Stats

• Combined Listing Price $9,200,000
• Price per Unit $255,556
• GRM 11.14
• Cap Rate 6.06%
• Number of Buildings 2 Buildings
• Number of Units 36 Units
• Gross Building Area 13,584 SF
• Lot Size 19,106 SF
• Floors 2
• Year Built 1958
• Parking 27 Spaces
• Zoning LAR3-1VL-CDO

About the Property

The Kanner Group is pleased to present ECHO LAKE, a 36-unit two-property multifamily portfolio, which can be sold separately or as a package, consisting of the 20-unit 1725 Park Avenue (10 singles & 10 1+1s) building and the neighboring 16-unit building at 1717 Park Ave (8 singles & 8 1+1’s) located in an ultra-prime Echo Park location directly across the street from Echo Park Lake and just one block from Sunset Boulevard in the heart of the Echo Park retail corridor.

Constructed in 1958, 1725 Park Avenue features 20 units totaling approximately 7,536 square feet of rentable space, while 1717 Park Avenue consists of 16 units totaling roughly 6,048 square feet.The structures are situated on two separate LAR3-zoned lots with unique APN numbers measuring 9,390 and 9,715 square feet, respectively. The properties offer beautiful park and waterfront views of Echo Park Lake and its iconic swan paddle boats, walking and biking trails, lush green terrain, and dramatic Downtown Los Angeles skyline vistas. Additional features include secured gated entry and a parking lot with 26 unassigned spaces. Ownership also maintains a long-term lease with the City of Los Angeles for four additional parking spaces, located approximately 528 feet away at 1152 Lemoyne Street, Echo Park, CA 90026.

In the last five years, ownership has invested over $2 million in comprehensive renovations and capital improvements, resulting in a near turn-key property. Both buildings have undergone a thoughtful exterior and interior redesign and rebrand, including 32 of 36 units fully remodeled by a talented design team. Interior upgrades include open-concept floor plans, engineered hardwood flooring throughout, new soft-close kitchen cabinetry with stone countertops, open wood shelving, and brand-new stainless-steel appliances. Units also feature new split air HVAC systems, matte-black designer fixtures and hardware, and beautifully appointed bathrooms with new vanities and sinks.

Building-wide enhancements include an upgraded house electric system with new panels, new electric sub-meters, new all black framed dual-pane windows, modernized plumbing and electrical, a new laundry room, and common-area amenities such as benches and a swing overlooking the park. The property also offers gated and secured parking (available for $50/month).

With a WalkScore of 97, 1717 & 1725 Park Avenue sits at the center of Echo Park, one of Los Angeles’s hippest Eastside neighborhoods. Directly across from the newly renovated Echo Park Lake, tenants can enjoy the park’s paddle boats, walking trails, and picnic areas. The buildings are steps from the restaurants, shops, and nightlife along Sunset Boulevard, and minutes from the 101, 5, 2, and 110 freeways. The property is approximately one mile from Dodger Stadium and Downtown Los Angeles, offering unmatched proximity to major employers, theaters, restaurants, and entertainment.

With current rents below market and select units still primed for renovation, 1717 & 1725 Park Avenue presents an exceptional opportunity for an investor to continue the high-end renovation program and capitalize on solid upside potential in an ULTRA Prime location within one of the most desirable submarkets of Los Angeles.