CA > Los Angeles
Los Angeles, CA 90027,1852 -62 N Edgemont ST
Los Angeles, CA 90027,1852 -62 N Edgemont ST
Los Angeles, CA 90027,1852 -62 N Edgemont ST
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$5,330,000
Est. payment /mo
20 Beds
16 Baths
13,760 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 13,760 sqft

Price per Sqft $387

MLS Listing ID 25547701

Bedrooms 20

HOA Y/N No

Year Built 1937

Lot Size 0.470 Acres

Property Description

Occupying two parcels with excellent visibility on the corner of Franklin Avenue and Edgemont Street, the property features a favorable unit mix with mostly two-bedroom units, half of which are townhouse floor plans. The classic French-Normandy buildings house spacious apartment layouts, with units averaging over 1,000 square feet of living area. Several units have already been renovated, providing a blueprint to add considerable value to the remainder of the property and potentially recapture approximately 36% in rent upside. A unique and lucrative benefit of this property is the substantial amount of supplemental income that it generates, by virtue of its 12 private parking garages, six additional open spaces, and landlord-owned laundry facilities. Together, these secondary income streams produce more than $22,000 annually for the owner. Although Los Feliz is directly adjacent to the bustling neighborhoods of Hollywood, Silver Lake, and Glendale, the hillside area is generally secluded and has long been considered one of the most desirable locations for some of the most affluent residents of Los Angeles. Demand for rental housing has increased substantially as many locals find themselves priced out of homeownership. Almost every single-family home sale in the past year -- approximately 97% of all transactions-- has surpassed $1,000,000. In fact, the median sales price during that time period has been nearly $2,400,000, forcing residents who seek the space and amenities of a private home to instead opt for high-end rentals, such as those offered by 1852-62 N Edgemont Street. Moreover, as remote and hybrid working models have become more prevalent, the low-density neighborhoods within Los Feliz have become even more desirable to those employed in denser Hollywood and Koreatown. Tenants at the property enjoy convenient access to Griffith Park, a 4,210-acre urban wilderness area that is home to the Griffith Observatory, the Los Angeles Zoo, the Hollywood Sign, and the Greek Theatre. Los Feliz Village, a trendy shopping area filled with boutiques and restaurants, sits mere blocks from the property. Hollywood is directly west of the property, offering access to world-famous clubs, restaurants, and entertainment venues. Transit options are numerous in the area, with the 101 Freeway nearby and the Hollywood/Western and Vermont/Sunset metro stations both in the vicinity.

Location

State CA

County Los Angeles

Area C20 - Hollywood

Zoning LARD1.5

Interior

Heating None

Cooling None

Fireplace No

Exterior

Parking Features Assigned

Total Parking Spaces 18

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5589031031

Special Listing Condition Standard

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CRMLS – RECore
Listed by Roderick 'Rick' Raymundo Marcus & Millichap

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