1615 Park Avenue

Los Angeles, CA 90026

$7,000,000
Price
27
Beds
15
Baths
13,260 Sq. Ft.
$528 / Sq. Ft.
13,260
Sq. Ft.
$528
per Sq. Ft.

Description

Kingside Investment Group of Keller Williams Downtown Los Angeles is proud is present 1111 Echo Park Avenue, a luxuriously built 2020 new construction apartment building in Echo Park. The property is comprised of nine (9) one-bedroom units that vary in size from 740 square feet to 1,050 square feet and two (2) two-bedroom/two-bathroom units that measure 1,300 square feet. The property offers a superb location across Echo Park Lake and one block away from Sunset Boulevard. Each unit boasts private...Kingside Investment Group of Keller Williams Downtown Los Angeles is proud is present 1111 Echo Park Avenue, a luxuriously built 2020 new construction apartment building in Echo Park. The property is comprised of nine (9) one-bedroom units that vary in size from 740 square feet to 1,050 square feet and two (2) two-bedroom/two-bathroom units that measure 1,300 square feet. The property offers a superb location across Echo Park Lake and one block away from Sunset Boulevard. Each unit boasts private balconies, in-unit washer/dryer, and stainless-steel appliances. The apartment complex is fully leased and offers a prospective investor very attractive assumable financing in the amount of $4,500,000 with a fixed rate of 4.30% till 2027. 1111 Echo Park Avenue presents an opportunity to acquire a non-rent-controlled asset in a submarket that has little to no inventory for new construction development due to its harsh new development regulations and scarcity of land. Certificate of Occupancy was issued in March 2022 and the property has controlled access with an elevator and gated garage.
  1. Listed by Andres Diaz • DRE #01956479 • Brokerage DRE #01364089 • Keller Williams Downtown LA

Property Details for 1615 Park Avenue

Zoning
LAR3
Parcel Number
5404018011
Total Units
11.0
Living Area
13260
Source Living Area
Developer
Area
Silver Lake (671)
Vacancy Rate
0
Lot Size Area
8513

Location

Listing Courtesy of Keller Williams Downtown LA, Andres Diaz, DRE #01956479
Add your commute
LISTING UPDATED: 07/19/2023 12:01 AM

Property Details for 1615 Park Avenue

StatusActive
MLS #23-289265
Days on Market294
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built2020
Lot Size0.20 AC / 8,513 SF
CountyLos Angeles County

Location

Listing Courtesy of Keller Williams Downtown LA, Andres Diaz, DRE #01956479
Add your commute

Building Information for 1615 Park Avenue

Stories3Residences-Year Built2020Building Size-Lot Size0.20 AC / 8,513 SF

Payment Calculator

$44,562 per month

30 year fixed, 7.25% Interest

Principal and Interest

$38,202

Property Taxes

$6,360

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1615 Park Avenue

Community / Development
Community / Development
  • Number Of Units: 11
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Owner
  • Number Of Stories: 3
  • Number Of Buildings: 1
  • Type Of Units: Market
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $430,188
  • Net Operating Income: $280,514.00
  • Gross Income: $430,188
  • Cap Rate: 4.01%
  • Gross Rent Multiplier: $16.27
  • Total Annual Expense: 136768
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.3467
  • Lot Size Square Feet: 8513
Parking Details
Parking Details
  • Parking Garage: Controlled Entrance
  • Total Parking: 0
  • Parking Features: Controlled Entrance
Interior Features
Interior Features
  • Cooling: Central Air
  • Cooling Type: Air Conditioning, Central
  • Heating: Central
  • Heating Type: Central
  • Equipment: Dishwasher, Dryer, Elevator, Garbage Disposal, Hood Fan, Microwave
  • Laundry: Dryer Included
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 07-11-2023
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,708.00
  • Unit Actual Rent: $16,248.00
  • Unit Projected Rent: $16,500.00
  • Like Units: 6
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $3,983.00
  • Unit Actual Rent: $11,949.00
  • Unit Projected Rent: $12,900.00
  • Like Units: 3
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,826.00
  • Unit Actual Rent: $3,826.00
  • Unit Projected Rent: $4,500.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $2,782,531.00
  • Assessed Improvement Percent: 45.76
  • Assessed Land Value: $3,297,815.00
  • Assessed Land Percent: 54.24
  • Assessed Total Value: $6,080,346.00

Property History for 1615 Park Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1615 Park Avenue

Taxable ValueLand$3,363,771Additions$2,839,116Total$6,202,887
Tax Record2023$76,326 ($6,360 / month)
Home Facts
Total Finished SqFt12,630 SqFtAbove Grade Finished SqFt12,630 SqFtLot Size15,104 SqFtStyleMulti-Family Res (5+ Units)Year Built1960ZoningLAR3CountyLOS ANGELESAPN5404-018-011

Schools near 1615 Park Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 8
Public - 9 to 12
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Logan Academy of Global Ecology
PublicK to 8

Edward R. Roybal Learning Center
Public9 to 12

Miguel Contreras Learning Complex School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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1615 Park Avenue is a multi-family home for sale in Los Angeles, CA 90026. This property was listed for sale on July 11, 2023 by Keller Williams Downtown LA, it's currently listed at $7,000,000. This listing's school district is Los Angeles Unified School District. Nearby schools include Logan Academy of Global Ecology, Edward R. Roybal Learning Center and Miguel Contreras Learning Complex School. 1615 Park Avenue is a 27-bed, 15-bath, 13,260 sqft multi-family home built in 2020.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Downtown LA, Andres Diaz, DRE #01956479

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.