I am so bummed to part with this one that I’ve been putting off listing it. It’s the property in our portfolio that is best suited for a family to take down and hold for a long time. Wish it could have been my family, but I don’t have the dough!
Anyway, here are the details:
Beautiful, turn-key, non-rent control apartment complex on the Silver Lake / Echo Park border. Five units: four 2 bed / 2 baths and one 3 bed / 3 bath.
Here’s an exterior pic:
Totally renovated in 2010-2011 with permits. All units have hardwood floors, washer/dryer, dishwasher, butcher-block countertops, modern cabinets, heat/AC, stainless appliances, and two tandem parking spaces. Upstairs units have balconies with some views out over Silver Lake.
What’s the downside? Branden is off of Glendale, which is where the 2 exits into Echo Park. The traffic can be bad right there. But my partner, Jon Criss, who has lived all over Silver Lake and Echo Park over the past 3-4 years, lived here and would move back again in a heart-beat, in part because he figured out how to use some short-cuts to avoid most of the traffic.
I’ve looked at everything on the market in Silver Lake and Echo Park every day for years. Right now, this is the best property for investors who want a low risk, low hassle asset with great cashflow now and the opportunity to capture the rental increases we all know are coming down the pike.
The annual rents are a hair under $128,000. Asking $1,350,000, which would be 10.6x grm, 6.15% cap, and a 7.5% cash-on-cash yield, assuming 25% down.
I’m offering cooperating brokers 2%, but feel free to come to me directly if you want.
Here are a few more interior pictures:
Interested? Give me a call at 310 994 0001 or email me at moses [at] betterdwellings [dot] com.