A Renovated 32-Unit in Prime Echo Park 1412-1416 Echo Park Ave
32 Unit Apartment Building $9,150,000 ($285,938/Unit) 5.01% Cap Rate Los Angeles, CA 90026
INVESTMENT HIGHLIGHTS
- The In-Place Loan is fixed at 3.98% Until 2029, Offering Tremendous Yield at Acquisition
- Walk Score 95: Daily Errands Don’t Require a Car, with Convenient Access to the Area’s Coolest Coffee Shops, Restaurants, and Nightlife.
- There are 13 On-Site Garages – A Valuable Amenity in Echo Park, Where Street Parking and Storage can be Limited
- 69% of Units Have Been Extensively Renovated with Redesigned Layouts, New Kitchens, New Bathrooms, Flooring, Stainless Steel Appliances & Finishes
- Only 8.6% of Multi-Family Buildings are 30 Units or More in the 90026 Zip Code
- Within Close Proximity to High-Paying Jobs in the Surrounding Markets of Hollywood, Downtown Los Angeles, Koreatown & Glendale
EXECUTIVE SUMMARY
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale “Big Momma Court Apartments,” a 32-unit Spanish-Colonial style apartment building located at 1412-1416 Echo Park Avenue. The property is situated on Echo Park Avenue, within walking distance of one of the most vibrant neighborhoods in Los Angeles.
Designed by architect Nathan Black and built in 1923, the complex showcases a Mediterranean street vibe with its lush courtyard and timeless charm, which continues to attract today’s creative tenants. Situated on a 16,418 square-foot corner parcel, the property features seven studios, 23 one-bedroom units, one two-bedroom unit, and one three-bedroom unit. Units offer unique layouts, and select units have been renovated with modern kitchens, bathrooms, flooring, and finishes.
Investors have the opportunity to implement a proven interior renovation strategy for the remaining units, capturing over 28% upside in rental income through renovation premiums and loss-to-lease recovery. Additionally, two of the units will be delivered vacant, allowing new ownership to further enhance and achieve superior rental rates.
Over the past decade, Echo Park has become one of the most desirable neighborhoods in Los Angeles, combining abundant open space with urban walkability. Real estate on the north end of Sunset Boulevard commands some of the highest rents in the city.
The property’s irreplaceable charm, unique layout, and prime location north of Sunset Boulevard, combined with its remaining value-add potential and attractive assumable debt, make Big Momma Court Apartments an exceptional acquisition opportunity.
This property is being sold alongside 1650 Echo Park Avenue, with the option to purchase the buildings together or individually.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale “Big Momma Court Apartments,” a 32-unit Spanish-Colonial style apartment building located at 1412-1416 Echo Park Avenue. The property is situated on Echo Park Avenue, within walking distance of one of the most vibrant neighborhoods in Los Angeles.
Designed by architect Nathan Black and built in 1923, the complex showcases a Mediterranean street vibe with its lush courtyard and timeless charm, which continues to attract today’s creative tenants. Situated on a 16,418 square-foot corner parcel, the property features seven studios, 23 one-bedroom units, one two-bedroom unit, and one three-bedroom unit. Units offer unique layouts, and select units have been renovated with modern kitchens, bathrooms, flooring, and finishes.
Investors have the opportunity to implement a proven interior renovation strategy for the remaining units, capturing over 28% upside in rental income through renovation premiums and loss-to-lease recovery. Additionally, two of the units will be delivered vacant, allowing new ownership to further enhance and achieve superior rental rates.
Over the past decade, Echo Park has become one of the most desirable neighborhoods in Los Angeles, combining abundant open space with urban walkability. Real estate on the north end of Sunset Boulevard commands some of the highest rents in the city.
The property’s irreplaceable charm, unique layout, and prime location north of Sunset Boulevard, combined with its remaining value-add potential and attractive assumable debt, make Big Momma Court Apartments an exceptional acquisition opportunity.
This property is being sold alongside 1650 Echo Park Avenue, with the option to purchase the buildings together or individually.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $9,150,000 |
| Price Per Unit | $285,938 |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| Gross Rent Multiplier | 12.09 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 17,740 SF |
| No. Stories | 3 |
| Year Built | 1923 |
| Parking Ratio | 0.73/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 7 | - | 450 |
| 1+1 | 23 | - | 700 |
| 2+1 | 1 | - | 750 |
| 3+1 | 1 | - | 855 |
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Walk Score®
Walker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 5419-024-033 | Improvements Assessment | $3,216,605 |
| Land Assessment | $6,433,212 | Total Assessment | $9,649,817 |
ZONING
| Zoning Code | LAR3 |
