$1,475,000

Corner lot five unit craftsman apartment building in the Silver Lake/Echo Park area built in 1917 with tremendous upside and great investment opportunity! Spread across a 6,306 square foot lot, there are four units in one building and a separate unit in another building over three single car garages. The three single car garages are not being rented (NOT being used by tenants) and can potentially be converted to ADU's for additional rentals and income. Buyer to conduct their own investigation and due diligence. All five units are rented with below market rents. Four units are long term tenants, requiring major remodeling, with one unit rented in Dec 2020. Each unit has a separate address. There are four 1Bx1B units and one 2Bx1B unit totaling 4,670 rentable square feet. One bedroom may be unpermitted but has cleared recent LAHD code enforcement inspection. Each unit has its own washer and dryer and gas water heater. Separately metered for electricity and gas. Interior unit photos available upon request. Property will be sold as is with existing tenants in place. The property is subject to LA RSO (rent control) with rent increases allowed to resume in 2024. The adjacent duplex at 807 & 809 Waterloo St., MLS# 23-267985, is also for sale offered at $1,195,000 with a 6,308 square feet lot size. There is separate rear structure with 4 single car garages not being used by tenants and can potentially be converted to ADU's for additional rentals and income. The total lot size of both properties combined is approximately 12,614 square feet allowing for a prime future potential development opportunity.