The LAAA Team of Marcus & Millichap is proud to present 2900 Griffith Park Blvd, a 3-unit multifamily property situated in prime Los Feliz, one of the most sought-after neighborhoods of Los Angeles. This is the first time the subject property is being offered for sale in more than 20 years which is consistent with this high barrier to entry neighborhood where there is not a lot of turnover.

Built in 1932 and 1945, this 2,106 square foot triplex sits on a large 0.19-acre lot and consists of (3) 1 bed / 1 bath units. All three units are occupied and paying an average rent of $2,163 per month which is an estimated 30% below market rents in the area. 

Another great way to add value would be to convert the double garage into an ADU, and that ADU could be a 1 Bed unit with about 525 SqFt. If the Buyer decided to move forward with the ADU, the future 4-unit property (3 units + ADU) would be able to generate about $135,000 of rental income each year after all units are rented out at market rents. That equates to a 74% increase over today. Buyer to verify ADU Potential.

This offering is an excellent opportunity for an investor looking for a bite-sized property in an excellent location and ideal value add potential. This could be the perfect deal for a first-time buyer, an owner-occupying buyer, or an experienced investor looking to add to their portfolio.  

Location Overview - Los Feliz
Los Feliz is a relaxed hillside enclave that draws both established and up-and-coming creative types. There are plenty of old-school watering holes, hip shops and cafes, plus the Vista Theatre, a 1923 movie palace, and a pair of exemplary Frank Lloyd Wright homes. The neighborhood borders sprawling Griffith Park, beloved by locals for its hiking, concerts at the Greek Theatre and stargazing at Griffith Observatory.

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 average sales price during that time period has been nearly $2,700,000, forcing residents who seek the space and amenities of a private home to instead opt for high-end rentals, such as those offered by 1752 N Kingsley Drive.

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 metro station within walking distance