216 N Coronado St - Luxury Echo Park Adj. 5-Unit
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216 N Coronado St - Luxury Echo Park Adj. 5-Unit
5 Unit Apartment Building Offered at $3,400,000 at a 5.40% Cap Rate in Los Angeles, CA 90026
Investment Highlights
- Outstanding projected cap rate of 5.40%! Cash cow.
- All three bedroom units feature private rooftop decks!
- Minutes walking to Glendale Blvd with all of the trendy Echo Park hot spots!
- Can be delivered with short term rental management.
- Boasts ultra-high-end finishes and top-tier construction. This is not your typical new construction multi-unit!
- All units separately metered for gas, electric AND water! Very low expenses!
Executive Summary
216 N Coronado St is a rare new construction fourplex + ADU that’s walking distance to Echo Park Lake. This property is a true cash cow, actively thriving on the short-term rental market thanks to its modern design and ultra-trendy location near Echo Park and Silver Lake. Just moments away from popular destinations like Bloom & Plume Coffee, Tribal Cafe, and Target on Temple, it provides the perfect mix of convenience and style. With flexibility to be sold either with management in place for a seamless continuation on the short-term market or vacant, it’s a turnkey, high-yield investment in an area with exceptional rental demand.
It features four 3-bedroom, 3.5-bathroom units and a 1-bedroom, 1-bathroom ADU, each designed with spacious, open floorplans and private outdoor spaces. The 3-bedroom units come with private rooftop decks, while the ADU offers its own private yard, making them all highly desirable for renters. This impressive property boasts a cap rate of 5.40% on the standard rental market, offering strong financial returns for investors looking for a long-term, income-generating asset.
View the financials, photos and more here: https://www.myunits.com/buy/216coronado
It features four 3-bedroom, 3.5-bathroom units and a 1-bedroom, 1-bathroom ADU, each designed with spacious, open floorplans and private outdoor spaces. The 3-bedroom units come with private rooftop decks, while the ADU offers its own private yard, making them all highly desirable for renters. This impressive property boasts a cap rate of 5.40% on the standard rental market, offering strong financial returns for investors looking for a long-term, income-generating asset.
View the financials, photos and more here: https://www.myunits.com/buy/216coronado
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$240,000
|
$39.83
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$9,600
|
$1.59
|
| Effective Gross Income |
$230,400
|
$38.24
|
| Taxes |
$37,740
|
$6.26
|
| Operating Expenses |
$9,020
|
$1.50
|
| Total Expenses |
$46,760
|
$7.76
|
| Net Operating Income |
$183,640
|
$30.48
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $240,000 |
| Annual Per SF | $39.83 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $9,600 |
| Annual Per SF | $1.59 |
| Effective Gross Income | |
|---|---|
| Annual | $230,400 |
| Annual Per SF | $38.24 |
| Taxes | |
|---|---|
| Annual | $37,740 |
| Annual Per SF | $6.26 |
| Operating Expenses | |
|---|---|
| Annual | $9,020 |
| Annual Per SF | $1.50 |
| Total Expenses | |
|---|---|
| Annual | $46,760 |
| Annual Per SF | $7.76 |
| Net Operating Income | |
|---|---|
| Annual | $183,640 |
| Annual Per SF | $30.48 |
Property Facts
| Price | $3,400,000 | Apartment Style | Low Rise |
| Price Per Unit | $680,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.40% | Building Size | 6,025 SF |
| Gross Rent Multiplier | 14.17 | No. Stories | 3 |
| No. Units | 5 | Year Built | 2023 |
| Property Type | Multifamily | Parking Ratio | 1.33/1,000 SF |
| Price | $3,400,000 |
| Price Per Unit | $680,000 |
| Sale Type | Investment |
| Cap Rate | 5.40% |
| Gross Rent Multiplier | 14.17 |
| No. Units | 5 |
| Property Type | Multifamily |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 6,025 SF |
| No. Stories | 3 |
| Year Built | 2023 |
| Parking Ratio | 1.33/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Eat-in Kitchen
- Kitchen
- Ice Maker
- Refrigerator
- Range
- Tub/Shower
- Views
- Deck
- Dining Room
- Freezer
- Handrails
- Instant Hot Water
- Vinyl Flooring
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Walk Score®
Very Walkable (88)
zoning
| Zoning Code | LARD1.5 |
| LARD1.5 |
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216 N Coronado St - Luxury Echo Park Adj. 5-Unit
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