$1,980,000

Branden Silver Lake, a very well-located value-add 5-unit apartment building in the highly desirable area of Silver Lake. This offering provides a rare opportunity for owner-user or savvy investors to get into the highly desirable Silver Lake apartment market and immediately add value through 2 ADUs built-up (plan approved, permits pulled). Located on a quiet cul-de-sac residential street, but crossing Glendale Blvd, this property offers an exceptional location just minutes away from Silver Lake and other amenities nearby. It is adjacent to a NEW multi-million-dollar small lot subdivision and nearby many new residential developments in the area. The property consists of a free standing SFR with 4 unit building in the back and include approved plans (SHOVEL READY!) for 2 ADU s in the rear parking area of the property. The front single-family residence is a completely renovated 3-bedroom 2 bath house, while the back building consists of a fourplex that contains all 1-bedroom units, one of which will be delivered vacant. The property has a total of 3307 sf and is situated on a 7,290-sf lot. The front house which has been completely upgraded was built in 1907, and the back fourplex was built in 1960. The new owner can continue with the proven value add process as the asset has an estimated 31%+/- rental upside by implementing a renovation plan on the remaining 1-bedroom units, not to mention the upside created with the new ADU s in the back. The property has a long driveway in the front, enough for at least 3 cars, while in the rear there s access from the next street via an alley easement to additional parking for the 4-plex and has space for the new ADU s to be constructed. The vacant 1 bedroom received modern upgrades, including Washer/ Dryer in unit and will be delivered rent ready. There yard has minimal maintenance, is individually metered for gas / electricity, and the tenants are responsible for their own trash in the 4-Plx. The neighboring property has new construction of small lot condo s which really give the area a nice facelift and show the future growth of the neighborhood. There s also a new high-end apartment building Zag across the street on Glendale Blvd. The property offers a skyline view of the buildings downtown, and has proximity to Sunset Blvd, the Sunset Junction, and all that Silverlake / Echo Park have to offer.