Stats

• Sold Price $3,300,000
• Price per Units $366,667
• Price per Sq/Ft $427
• Cap Rate 3.75%
• GRM 12.17
• Number of Buildings 1
• Number of Units 9
• Gross Building Area 7,720 SF
• Lot Size 28,986 SF
• Floors 2
• Year Built 1950
• Parking 9 Garage Spaces
• Zoning LARD2-1VL-RIO

About the Property

SOLD!

The Kanner Group was pleased to present 2743 Waverly Drive, a 2-story, 9-unit value-add multi-family investment opportunity with 52%+ rental upside potential, located in the highly desirable Silver Lake submarket of Los Angeles, just south of Riverside Drive and northeast of Glendale Blvd.

Built in 1950, the building is comprised of 1 two-story (3+1.5 townhome), 6 (2+1), and 2 (1+1) units that average approximately 850+ gross square feet. The 7,720 square foot structure is situated on an oversized 28,986 square foot, LARD2-1VL-RIO zoned lot, affording an investor the flexibility to capitalize on the potential addition of accessory dwelling units (ADU) or potential future re-development.

With a Walk Score of 80, the property’s Silver Lake location, near the Rowena Ave and Glendale Blvd intersection and 0.5 miles from the north edge of the Silver Lake Reservoir, offers residents easy access to the countless shopping, dining, entertainment, and recreation options of Silver Lake, Sunset Junction, Los Feliz, Atwater Village, and the revitalized Downtown Los Angeles is less than 4 miles to the south. The building is 0.4 miles south of the 5 freeway, 1.2 miles north of the 2, 2.8 miles north of the 101 and 3.3 miles northwest of the 110.

2743 Waverly Drive was well-positioned for a skilled value-add investor to implement a high-end unit/common area renovation program optimizing market rents, appreciation, and future returns.