, two blocks from all shops and restaurants on Sunset Blvd. The unit mix is 1-bedroom (detached), 2-bedroom, 1-bath (detached), a 2-bed, 2-bath and a 3-bed, 2-bath. Secondly, it will be delivered 100% vacant and fully and beautifully renovated. It has lots of parking and has charm and character. It also has three garages in addition to the eight-car parking on the lot itself. This, of course, means the garages themselves can be rented out for storage, additional parking or even as office or studio space. One more thing: It also has a “bootleg” unit in addition to the four units listed above. This bootleg unit is a roughly 1300 sq ft, 3-bed, 2-bath and will fetch a lot of income. As far as the numbers go, if you include the “bootleg” unit, you have a total of $16,000/mo gross income. This means about $5K/mo of net income or about 10% cash–on-cash return. In an upside location, such as prime Echo Park, on a property where there is both charm and character and which is also in excellent condition, these kinds of numbers are just about unheard of. If you want it or think you want it, or know someone who might, contact me right away.
