1922 Montrose St

03-08-2022
06-06-2022

1922 Montrose St, Los Angeles, CA 90026

Property Description

The Montrose House - A unique opportunity to acquire a Best-In-Class 20-Unit apartment community which has undergone a top-drawer renovation. 1922 Montrose Street, located in Echo Park(90026), is a totally reimagined 20-unit multifamily community in one of the strongest and sought-after rental markets in LA. The property is ideally located next to the iconic Echo Park Lake and within walking distance of many neighborhood hot spots.

The property boasts an enviable unit mix of eight (8) one-bedroom units and twelve (12) junior one bedroom apartments. Seventeen of the Twenty units have been thoughtfully over-hauled and boast a modern, clean aesthetic while still maintaining the original charm that Echo Park is so famous for. Redesigned units feature all-new kitchens with new stainless-steel appliances, all-new bathrooms, split air conditioning units, washer & dryer, open floor plans, large windows, new fixtures and finishes along with new air conditioning units. Ownership secured LADBS permits for necessary work performed at the building.
Plans have been submitted to Los Angeles Building and Safety (LADBS) to build two (2) additional dwelling units (ADU’s). These units would be located at the rear of the building on the lower level. ADU #1 is a +/- 336 SF Studio | One Bathroom apartment and ADU #2 is a +/- 400 SF One Bedroom | One Bathroom apartment.
More than ever, it has become paramount that significant remodeling is done in coordination with the City of Los Angeles and the necessary permits be pulled. Ownership permitted all necessary work performed at the building.
Separately metered for electrical utilities and master metered for gas utilities

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 6,155,000
No. of Units
20
Cap Rate
4.56%
GRM / GIM
15.2
Year Built
1927
Year Renovated
2020
Building Size
11,172 Sq ft
Lot Size
7501 sq ft
No. of Stories
2
Opportunity Zone
No
Price per unit
$ 307,750
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34.07583, -118.26359

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