Stats

• Sold Price $4,000,000
• Price per Unit $333,333
• Price per Sqft $423
• Cap Rate 4.16%
• GRM 15.24
• Number of Buildings 1
• Number of Units 12
• Gross Building Area 9,456 SF
• Lot Size 11,781 SF
• Floors 2
• Year Built 1953
• Parking 10
• Zoning LARD1.5-1XL

About the Property

SOLD!

The Kanner Group was proud to present 3359 Rowena Avenue, a 2-story, 12-unit Mid-Century value-add multi-family investment opportunity with 70%+ rental upside potential, located in the highly desirable Los Feliz submarket of Los Angeles (just South of Los Feliz Boulevard and West of Griffith Park Boulevard).

Built in 1953, this unique building is comprised of 8 (1+1), 4 (2+1) units that average approximately 825+ gross square feet. The 9,456 square foot structure is situated on an 11,781 square foot, LARD1.5-1XL zoned lot.

The property includes a large, well-kept garden at the front of the building. There are 10 parking spaces in the rear of the building, accessible by the driveway on the East side of the building. The building’s units are bright and spacious, and feature original hardwood flooring and crown molding in the living rooms.

The bathrooms retain their original, Mid-Century tile, and 2 bedroom units include separate bathtubs and stall showers. The property is separately metered for gas and electric, and each unit contains its own water heater.

With close proximity to Los Feliz Boulevard, Hillhurst Avenue and the 5 freeway, the property’s Los Feliz location offers residents effortless access to countless shopping, dining, entertainment, and recreation options of Los Feliz, Sunset Junction, Silver Lake, Atwater Village, and the revitalized Downtown Los Angeles—located less than 5 miles to the South.

The building is 0.65 miles West of the 5 freeway, 1.5 miles North of the 2, 2.2 miles Northeast of the 101 and 3.7 miles Northwest of the 110. 3359 Rowena Avenue 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.