Address
2127 Rodney Drive Los Angeles, CA
Price
$ 23,500,000
Property Attributes
  • MLS#21106543
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaLos Feliz
  • Zip90027
  • Style
  • Price$ 23,500,000
  • Bedrooms48
  • Full Bathrooms48
  • Half Bathrooms0
  • Sqr Footage45879
  • Lot Size0.45 Acres
Listing Provided Courtesy Of:
Neema Ahadian with Marcus & Millichap - 310-909-5444
Data Source:
California Regional MLS (CRMLS) - 25 - CA
Property Description

A generational investment opportunity of a 42-unit apartment building in Los Feliz, one of the most coveted rental submarkets in all of Los Angeles, located just south of Los Feliz Blvd between N Vermont Ave and Hillhurst Ave. This is the first time the property has been on the market since it has been developed in 1986, a rare opportunity to purchase a sizeable asset in this pocket of the submarket with only 21 buildings over 40 units existing north of Franklin Ave. Los Feliz is considered a premier rental market of Los Angeles attracting quality tenants and providing easy access to amenities in Hollywood as well as the 101 & 5 Freeways. The building features an ideal, rare unit mix of spacious units made up of 24 one-bedrooms (652-871 SF), six one-bedroom lofts (916-931 SF), nine two-bedrooms (951-1,012 SF) and three two-bedroom lofts (1,173-1,202 SF). The unit interiors are well-maintained with central A/C, fireplaces, dishwashers, microwaves, and new flooring and paint in the majority of the units. The rental income provides stable current cash flow to an investor with additional upside over 18% achievable through further interior unit renovations such as recessed lighting and upgraded kitchens and bathrooms. The 1986 construction does not fall within the city of Los Angeles rent control. The property is being offered with favorable assumable financing in-place with current principal balance of $9.13 MM, interest-only until August 2030 at a 2.82% interest rate. The property has gated, subterranean and ground-level parking with approximately 82 parking spaces and tenant fob-controlled entry and exit. Furthermore, there is a community laundry room with three washers and dryers. The currently laundry lease with Dadson is nearing expiration, allowing an investor to collect substantial future laundry income. The property will be delivered with essentially no deferred maintenance as the building has been meticulously maintained throughout the years. There is a professional exterior faade and lobby with a secure, intercom entrance leading to an elevator with access to each floor. The common area hallways are in pristine condition and there is a security camera system in-place ensuring safety throughout the building. There is also a community common area patio with two barbeques and an abundance of seating for tenant's enjoyment. The neighborhood of Los Feliz is highly desirable and a densely populated rental market of Los Angeles. Surrounded by multimillion-dollar single-family residences north and south of Los Feliz Blvd, the property provides apartment renters the opportunity to reside in an affluent community. The neighborhood borders sprawling Griffith Park, beloved by locals for its hiking, concerts at the Greek Theatre and stargazing at Griffith Observatory.

Price History
11/19/2021 Listed $23,500,000

General Features

Flooring Carpet, Tile, Wood
Heating Central, Fireplace(s)
Listing Agent Neema Ahadian - BRE#01346750
Listing Agent State License 01346750
Lot Size Square Feet 19731
MLS Area 637 - Los Feliz
Property Type Residential Income
Senior Community Y/N No
Special Listing Conditions Standard
Status Active
Total Units 42
Zoning LAR3

Interior Features

Heating Y/N Yes

Exterior Features

Lot Size Acres 0.45
Lot Size Area 19731
Lot Size Units Square Feet
Number of Buildings 1
Parking Features Underground

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 90027

Price
AVG $4.52M
$23.5M
Visits
AVG 49
10
Year Built
AVG 1958
1986
Walkscore
AVG 90
88
Data Provided by Walkscore ® not using MLS data

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