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1121 Echo Park Ave, Los Angeles, CA 90026
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1121 Echo Park Ave Los Angeles, CA 90026

$3,810,000 Sold Price as of 06/17/2022
  • 17 Beds
  • 10 Baths
  • 9,798 Sq.Ft.
Sold
$3,810,000 Sold Price as of 06/17/2022 Refinance Your Mortgage
Map preview of 1121 Echo Park Ave, Los Angeles, CA 90026

Property Overview: 1121 Echo Park Ave Los Angeles, CA has 17 bedrooms, 10 bathrooms, 9,798 living square feet and 14,998 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Situated just one parcel from Echo Park Lake and one block from Sunset Boulevard, the property offers tenants a prime location in the epicenter of this trendy submarket. With a unit mix comprised almost entirely of two bedroom units, the property's nine spacious floorplans cover approximately 9,798 square feet. The offering provides an investor with impressive cash flow for the area, with an initial CAP Rate of 4.69%. While similar properties in the area have sold for $600-$800 per square foot, 1121-1127 Echo Park Avenue is available for less than less than $395 per square foot. A new investor may benefit from reduced maintenance expenses, as the building does not appear on the LADBS seismic retrofit list (Buyer to verify). The property includes three buildings across the two parcels of land, which are zoned LAR3 and sit within a Tier 3 TOC (Buyer to verify). Given its close proximity to both Sunset Boulevard and Glendale Boulevard, the property allows tenants convenient access to some of Echo Park's trendiest shops and eateries. With Echo Park Lake immediately south of the property, tenants can enjoy the numerous benefits of one of Los Angeles' most popular parks.

Listed by Roderick 'Rick' Raymundo | BRE #01357019 | Marcus & Millichap
Last checked: 9 minutes ago | Last updated: June 5th, 2023 | Source CRMLS | DOM: 58

Home details

Lot Sq. Ft
14,998
HOA Dues
$0/mo
Year built
1916
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
22148567
City
Los Angeles
County
Los Angeles
Time on Site
758 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 9
  • Total # of Buildings: 3
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,395
  • Total Rent: $2,395
  • Pro Forma/Market Rent: $2,445
Unit Breakdown 2
  • # of Units: 7
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,349
  • Total Rent: $16,448
  • Pro Forma/Market Rent: $19,985
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $2,670
  • Total Rent: $2,670
  • Pro Forma/Market Rent: $2,695
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.69%
  • Gross Rent Multiplier: 14.99
  • Gross Scheduled Income: --
  • Net Operating Income: $181,564
  • Gross Operating Income: $250,500
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 1121 Echo Park Ave

Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 13
  • Has Parking
  • Parking Features: Assigned
Lot Information
  • Lot Size Source: Estimated
Property Information
  • Total # of Units: 9
  • Parcel Number: 5404018009
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Location / Neighborhood
Location Information
  • Directions: We are pleased to announce the opportunity to purchase 1121-1127 Echo Park Avenue, a 9-unit multifamily property spread across two contiguous parcels in the gentrifying Echo Park neighborhood of Los Angeles, CA.
View more facts & features

Local Los Angeles Agent

Sale History for 1121 Echo Park Ave

Last sold for $3,810,000 on June 17th, 2022

  • June, 2022

  • Jun 17, 2022

    Date

    Sold

    CRMLS: 22148567

    $3,810,000

    Price

  • Apr 20, 2022

    Date

    Active

    CRMLS: 22148567

    $3,870,000

    Price

  • September, 2021

  • Sep 9, 2021

    Date

    Canceled

    CRMLS: 21770530

    $3,997,000

    Price

  • Aug 11, 2021

    Date

    Active

    CRMLS: 21770530

    $3,997,000

    Price

  • Listing provided courtesy of CRMLS

    Offering consists of 2 separate parcels -- 1121 & 1127 Echo Park Avenue. Parcels are to be sold together. 1121 Echo Park Avenue consists of 4 units & 1127 Echo Park Avenue consists of 5 units. Almost all the units have been completely renovated (7 out of 9) -- leaving approximately 30% upside in rents. The lot is 14,997 square feet with R3 zoning which gives a prospective buyer the opportunity to develop the lots in the future.

  • November, 2019

  • Nov 27, 2019

    Date

    Sold (Public Records)

    Public Records

    $2,975,000

    Price

  • August, 2015

  • Aug 5, 2015

    Date

    Sold (Public Records)

    Public Records

    $17,800,000

    Price

Show More

Tax History for 1121 Echo Park Ave

Assessed Value (2020): $1,407,000
Year Land Value Improved Value Assessed Value
2020 $915,000 $492,000 $1,407,000

Home Value Compared to the Market

This property vs the competition

1121 Echo Park Ave sold on June 17, 2022 for 225.21% higher than the current median sold price for the city of Los Angeles which is $1,190,000. The median sold price per/sqft for Los Angeles is $755 and this home is sold at $394.98 per/sqft which puts the price per square foot 47.68% lower than the current median sale per square foot for the city of Los Angeles.

About 1121 Echo Park Ave

Detailed summary of property

1121 Echo Park Ave is a multi family that recently sold in Los Angeles, CA 90026. This multi family property offered 17 bedrooms, 10 bathrooms, roughly 9,798 living square feet, and sits on an approximately 14,998 square foot lot. 1121 Echo Park Ave was first listed on ArdentRealEstateGroup.com on April 21, 2022. The homeowner sold the property for $3,810,000. Home in Los Angeles are selling for a median price of $1,190,000 and a median price per square foot of $755. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 225.21% higher than the current median priced home. Local homes that are currently for sale include 1050 S Park View St, 1542 N Hoover St and 1542 N Hoover St. While the average home in Los Angeles, CA is selling in 92 days, 1121 Echo Park Ave has a days on market of 58 days. There are currently 3712 homes for sale in the Los Angeles real estate market and 2493 of them are single family homes while 1120 of them are condos and 93 are townhomes. For more information on this home for sale at 1121 Echo Park Ave Los Angeles, CA 90026 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1121 Echo Park Ave

Public county record property details
Beds
4
Baths
4
Year built
1916
Sq. Ft.
4,326
Lot Size
7,498
Stories
--
Type
Quadruplex (4 Units, Any Combination)
Pool
No
Spa
No
County
Los Angeles
Lot#
1
APN
5404-018-009

The source for these homes facts are from public records.

90026 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,300,000
Median List Price/Sq.Ft.
$736
Median Sold Price
$1,450,000
Median Sold Price/Sq.Ft.
$817
Total Inventory
65
Median Sale to List Price %
105.92%
Avg Days on Market
13
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (15.38%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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. 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, 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.

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