639 N Coronado St

01-18-2022
04-21-2022

639 N Coronado St, Los Angeles, CA 90026

  • Prime Silver Lake Location
  • Significant Rental Upside - Over 64% Increase
  • Two (2) Units Extensively Renovated
  • Dominant Access to Trendy Retail Amenities on Sunset Blvd
  • No Soft-Story Retrofit Required
  • Option to Add Two (2) ADUs in the Back

Property Description

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 639 North Coronado Street in Los Angeles, California. The subject property is positioned in a prime Silver Lake location, south of Sunset Boulevard and east of Silver Lake Boulevard
Silver Lake is an Eastside neighborhood that fully embraces the hipster lifestyle. Although often described as the Brooklyn of Los Angeles, Silver Lake is much more than just a hipster haven. The popular central L.A. neighborhood has gone from urban grit to sophisticated chic over the years and is home to celebrities, creatives, professionals, and an ever increasing number of families. Funky blocks with street art are lined with artisanal coffee shops, vegan cafes and creative Asian eateries, as well as indie music venues, trendy bars and boutiques. These food and entertainment centers earned this area a walk score of 80. The area also includes fine examples of modernist architecture and a namesake reservoir that is ringed by a popular walking trail with a dog park and a grassy meadow. Silver Lake is diverse, eclectic, and above all, authentic. It offers some of the best of L.A. living, in close proximity to Hollywood and Downtown Los Angeles and incredible hilltop views, independent boutique shopping, and an increasingly popular dining scene. Residents also enjoy the easy access to sought-after outdoor spaces such as Silver Lake Meadows, Silver Lake Dog Park, Barnsdall Art Park, Bellevue Park Basketball Courts, Echo Park, and Elysian Park. The famous Elysian Park is home to Secret Swing Angels Point, Dodger Stadium, Victory Memorial Grove, Radio Hill, and is adjacent to Los Angeles State Historic Park.
Built in 1964, this property contains a good unit mix of five (5) one bedroom / one bathroom units and one (1) two bedroom / one bathroom unit. The property is situated on a quiet street and features lush landscaping. The units are large, with select units boasting new water heaters, vinyl windows, ceramic tiles, in-unit washer/dryers, patio space, and balcony space. Two (2) units are fully renovated, one (1) of which will be delivered vacant. The property has six (6) gated and covered on-site parking spaces available. Tenants will enjoy being less than a block away from the DC Fitness Center and having dominant access to trendy retail amenities on Sunset and Silver Lake Boulevards. Some of the nearby restaurant and retail amenities include Silverlake Ramen and Silverlake Ramen 2 Go, Freedman’s, Elio’s Wood Fire Pizza, Osen Izakaya, Bar Bandini, Mondo Europeo, Pilates Punx, and many more. Outdoor recreation is available a little over a mile away to the east at Echo Park and to the west at Bellevue Recreation Center and Basketball Courts.
Situated in a prime Silver Lake location, this offering presents an excellent opportunity for any investor to capitalize leasing with over 64% rental upside potential with the option to add two (2) ADUs in a core market of Los Angeles.

Key Property Information

Listing Status
Under Contract
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 1,700,000
No. of Units
6
Cap Rate
3.76%
GRM / GIM
15.76
Year Built
1964
Building Size
4,948 Sq ft
Lot Size
7,303 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 283,333
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34.076148, -118.271368

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