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1852 Edgemont Street
Los Angeles, CA 90027
Sold
1852 Edgemont Street
Los Angeles, CA 90027
Sold
Occupying two parcels with excellent visibility on the corner of Franklin Avenue and Edgemont Street, the property features a favorable unit mix with mostly two-bedroom units, half of which are townhouse floorplans. The classic French-Normandy buildings house spacious apartment layouts, with units averaging over 1,000 square feet of living area. Current ownership has already renovated several units, providing a blueprint to add considerable value to the remainder of the property and potentially recapture approximately 45% in rent upside. A unique and lucrative benefit of this property is the substantial amount of supplemental income that it generates, by virtue of its 12 private parking garages, six additional open spaces, and landlord-owned laundry facilities. While this already creates approximately $17,100 in extra income currently, there may be an opportunity to rent out additional garage space to increase the revenue stream to nearly $22,000. Although Los Feliz is directly adjacent to the bustling neighborhoods of Hollywood, Silver Lake, and Glendale, the hillside area is generally secluded and has long been considered one of the most desirable locations for some of the most affluent residents of Los Angeles. Demand for rental housing has increased substantially as many locals find themselves priced out of homeownership. Almost every single-family home sale in the past year -- approximately 97% of all transactions -- has surpassed $1,000,000. In fact, the average sales price during that time period has been nearly $2,700,000, forcing residents who seek the space and amenities of a private home to instead opt for high-end rentals, such as those offered by 1852-62 N Edgemont Street. Moreover, as remote and hybrid working models have become more prevalent, the low-density neighborhoods within Los Feliz have become even more desirable to those employed in denser Hollywood and Koreatown. Tenants at the property enjoy convenient access to Griffith Park, a 4,210-acre urban wilderness area that is home to the Griffith Observatory, the Los Angeles Zoo, the Hollywood Sign, and the Greek Theatre. Los Feliz Village, a trendy shopping area filled with boutiques and restaurants, sits mere blocks from the property. Hollywood is directly west of the property, offering access to world famous clubs, restaurants, and entertainment venues. Transit options are numerous in the area, with the 101 Freeway nearby and the Hollywood/Western and Vermont/Sunset metro stations both in the vicinity.
PROPERTY INFORMATION
| MLS # | 23235387 | Lot Size | 20,477 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 5,350,000
Price Per SqFt: $ 389 |
DOM | 832 Days |
| Address | 1852 Edgemont Street | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 13,760 Sq. Ft. |
| Postal Code | 90027 | Garage | N/A |
| County | Los Angeles | Year Built | 1937 |
| Bed / Bath | 20 / 0 | Parking | 18 |
| Built In | 1937 | Status | Closed |
| Sold Date | 2023-04-06 |
INTERIOR FEATURES
| Has Heating | No |
| Heating Information | None |
| Has Cooling | No |
| Cooling Information | None |
EXTERIOR FEATURES
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $5,707
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 01/24/2023 | Listed | $5,695,000 |
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Listing provided courtesy of Roderick 'Rick' Raymundo, Marcus & Millichap. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
