Skip To Content

2127 Rodney Dr

Los Angeles, CA 90027
  • $23,500,000
  • STATUS: Active
  • ON SITE: 12 Days
  • MLS #: 21-106543
$23,500,000
  • 54
    BEDS
  • 0.45
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 45,879
    SQFT
  • $512
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1986
County:
Area:

School Ratings & Info

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.

Monthly Payment Calculator



Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-11-30T23:43:16.143. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.deserthouseseekers.com/homes/123400236
Print Image

2127 Rodney Dr Los Angeles, CA 90027

  • Price: $23,500,000
  • Status: Active
  • On Site: 12 Days
  • MLS #: 21-106543
54
Beds
0
Baths
0
½ Baths
0.45
Acres
45,879
SQFT
$512
$/SQFT
1986
Built
Neighborhood:
Los Feliz
County:
Los Angeles
Area:
Los Feliz
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.
Exterior Features

Lot Size Area 19731 Other Structures None Parking Garage SubterraneanGated Underground Total Parking 0

Interior Features

Baths Total 54.00 Cooling Air Conditioning Equipment Range/Oven Flooring MixedHardwoodCarpetTile Heating FireplaceCentral

Property Features

Assessed Total Value 9089918 Gross Income 1133700 Gross Operating Income 1099689 Like Units1 24 Like Units2 5 Like Units3 1 Like Units4 6 Like Units5 3 Net Operating Income 658656.00 Number Of Buildings 1 Number Of Units 42 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 441033 Type Of Units Apartments Year Built Source Vendor Enhanced Zoning Lar3

Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-11-30T23:43:16.143. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-106543-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-106543-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-106543-2.jpg
Logo
Zwemmer Realty Group | Keller Williams Realty
75486 Augusta Drive
Indian Wells CA, 92210