$3,050,000
$3,300,000
7.6%For more information regarding the value of a property, please contact us for a free consultation.
7,720 SqFt
SOLD DATE : 02/17/2022
Key Details
Sold Price $3,050,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,720 sqft
Price per Sqft $395
MLS Listing ID 21783748
Sold Date 02/17/22
HOA Y/N No
Year Built 1950
Lot Size 0.664 Acres
Acres 0.6643
Property Description
2743 Waverly Drive is a 2-story, 9-unit value-add multi-family investment opportunity with 52%+ rental upside potential, located in the highly desirable Silver Lake submarket of Los Angeles, just south of Riverside Drive and northeast of Glendale Blvd. Built in 1950, the building is comprised of 1 two-story (3+1.5 townhome), 6 (2+1), and 2 (1+1) units that average approximately 850+ gross square feet. The 7,720 square foot structure is situated on an oversized 28,986 square foot, LARD2-1VL-RIO zoned lot, affording an investor the flexibility to capitalize on the potential addition of accessory dwelling units (ADU) or potential future re-development. The property includes a large rear backyard and central courtyard area with ample outdoor space. There are 9 individual parking garages in the front of the building with a large/accessible communal deck/walkway directly above. The buildings units are bright and spacious, and select units have been upgraded with new laminate wood flooring in the living room and carpet in the bedrooms. All units feature original parquet wood floors in the living rooms, some of which are hidden below laminate wood or carpet flooring. Second floor units offer sweeping, picturesque views of the San Bernardino Mountains and the Silver Lake Hills. The property is separately metered for gas & electric. With a Walk Score of 80, the property's Silver Lake location, near the Rowena Ave and Glendale Blvd intersection and 0.5 miles from the north edge of the Silver Lake Reservoir, offers residents easy access to the countless shopping, dining, entertainment, and recreation options of Silver Lake, Sunset Junction, Los Feliz, Atwater Village, and the revitalized Downtown Los Angeles is less than 4 miles to the south. The building is 0.4 miles south of the 5 freeway, 1.2 miles north of the 2, 2.8 miles north of the 101 and 3.3 miles northwest of the 110. 2743 Waverly Drive is well-positioned for a skilled value-add investor to implement a high-end unit/common area renovation program optimizing market rents, appreciation, and future returns.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LARD2-1VL-RIO
Rooms
Other Rooms Sheds
Ensuite Laundry None
Interior
Interior Features CeilingFans
Laundry Location None
Heating Gravity, WallFurnace
Flooring Carpet, Laminate, Tile
Fireplace No
Laundry None
Exterior
Garage DoorSingle, Garage
Garage Spaces 9.0
Carport Spaces 9
Garage Description 9.0
Pool None
View Y/N Yes
View CityLights, Hills, Mountains
Parking Type DoorSingle, Garage
Total Parking Spaces 9
Private Pool No
Building
Lot Description BackYard
Faces South
Story 2
Additional Building Sheds
New Construction No
Others
Senior Community No
Tax ID 5438024018
Special Listing Condition Standard
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Bought with Matthew R. Kanner • Keller Williams Realty Los Feliz