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Tera Rench

terarenchre@gmail.com +1(262) 370-7299

$2,998,000

Est. payment - /mo

13 Beds

9 Baths

8,423 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 8,423 sqft

Price per Sqft $355

MLS Listing ID 26998421

Bedrooms 13

HOA Y/N No

Year Built 1938

Lot Size 0.348 Acres

Property Description

2612-2618 1/2 Locksley Place is a beautifully maintained Traditional style apartment property in the heart of prime Silver Lake. The rare offering is comprised of two separate legal parcels and combines a stable existing income stream with two units delivered vacant at the close of escrow. 7 of the units are occupied, 6 are on month-to-month tenancies. In-place income is $225,135 annually; add the projected income from the 2 vacant units and annual income is estimated at $283,935. The two vacant units carry no rent-stabilized ceiling on initial rent, allowing the buyer to establish market rents at the outset and reset the property's income basis without waiting for turnover. Eight single garages serve the property, and most units are equipped with an owner-supplied stove and refrigerator. Every unit has its own ductless mini-split system and water heater. Many units enjoy hillside views and 2 units have bedroom balconies. The exterior has been freshly painted and is beautifully landscaped. Interiors retain their 1938 character featuring hardwood floors, period moldings and accents, and vintage tiled kitchens and bathrooms. The offering includes two 4 unit buildings plus an additional nonconforming unit that has been rented continuously for many years and is now vacant. The tax records, Department of City Planning Property Profile Report, RSO Statement Of Registration reflect this unit. The original Certificate of Occupancy for the buildings reflects a total of 8 units. Offered for the first time in 46 years, this is a rare opportunity to acquire a character property in a prime Silver Lake location with immediate upside from the two vacant units and additional future potential. Two separate legal parcels, give a buyer the flexibility to investigate possible ADU development and/or the potential to sell the parcels separately. Buyer to independently investigate and verify all development, ADU, subdivision and resale possibilities. 5438-016-005 and 5438-016-006 included in the sale.

Location

State CA

County Los Angeles

Area C21 - Silver Lake - Echo Park

Zoning LARD2

Interior

Heating Heat Pump

Cooling Heat Pump

Flooring Wood

Fireplaces Type Dining Room, Kitchen, Living Room

Fireplace Yes

Laundry Laundry Room

Exterior

Garage Spaces 8.0

Garage Description 8.0

View Y/N Yes

View Hills

Roof Type Composition,Shingle

Total Parking Spaces 8

Building

Story 2

Entry Level Two

Sewer Sewer Tap Paid

Architectural Style Traditional

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5438016005

Special Listing Condition Standard

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Listed by Dan Mancinelli Berkshire Hathaway HomeServices California Properties #01259427

NEARBY SCHOOL & BUSINESS

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2612 Locksley PL Los Angeles, CA 90039