The LAAA Team of Marcus & Millichap is pleased to present this REO sale where a buyer has the opportunity to acquire a very well located 4 unit property in Silver Lake or a rare redevelopment opportunity. The property is 100% vacant.

The current 4-unit property has 2,840 SqFt and sits on a 7,508 SqFt lot (0.17 acres), and it has a unit mix of (3) 1-Bed / 1-Bath units and (1) 2-Bed / 1-Bath unit. Furthermore, there is a stand alone structure with a two car garage in the middle of the property which is ideal for ADU conversion. We have already received two bids on the cost to convert the garage into 1 or 2 ADUs. To receive this bids or to learn more about the process, please give us a call/email today.

Therefore, this opportunity is perfect for the value add investor who wants a fully vacant 4-unit property to fix up and add at least 1 additional unit through the new ADU laws.

This opportunity could also be perfect for a developer. This 7,508 SqFt lot is zoned R3-1VL, which allows a developer to build a maximum of 14 units with a max building envelope of 19,440 SqFt when utilizing the state density bonus, which means at least 2 of the 14 units would need to be low income units. Therefore, a developer would be able to purchase this project for $103,571 per buildable unit, which is right in line with comparable land sales in this great location.

For the financial information on the redevelopment potential, please see page 20 of the marketing package.

Lastly, whether the buyer plans on renovating or redeveloping, the buyer will be able to purchase this property through residential financing with only a 25% down payment since this is a 4 unit building. We have multiple loan quotes on this property for 30-year fixed, 3 year ARM, 5 year ARM, and interest only options, all of which have 25% down payments. Please reach out to learn more about these loan quotes.