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11-Unit in Prime Echo Park – $2.65 Million

1036 N Bonnie Brae
Triangle 1 Created with Sketch. Sold Triangle 1 Created with Sketch. - Investment Property

OK, this one may be a bit rich for your blood, but there are some of you who could do this one, or know someone who could. I can tell you there are darn few opportunities that are this good in the SoCal multi-family residential world these days, particularly in prime Echo Park. This is how it rolls out:

It is 11 units with very little parking. Of the 11 units, 8 fall in the category of “Guest Unit,” meaning they are perfectly good units except they do not have a formal kitchen, just a kitchenette. They will be delivered 100% vacant which, in a rent control district (which this is) is really, really great news, because you’ll be able to fill all of them at current market rents. I have already sussed out the projected rents which will be $19K/mo, or $230K annually.

Oh, and by the way, you will likely not have to spend one penny on the property for quite some time, as it is being delivered very thoroughly and very professionally rehabbed with permits. The finishes and fixtures will be very “Echo Park” friendly, so no worries about getting top dollar on rents. You can tie it up right now, even though it won’t be ready for another two to three months.

With putting down about $800,000, you should be realizing a net income of approximately $75,000 annually, on a property that, due to its location, has nothing but upside. Let me know if you are interested.

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