1242 Lilac Place

Description

We are pleased to offer for sale a seven-unit apartment building located at 1242 Lilac Place in Los Angeles. The subject property is located just north of Sunset Boulevard within the desirable Echo Park submarket. Over the past decade, Echo Park has become one of the most desirable neighborhoods for renters in all of Los Angeles, combining abundant open space with urban walkability. Real estate located on the north end of Sunset Boulevard is viewed as prime, boasting some of the highest rents on the Eastside of L.A. Situated on a 5,548 square foot parcel, the property comprises of five studios and two one-bedroom units. New ownership can add an Additional Dwelling Unit (ADU) in order to maximize income and appreciation potential Permits are "RTI" Status. The property's desirable location, north of Sunset Boulevard coupled with the significant value-add potential and attractive basis makes 1242 Lilac an excellent acquisition opportunity for investors. The property is being sold as part of a two-building portfolio, including a five unit (1259 Vin Scully) directly adjacent, which is available individually or any combination as a portfolio purchase.