Value-Add Fourplex & Covered Land Play in Prime Echo Park
370 Patton Street
# of Units: 4
GRM (Pro Forma): 6.5
CAP Rate (Pro Forma): 12.25%
Building SF: 3,572
Lot SF: 5,599
Year Built: 1912
Unique opportunity to acquire four (4) units just one block to Temple Street in Echo Park! Built in 1912, 370 Patton Street is a value-add fourplex totaling 3,572 square feet. The multifamily property features all extremely large one (1) bedroom apartments with formal dining rooms. The apartments are just under 900 square feet each. The lot size is 5,599 SF and there is open parking in the rear via an alley. This fourplex sits on a primarily residential street in a fantastic, burgeoning location that is located near many new developments including a 44-unit apartment building at 340 N. Patton Street. Located just a short distance from the shops and restaurants on Temple Street as well as Kaiser Permanente and Children’s Hospital, many of the new buildings are asking $2,000 or more for 1-bedroom apartments. This is a perfect acquisition opportunity for an investor looking to add value, possibly convert to a TIC, and take on a repositioning project in an excellent location!
The fourplex sits on a mostly residential street that is located near many new developments in the Temple-Beverly corridor in Historic Filipinotown. There has been a wave of new housing developments in the immediate area. The property is located close to many eateries including The Park’s Finest, Laveta Coffee, K Bakery, and Tribal Café. The Echo Park library, Echo Park Lake & Tennis Courts are nearby, as well as Vista Hermosa Park. Angelino Heights is easily accessible via Edgeware Rd, as is quick access to the Echo Park Farmer's Market, Lassens, and more. Through its ease of access and close proximity to the 101 and 110 freeways, residents can easily commute to and from Silver Lake, DTLA, Arts District, Hollywood, and the rest of Los Angeles.
4 LARGE 1BR APARTMENTS W/ FORMAL DINING ROOMS - UNITS AVERAGE ALMOST 900 SF EACH!
LARGE REAR BACKYARD & 4 PARKING SPACES
VARIOUS REPOSITIONING OPTIONS - POTENTIAL FOR FIX AND FLIP, TIC CONVERSION, OR ADD ADU (BUYER TO INVESTIGATE)
EXCELLENT COVERED LAND PLAY - FAVORABLE LACW ZONING IN TOC TIER 1. BUILD UP TO 15 U BY RIGHT OR UP TO 23 U W/ TOC (BUYER TO VERIFY)