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$1,495,000
29 Days Online

4563 Fountain Avenue
Los Angeles, CA 90029

For Sale|Multi-Family|Active
County:
Los Angeles
Listed by Oron Maher of Maher Commercial Realty ?

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310-995-6273
4563 Fountain Avenue4563 Fountain Avenue4563 Fountain Avenue4563 Fountain Avenue
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Monthly Payment (Est.)

$6,821
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We are pleased to present a value-add 8-unit apartment building in the heart of East Hollywood, just blocks from Virgil Village, Silverlake, and close to Los Feliz and Hollywood. The subject property consists of eight one bedroom, one bath units of which two will be delivered vacant. This property comprises of two buildings totaling approximately 5,624 square feet on an approximately 6,970 square foot parcel of land zoned C4-1D. The lot is zoned C4-1D and is in Tier 3 of TOC (transit-oriented community) allowing for the development of +/- 29 units using TOC, and potentially more units using ED1 as a 100% affordable project. Currently there is room for four car parking (two tandem spaces) and addition courtyard space. There is likely enough room on this site to build a detached ADU. Buyer to verify all development potential with their own architect. All development is subject to the Vermont/Western Station Neighborhood Area Plan. Seller and Broker make no representations as to developability of this property. At this time the building is master leased to APLA Health but will be delivered with no master lease in place. All of the leases are with Section 8 tenants and five of the six remaining tenants are paying significantly below market rents. There is immediate upside by increasing the current rents to 4% and filling two vacancies bringing you to an immediate 6.2% cap rate. After a 4% rent increase and filling two vacancies, there still remains an additional 36% upside in rents. The sale of the property is contingent upon approval of an early loan payoff by the state of California. East Hollywood borrows elements from neighbors Silverlake, Los Feliz, Echo Park, Larchmont Village and wraps them up in an attainably priced package. One notable architectural marvel, The Hollyhock House, was designed by Frank Lloyd Wright for oil heiress Alice Barnsdall, who also serves as the namesake for the structure's surrounding Art Park. With the neighborhood seemingly evolving by the day, East Hollywood's near 250-year history is just getting started. An equal mix of hyped hotspots attracting visitors far and wide and local institutions that have helped shape the neighborhood, East Hollywood is the place for those who want a neighborhood atmosphere with the big city at arms' length. Family-owned bars like Tiki-Ti and cornershop coffee house Cafecito Organico lend a more neighborly feel to East Hollywood, but the glitz and glimmer of L.A. is still ever-present in this historic neighborhood. Multi-cultural and family-oriented, East Hollywood is a great place to spend a year or a lifetime.

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Listing Snapshot
Price 
$1,495,000
Days Online 
29 Days
Bedrooms 
8
Inside Area (SqFt) 
5,624 sqft
Total Baths 
8
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
0.16 Acres
Year Built 
1923
MLS® Number 
24372459
Status 
Active
Property Tax 
N/A
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
Other
Friends & Family
Recent Activity
3 weeks agoListing updated with changes from the MLS®
4 weeks agoListing first seen online
General Features
Parking 
Unassigned
Parking Spaces 
4
Number of Stories 
2
Acreage 
0.16
Zoning 
C4-1D
Listing Conditions 
Standard
Interior Features
Cooling 
None
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Exterior Features
Spa 
No
Pool Features 
None
Spa Features 
None
Community Features
Senior Community 
No
MLS Area 
637 - Los Feliz


This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. The display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

Neighborhood & Commute
Source: Walkscore
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