$1,550,000

Situated on a quiet cul-de-sac adjacent to single-family residences that have recently sold for $2,000,000, the hillside property offers dramatic views of the famous Silver Lake Reservoir. A new owner can capitalize on both the 53% rent upside on existing rents as well as the potential to complete permits for the already constructed studio ADU. All units include in-unit washer/dryers, while select units also feature wood flooring, decorative tile backsplashes, remodeled bathrooms, new kitchen cabinets, new ceiling fans, and upgraded lighting. The building also offers garage parking for four vehicles. The foundation was bolted in 2017 and a new sewer line was added in 2018, to help reduce future insurance and maintenance expenses. Located just blocks from the Silver Lake Reservoir, Silver Lake Meadows, and Ivanhoe Reservoir, the property allows tenants convenient access to an array of top-notch outdoor amenities. Whole Foods, Constellation Coffee, Gingergrass, Silver Lake Wine, and Starbucks are all within a few blocks as well. Beyond the Silver Lake border are the neighborhoods of Echo Park, Frogtown, Highland Park, Los Feliz, and Hollywood, each offering a unique blend of shopping and dining destinations. * The three-bedroom townhouse unit currently operates as a separate upstairs two-bedroom apartment and a downstairs studio apartment. Income for the three-bedroom townhouse includes the combined total of these two units for the purpose of this underwriting.