New Listing – Well-Maintained 7-Unit Building in Silverlake
Matt Dunfrund of Lyon | Stahl is proud to present 3376 Descanso Dr, a 7-unit building in Los Angeles!
The current gross income is $10,339/mth; $124,068/yr with rent upside to $13,625/mth. At the $2,000,000 asking price, the property is priced at: $314,286/unit; a 17.73 current GRM; a 13.46 market GRM; a 3.56% current CAP; a 5.30% market CAP, and $558/SF.
This Descanso property offers the astute investor positive cash flow from Day 1 with approx. 30% further rent upside in one of LA’s hippest & most desirable submarkets. A+ location with breathtaking views of the Hollywood Sign; Griffith Park Observatory & the ever growing Downtown LA skyline from the upper units.
Amazing devoted stairway straight down to Sunset Blvd making it a quick walk to a ton of great local spots including: Night+Market Song; Diablo; Los Globos; Silverlake Ramen; WOOD; Silverlake Lounge; Ali Mama Cafe, and Alfred Coffee. Also very conveniently located close to Bellevue Recreation Center & Laurel and Hardy Park for outdoor activities.
● Clean 7 unit apartment in A+ location on quiet primarily residential street with amazing views of the Hollywood sign; Griffith Observatory & Downtown LA’s skyline
● Good unit mix with a totally remodeled 1 Bedroom 2 Bath Townhome; four 1+1 units & two Studio units with 3,946 total rentable sq. ft.
● Solid in-place income of $10,339/month; $124,068/year
● Part of a four property Silverlake portfolio; available for sale individually or as a 25 unit portfolio
• Historically high occupancy rates.
• Dramatic net absorption during recoveries.
• Extremely limited numbers of large blocks of available space.
• Significant increases in rental rates in strong economic times.