We are proud to present 2900 Griffith Park Blvd, a 3-unit multifamily property situated in prime Los Feliz, one of the most sought-after neighborhoods of Los Angeles. This is the first time the subject property is being offered for sale in more than 20 years which is consistent with this high barrier to entry neighborhood where there is not a lot of turnover. Built in 1932 and 1945, this 2,106 square foot triplex sits on a large 0.19 acre lot and consists of (3) 1 bed / 1 bath units. All three units are occupied and paying an average rent of $2,163 per month which is an estimated 30% below market rents in the area. The buyer for this property will be able to get a 30-year fixed residential loan with an interest rate between 5.75% - 6.25%. An investor will need a 25% down payment ($413k) while an owner-occupying buyer will only need a 20% down payment ($330k).This offering is an excellent opportunity for an investor looking for a bite-sized property in an excellent location and ideal value add potential. This could be the perfect deal for a first time buyer, an owner-occupying buyer, or an experienced investor looking to add to their portfolio. Los Feliz is a relaxed hillside enclave that draws both established and up-and-coming creative types. There are plenty of old-school watering holes, hip shops and cafes, plus the Vista Theatre, a 1923 movie palace, and a pair of exemplary Frank Lloyd Wright homes. The neighborhood borders sprawling Griffith Park, beloved by locals for its hiking, concerts at the Greek Theatre and stargazing at Griffith Observatory. Although Los Feliz is directly adjacent to the bustling neighborhoods of Hollywood, Silver Lake, and Glendale, the hillside area is generally secluded and has long been considered one of the most desirable locations for some of the most affluent residents of Los Angeles. Demand for rental housing has increased substantially as many locals find themselves priced out of homeownership. Almost every single-family home sale in the past year -- approximately 97% of all transactions -- has surpassed $1,000,000. In fact, the average sales price during that time period has been nearly $2,700,000, forcing residents who seek the space and amenities of a private home to instead opt for high-end rentals, such as those offered by 1752 N Kingsley Drive. Tenants at the property enjoy convenient access to Griffith Park, a 4,210-acre urban wilderness area that is home to the Griffith Observatory, the Los Angeles Zoo, the Hollywood Sign, and the Greek Theatre. Los Feliz Village, a trendy shopping area filled with boutiques and restaurants, sits mere blocks from the property. Hollywood is directly west of the property, offering access to world famous clubs, restaurants, and entertainment venues. Transit options are numerous in the area, with the 101 Freeway nearby and the Hollywood/Western metro station within walking distance.

Listed By CRMLS_CA / Filip Niculete / Marcus & Millichap

Last checked: Checking… • Last updated Dec 9, 2024 • Source: CRMLS_CA

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