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$ 1,495,000
Est. payment /mo
Active Under Contract
4563 Fountain AVE Los Angeles, CA 90029
8 Beds
8 Baths
5,624 SqFt
UPDATED:
09/30/2024 06:42 PM
Key Details
Property Type Multi-Family
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 5,624 sqft
Price per Sqft $265
MLS Listing ID 24372459
Bedrooms 8
HOA Y/N No
Year Built 1923
Lot Size 6,969 Sqft
Property Description
We are pleased to present a value-add 8-unit apartment building in the heart of East Hollywood, just blocks from Virgil Village, Silverlake, and close to Los Feliz and Hollywood. The subject property consists of eight one bedroom, one bath units of which two will be delivered vacant. This property comprises of two buildings totaling approximately 5,624 square feet on an approximately 6,970 square foot parcel of land zoned C4-1D. The lot is zoned C4-1D and is in Tier 3 of TOC (transit-oriented community) allowing for the development of +/- 29 units using TOC, and potentially more units using ED1 as a 100% affordable project. Currently there is room for four car parking (two tandem spaces) and addition courtyard space. There is likely enough room on this site to build a detached ADU. Buyer to verify all development potential with their own architect. All development is subject to the Vermont/Western Station Neighborhood Area Plan. Seller and Broker make no representations as to developability of this property. At this time the building is master leased to APLA Health but will be delivered with no master lease in place. All of the leases are with Section 8 tenants and five of the six remaining tenants are paying significantly below market rents. There is immediate upside by increasing the current rents to 4% and filling two vacancies bringing you to an immediate 6.2% cap rate. After a 4% rent increase and filling two vacancies, there still remains an additional 36% upside in rents. The sale of the property is contingent upon approval of an early loan payoff by the state of California. East Hollywood borrows elements from neighbors Silverlake, Los Feliz, Echo Park, Larchmont Village and wraps them up in an attainably priced package. One notable architectural marvel, The Hollyhock House, was designed by Frank Lloyd Wright for oil heiress Alice Barnsdall, who also serves as the namesake for the structure's surrounding Art Park. With the neighborhood seemingly evolving by the day, East Hollywood's near 250-year history is just getting started. An equal mix of hyped hotspots attracting visitors far and wide and local institutions that have helped shape the neighborhood, East Hollywood is the place for those who want a neighborhood atmosphere with the big city at arms' length. Family-owned bars like Tiki-Ti and cornershop coffee house Cafecito Organico lend a more neighborly feel to East Hollywood, but the glitz and glimmer of L.A. is still ever-present in this historic neighborhood. Multi-cultural and family-oriented, East Hollywood is a great place to spend a year or a lifetime.
Location
State CA
County Los Angeles
Area 637 - Los Feliz
Zoning C4-1D
Interior
Cooling None
Fireplace No
Exterior
Parking Features Unassigned
Pool None
Total Parking Spaces 4
Private Pool No
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5542012019
Special Listing Condition Standard
Listed by Oron Maher • Maher Commercial Realty