This is an excellent opportunity to purchase a renovated, 8-unit multifamily asset adjacent to Downtown Los Angeles at the intersection of Historic Filipinotown,Echo Park and City West. The classic, two-story property features a well-maintained woodframe and stucco building with vintage, character architecture. The property includes a mix of one-bedroom and studio units. Six of the eight units have been fully remodeled and are achieving strong rents. The other two units are well below the current market rent and will allow for steady increases or a large increase in income when those units vacate. As an investment, the property is offered at an attractive going-in Cap Rate with over 25% remaining upside. The property was recently repainted with character accents throughout. The common area floors and light fixtures were all upgraded while preserving the character of the Property. The six renovated units feature newer, modern flooring, new paint, fully remodeled kitchens and bathrooms, and upgraded electrical. The property also features a spacious upstairs, outdoor terrace available to the tenants for their use. The property is separately metered for gas and electric and master metered for water. There are individual water heaters for each apartment, and there is also coin-operated laundry on-site. There is no on-site parking so the tenants utilize street parking.
Property Details
Price:
$1,325,000
MLS #:
23238041
Status:
Active
Baths:
0
Address:
316 N Bixel Street
Type:
Residential Income
Neighborhood:
c21silverlakeechopark
City:
Los Angeles
Listed Date:
Jun 24, 2024
State:
CA
ZIP:
90026
Lot Size:
3,276 sqft / 0.08 acres (approx)
Year Built:
1910
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Schools
Interior
Appliances
Disposal, Refrigerator
Interior Features
Ceiling Fan(s)
Exterior
Parking Features
None
Parking Spots
0.00
Stories Total
2
Financial
Map
Community
- Address316 N Bixel Street Los Angeles CA
- AreaC21 – Silver Lake – Echo Park
- CityLos Angeles
- CountyLos Angeles
- Zip Code90026
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Courtesy of Kidder Mathews of California, Inc.. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
316 N Bixel Street
Los Angeles, CA
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