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Listed by Stephen Biskup • Sotheby's International Realty
$ 4,300,000
Est. payment /mo
Active
1303 Lilac Terrace Los Angeles, CA 90026
5,975 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 5,975 sqft
Price per Sqft $719
MLS Listing ID PF-26016505
Year Built 1923
Lot Size 0.499 Acres
Property Sub-Type Commercial/Residential
Source California Regional Multiple Listing Service (CRMLS)
Property Description
A great investment opportunity awaits you at 1303 Lilac Terrace in the Echo Park area of Los Angeles. This quiet area is rapidly growing & gentrifying in Northeast LA adjacent to Dodger Stadium & Silverlake. The property sits on a large half acre lot of 21,717 square feet and consists of 10 bungalow individual buildings. There are 9- 1bed/1bath units and 1- 2bed/1bath unit each with a living room in separate Spanish styled Bungalows totaling 5975 Sq. Ft. of living space. Many of the bungalows have private fenced front yards. 8 of the bungalows have their own basement and laundry. All buildings have original oak hardwood flooring, tiled kitchen counters and $50,000 was spent on the remodeling of the bungalows. All units are separately metered for gas & electricity and trash which are paid by the tenants. There is plenty of parking for tenants and guests besides the 3 enclosed single car garages. The 2bed/1bath bungalow has its own large and secluded backyard. This prime land also has more opportunity for additional development. The property is zoned LARD 1.5. and has room for expansion of more buildings or conversion into condos. Property is offered at a current 5.1% CAP rate with room to grow the rents as they are month to month leases. Seller is willing to carry the loan at a substantial down payment. Don't miss this opportunity!
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LARD1.5
Interior
Laundry Individual Room
Exterior
Garage Spaces 3.0
Pool None
Community Features Park, Street Lights, Urban
Building
Lot Description 16-20 Units/Acre
Sewer Public Sewer