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639 N Juanita Avenue

Los Angeles (City), CA 90004
  • $3,800,000
  • STATUS: Active
  • ON SITE: 15 Days
  • ID#: 24355985
UPDATED: 48 min ago
$3,800,000
  • 18
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,340
    SQFT
  • $456
    $/SQFT
Type:
Multi-Family
Built:
1990
County:

School Ratings & Info

Listing Agent(s): Matthew Ziegler of Marcus & Millichap (818-212-2700) and Jeffrey Louks of Marcus & Millichap(818-212-2700)


Description

***Excellent Assumable Debt - $1,925,000 loan, fixed 3.2% interest-only until April 2027***We pleased to present 639 N. Juanita Avenue, a 9-unit value-add apartment building located in East Hollywood (Silver Lake adjacent). The building was constructed in 1990 so it is not subject to LA City Rent Control (only subject to California State Rent Control). The building consists of all two bedroom/two bath units. Select units have been remodeled and feature vinyl wood flooring, recessed lighting, new windows, new sliding glass patio doors, mini split heat/air-condition units, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances (gas range oven, refrigerator, dishwasher, microwave). The property features gated entry, secured covered parking and a laundry facility and sits on a 7,543 square foot lot that is LAR3 zoned.This is a great opportunity for an investor who is looking for a value-add property with a favorable unit mix located in an excellent rental submarket that is not subject to City of Los Angeles Rent Control. Existing ownership has been successful in achieving top of the market rents for renovated units. New ownership has an opportunity to realize remaining potential rental upside by continuing the current renovation program to unit interiors as existing tenants move out. 639 N. Juanita Avenue is located in trendy East Hollywood, which has become one of the most sought-after rental submarkets in Los Angeles. The property boasts a Walk Score of 91 as it is just two blocks from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue in popular Silver Lake. The property is also just a short drive to Koreatown, Hollywood, West Hollywood, Echo Park and Downtown Los Angeles. The property is conveniently located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-23T07:37:01.04. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Lori Thompson | Coldwell Banker Realty. Licensed in the State of California, USA.
www.housesforsalesocal.com/homes/147360434
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639 N Juanita Avenue Los Angeles (City), CA 90004

  • Price: $3,800,000
  • Status: Active
  • On Site: 15 Days
  • Updated: 48 min ago
  • ID#: 24355985
18
Beds
0
Baths
0
½ Baths
0.17
Acres
8,340
SQFT
$456
$/SQFT
1990
Built
Neighborhood:
C21 - Silver Lake - Echo Park
County:
Los Angeles
Area:
C21 - Silver Lake - Echo Park
Property Description
***Excellent Assumable Debt - $1,925,000 loan, fixed 3.2% interest-only until April 2027***We pleased to present 639 N. Juanita Avenue, a 9-unit value-add apartment building located in East Hollywood (Silver Lake adjacent). The building was constructed in 1990 so it is not subject to LA City Rent Control (only subject to California State Rent Control). The building consists of all two bedroom/two bath units. Select units have been remodeled and feature vinyl wood flooring, recessed lighting, new windows, new sliding glass patio doors, mini split heat/air-condition units, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances (gas range oven, refrigerator, dishwasher, microwave). The property features gated entry, secured covered parking and a laundry facility and sits on a 7,543 square foot lot that is LAR3 zoned.This is a great opportunity for an investor who is looking for a value-add property with a favorable unit mix located in an excellent rental submarket that is not subject to City of Los Angeles Rent Control. Existing ownership has been successful in achieving top of the market rents for renovated units. New ownership has an opportunity to realize remaining potential rental upside by continuing the current renovation program to unit interiors as existing tenants move out. 639 N. Juanita Avenue is located in trendy East Hollywood, which has become one of the most sought-after rental submarkets in Los Angeles. The property boasts a Walk Score of 91 as it is just two blocks from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue in popular Silver Lake. The property is also just a short drive to Koreatown, Hollywood, West Hollywood, Echo Park and Downtown Los Angeles. The property is conveniently located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood.
Exterior Features

Parking Features Covered Parking Total 12

Interior Features

Appliances DisposalRefrigerator Heating Wall Furnace Heating YN Yes

Property Features

Association YN No Cap Rate 4.3 Gross Income 269956 Levels Multi/Split Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 163418 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning LAR3



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-23T07:37:01.04. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Lori Thompson | Coldwell Banker Realty. Licensed in the State of California, USA.
 
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Lori Thompson | Coldwell Banker Realty
19440 Goldenwest Street
Huntington Beach CA, 92648
Listing Agent(s): Matthew Ziegler of Marcus & Millichap (818-212-2700) and Jeffrey Louks of Marcus & Millichap(818-212-2700)