Growth Investment Group California is proud to present Branden Silver Lake, a very well-located value-add 5-unit apartment building in the highly desirable area of Silver Lake. This offering provides a rare opportunity for owner-user or savvy investors to get into the highly desirable Silver Lake apartment market and immediately add value through 2 ADUs built-up (plan approved, permits pulled). Located on a quiet cul-de-sac residential street, but crossing Glendale Blvd, this property offers an exceptional location just minutes away from Silver Lake and other amenities nearby. It is adjacent to a NEW multi-million-dollar small lot subdivision and nearby many new residential developments in the area.
The property consists of a free standing SFR with 4 unit building in the back and include approved plans (SHOVEL READY!) for 2 ADU’s in the rear parking area of the property. The front single-family residence is a completely renovated 3-bedroom 2 bath house, while the back building consists of a fourplex that contains all 1-bedroom units (1 unit upgraded). The property has a total of 3307 sf and is situated on a 7,290-sf lot. The front house which has been completely upgraded was built in 1907, and the back fourplex was built in 1960.
The new owner can continue with the proven value add process as the asset has an estimated 31%+/- rental upside by implementing a renovation plan on the remaining 1-bedroom units, not to mention the upside created with the new ADU’s in the back. The property has a long driveway in the front, enough for at least 3 cars, while in the rear there’s access from the next street via an alley easement to additional parking for the 4-plex and has space for the new ADU’s to be constructed. The recently upgraded 1 bedroom received modern upgrades, including Washer/ Dryer in unit. There yard has minimal maintenance, is individually metered for gas / electricity, and the tenants are responsible for their own trash in the 4-Plx.
The neighboring property has new construction of small lot condo’s which really give the area a nice facelift and show the future growth of the neighborhood. There’s also a new high-end apartment building “Zag” across the street on Glendale Blvd. The property offers a skyline view of the buildings downtown, and has proximity to Sunset Blvd, the Sunset Junction, and all that Silverlake / Echo Park have to offer. This is a great opportunity to get into the Silverlake multifamily market and the properties pricing creates great potential for an investor to generate a good return on current income or satisfy a 1031 Exchange!
Location Amenities and Access
Silver Lake is the in place for the hip crowd, offering plenty of trendy bars and clubs, vegan cafés, indie music venues, coffee shops, boutique shops, and Asian fusion eateries. It's attractive to architecture fans for its modernist buildings. It also offers Silver Lake itself, a reservoir with a dog park, walking trail, and green space where people can go to escape the hustle and bustle of the city. Silver Lake itself is also a major feature of the area. This man-made lake offers a 2.2-mile, heavily trafficked hiking and biking trail that's rated as a great challenge for outdoor adventurers of all skill levels. It's a serene walking area where you can escape from the busy crowds of downtown L.A. and just get back to nature. The reservoir is accessible year-round and is a popular destination with visitors and locals alike for its open green space.
Silver Lake is a neighborhood that fully embraces its hipster lifestyle and community. If you're looking for exciting food and cocktail scene, you'll find it here. It's become something of a foodie destination in L.A. and offers a strong sense of cultural identity that has made it a very trendy place to be. It's been a cultural destination for at least 10 years, but the latest dining and nightlife additions have made it even more popular.
Silver Lake has seen many developments over the years, starting in 1904 when the Fletcher Drive Viaduct was constructed for the Pacific Electric Railway Company—the iconic Red Cars. By the 1930s, Walt Disney had built his first studio here at Hyperion Avenue, which is why the studio uses the term Hyperion in its imprints to this very day. Through the '60s, the area hosted a strong Latino community.
Silver Lake overall is a diverse and welcoming community that's family-friendly. It is also by and large a dog-friendly community, and the reservoir is considered a dog-friendly park. Dogs must be kept on leashes, however, and most businesses won't allow dogs inside unless they are service animals. While the trail around the reservoir allows bicycles, it's primarily used for hiking and jogging, so bikers should be aware of their surroundings.