1639 Micheltorena Street,Los Angeles, CA 90026
Los Angeles, CA 90026
Description
We are pleased to present 1637-1639 Micheltorena Street, an 8-unit apartment community located in the heart of prime Silver Lake, one of Los Angeles' most sought-after rental submarkets. The property has undergone a comprehensive redevelopment, with 7 of the 8 units either fully gut-renovated or newly constructed in 2023, offering a largely new asset with modern systems and future upside. The unit mix is spread across three separate buildings. The front building consists of five units (four 1-bed/1-bath units and one 2-bed/1-bath unit). The rear of the property features a freestanding 3-bed/2-bath home with central heat/AC along with a 2023-constructed duplex comprised of a 3-bed/2-bath unit and a 1-bed/1-bath unit. The two new-construction units are not subject to rent control, providing operational flexibility and long-term income upside. Renovated units feature luxury vinyl plank flooring, quartz countertops, custom cabinetry, stainless steel appliances, designer tile, in-unit washer/dryers, and upgraded heat/AC systems. Major capital improvements include new electrical, plumbing, drain lines, windows, and doors, significantly reducing near-term cap-ex exposure. Two of the three buildings also feature new roofs, and all structures were refreshed with smooth stucco exteriors. The exterior was redesigned with drought-tolerant landscaping, a newly poured driveway, and 7 on-site parking spaces. Located just steps from the Silver Lake Reservoir, Micheltorena Street is one of the neighborhood's most iconic and desirable addresses. Residents enjoy immediate access to some of Silver Lake's most acclaimed dining, shopping, and lifestyle amenities, as well as everyday conveniences all within moments of the property. Offered at a current 6.20% cap rate, this is a rare opportunity to acquire a largely new, high-quality asset in one of Los Angeles' most sought-after rental submarkets.
Details
| MLS # | 26641949 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1928 |
| Days On Site | 246 |
| Listing Provided By | Realty Investment Advisors, Inc. | Benjamin J. Hsiang |
Features
| Bed(s) | 13 |
|---|---|
| Bath(s) | 10 |
| SQ Feet | 5,594 |
| Car Port | Yes |
| Story(s) | 2 |
| Units | 8 |
| Building(s) | 3 |
| Zoning | LAR2 |
| Acreage | 0.20 |
Interior
| Heating | Central |
|---|---|
| Heating Yes / No | Yes |
Parking
| Parking Features | Assigned, Carport |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90026 |
| Area | C21 Silver Lake Echo Park |
| Listing VS Median (in 90026) | |
Price: $2,995,000 low | high Med: $1,050,000 sqft: 5,594 low | high Med: 1,728 $ / sqft: $535 low | high Med: $608 On site: 246 low | high Med: 16 | |
Market Activity 90026
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90026 |
| Area | C21 Silver Lake Echo Park |
| Listing VS Median (in 90026) | |
Price: $2,995,000 low | high Med: $1,050,000 sqft: 5,594 low | high Med: 1,728 $ / sqft: $535 low | high Med: $608 On site: 246 low | high Med: 16 | |
