Sold
2127 Rodney Dr
Los Angeles CA, 90027
$22,000,000
$479.52 per sqft
Sold
54 Beds
54 Baths
45,879 sqft
Multi-family
Built in 1986
A generational investment opportunity of a 42-unit apartment building in Los Feliz, one of the most coveted rental submarkets in all of Los Angeles, located just south of Los Feliz Blvd between N Vermont Ave and Hillhurst Ave. This is the first time the property has been on the market since it has been developed in 1986, a rare opportunity to purchase a sizeable asset in this pocket of the submarket with only 21 buildings over 40 units existing north of Franklin Ave. Los Feliz is considered a premier rental market of Los Angeles attracting quality tenants and providing easy access to amenities in Hollywood as well as the 101 & 5 Freeways. The building features an ideal, rare unit mix of spacious units made up of 24 one-bedrooms (652-871 SF), six one-bedroom lofts (916-931 SF), nine two-bedrooms (951-1,012 SF) and three two-bedroom lofts (1,173-1,202 SF). The unit interiors are well-maintained with central A/C, fireplaces, dishwashers, microwaves, and new flooring and paint in the majority of the units. The rental income provides stable current cash flow to an investor with additional upside over 18% achievable through further interior unit renovations such as recessed lighting and upgraded kitchens and bathrooms. The 1986 construction does not fall within the city of Los Angeles rent control. The property is being offered with favorable assumable financing in-place with current principal balance of $9.13 MM, interest-only until August 2030 at a 2.82% interest rate. The property has gated, subterranean and ground-level parking with approximately 82 parking spaces and tenant fob-controlled entry and exit. Furthermore, there is a community laundry room with three washers and dryers. The currently laundry lease with Dadson is nearing expiration, allowing an investor to collect substantial future laundry income. The property will be delivered with essentially no deferred maintenance as the building has been meticulously maintained throughout the years. There is a professional exterior faade and lobby with a secure, intercom entrance leading to an elevator with access to each floor. The common area hallways are in pristine condition and there is a security camera system in-place ensuring safety throughout the building. There is also a community common area patio with two barbeques and an abundance of seating for tenant's enjoyment. The neighborhood of Los Feliz is highly desirable and a densely populated rental market of Los Angeles. Surrounded by multimillion-dollar single-family residences north and south of Los Feliz Blvd, the property provides apartment renters the opportunity to reside in an affluent community. The neighborhood borders sprawling Griffith Park, beloved by locals for its hiking, concerts at the Greek Theatre and stargazing at Griffith Observatory.
21-106543
MLSⓇ ID
November 18, 2021
Listed
October 2, 2024
Updated
Map
2127 Rodney Dr
Los Angeles CA, 90027
Interior Features
Total Stories
0
Bedrooms
54
Total Bathrooms
54
Appliances
Range/Oven
Floor Description
Mixed, Hardwood, Carpet, Tile
Fireplace
No
Cooling
Yes
Cooling Description
Air Conditioning
Heating
Yes
Heating Description
Fireplace, Central
Exterior/Building Features
Lot Size
0.45 Acres
Other Property Details
Area Name
Los Feliz
Days on Market
94
Garage
No
Parking
Subterranean, Gated Underground
Parking Total
0
View
No
County
Los Angeles
Pool
No
Zoning
LAR3
Listed by Neema Ahadian with Marcus & Millichap
Listing Contact: 310-909-5444
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Bill Cooper & Associates shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 10/2/2024