Description

Occupying two parcels with excellent visibility on the corner of Franklin Avenue and Edgemont Street, the property features a favorable unit mix with mostly two-bedroom units, half of which are townhouse floor plans. The classic French-Normandy buildings house spacious apartment layouts, with units averaging over 1,000 square feet of living area. Several units have already been renovated, providing a blueprint to add considerable value to the remainder of the property and potentially recapture approximately 36% in rent upside. A unique and lucrative benefit of this property is the substantial amount of supplemental income that it generates, by virtue of its 12 private parking garages, six additional open spaces, and landlord-owned laundry facilities. Together, these secondary income streams produce more than $22,000 annually for the owner. 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 median sales price during that time period has been nearly $2,400,000, forcing residents who seek the space and amenities of a private home to instead opt for high-end rentals, such as those offered by 1852-62 N Edgemont Street. Moreover, as remote and hybrid working models have become more prevalent, the low-density neighborhoods within Los Feliz have become even more desirable to those employed in denser Hollywood and Koreatown. 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 and Vermont/Sunset metro stations both in the vicinity.