1188 Innes Ave - Apartments FOR SALE


Los Angeles, CA 90026- Echo Park
$3,500,000 USD
424-600-7633
1188 Innes Ave, Los Angeles, CA for Sale
$3,500,000 USD
Apartments - FOR SALE
1/18
null | 6.07% Cap Rate

1188 Innes Ave
Los Angeles, CA 90026
Echo Park


HIGHLIGHTS

  • First Time Ever on Market. Sold by the same family that built it!
  • ***No Rent Control!***
  • Walk to the Heart of Echo Park's Dining & Nightlife
  • Two Private 2-Car Garages + 8 Striped Parking Spaces. Balconies and Massive 1,000+ Private Deck.
  • Steps to Dodger Stadium, Just Off Vin Scully Ave.! Elysian Park's 600 Acres a Hop & a Skip Away.
  • Up to 4 Units Delivered Vacant, Including Penthouse! Upside Potential, including through ADUs @ Garages!

OVERVIEW

PartnersCRE and the Sean Galligan Group x MSPP are proud to present for sale for the first time ever an architecturally distinct 10 Unit non-RSO apartment building in the Echo Park hills, right at the entrance to Dodger Stadium and very close to the scenic retreat that is Elysian Park! Designed by the innovative architect James Stevens, who began his career working at Frank Lloyd Wright's Taliesin West, then alongside renowned architect John Lautner, Stevens' work has been described as seemlesly blending form and function, creating spaces with "thoughtful integration of natural elements but also incredibly practical," and envisioning spaces that "transcended conventional norms." Lovingly maintained since the issuance of the Certificate of Occupancy in 1987 by the family that built the property, this beauty is unique in the sense that, well, what other property out there combines the feeling of being in the woods (on non-game days) while peeking a glimpse at Dodger’s Stadium, while still being 0.2 miles away from Sunset Blvd? Steps to Vin Scully Ave. and the main entrance to the Stadium, Innes Ave. still provides an escape from the madness of game nights with quick access to Sunset Blvd. for those not attending. The property’s 10 spacious apartments are spread out over 10,470 square feet of building, with seven units being 1+1s, two 2+1s, and the penthouse’s 2+2 taking advantage of the living area’s two stories for killer views from the windows and the massive 1,000+ SF private deck. There are two separate 2-car private garages, with 7 to 9 covered parking spaces (depending on striping…the CofO lists 11 total parking spaces). The gated building features solar panels, massive central water heaters, a small laundry room, central A/C and more. And Echo Park! The property is half way between the edge of Downtown LA and the center of Echo Park, ready to attract a bidding war from prospective tenants! This whole Offering Memorandum could be about everything that Echo Park has to offer, from restaurants, to nightlife (including concert venues), to coffee shops, to Echo Park Lake, to Elysian Park…to Dodger Stadium…or take a short stroll to the Metro A line, to Union Station with Metrolink and Amtrak, or the Flyaway to LAX (or the soon-to-open connection from Metro directly to LAX). Very easy access to the 101 and 110 freeways. Significant upside through rent increases, more aggressive management (with ownership living on site, management prioritized conviviality), RUBS… Leverage the garages and build out ADUs. Ownership also has the 14,230 SF Lot across the street available separately for sale. Up to four units delivered vacant, including the penthouse, with its massive deck and the amazing views. Listing contains two APNs: 5406-015-037 & 5406-015-038.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$907 USD /SF

# OF UNITS

10

PRICE/UNIT

$350,000

CAP RATE

6.07%

% LEASED

60%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

No RSO - 10 Echo Park Units at Dodger Stadium

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1986

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,787 SF

ZONING

QR3

APN/PARCEL ID

5406-015-037,5406-015-038

ASK ABOUT THIS PROPERTY

Dario SvidlerPartners CRE - KWBHMore Info
424-600-7633

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Dario SvidlerPartners CRE - KWBHMore Info
424-600-7633

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.