Property Highlights

  • All Two-Bedroom Apartments
  • Non-Rent Controlled (1990 Built)
  • Low Current Rents-Great Upside
  • Ample Secured Underground Parking
  • Steps to Restaurants and Cafes
  • Gentrifying Echo Park Location

Property Description

1626 West Palo Alto Street is an eight-unit, garden-style apartment community located in the trendy and gentrifying Echo Park neighborhood of

Los Angeles, California. Built in 1990, the property is exempt from the city of Los Angeles Rent Stabilization Ordinance (not subject to rent control) and consists of a three-story building (two-stories above subterranean parking) with stucco exteriors and a pitched roof with composition shingles. Situated on a slightly elevated lot encompassing approximately 5,999 square feet, 1626 West Palo Alto Street consists of all two-bedroom units measuring approximately 700 square feet each. The property is individually metered for gas and electricity and is situated on a street to alley lot adjacent to new construction.

 

The property is a true value-added opportunity as the current long-term owner has not cosmetically renovated the property in over 20 years. Therefore, because the property is exempt from rent control restrictions, there is an opportunity for a new owner to renovate the units and the exterior of the property to increase the units drastically. The average current two-bedroom rent at the property is $1,739 per month and the adjacent property is leasing two-bedroom apartments for over $3,000 per month. 

 

This community offers amenities which include:

  • Gated / Controlled Access
  • Community Mailbox Area at Entrance
  • On-site Laundry Facility
  • Parking Garage

1626 West Palo Alto Street units are light and bright and feature amenities which include:

  • Kitchen with Refrigerator, Stove, Double-Sink, Disposal, and Plenty of Cabinet and Counter space
  • Window Coverings, Carpeting, Large Closets, and Lighted Ceiling Fan
  • Spacious Living Area, and Full-Size Bathroom with Tub and Shower
  • Select Units with a Balcony and Sliding Glass Doors
  • Air Conditioning

Location Description

Maps / Aerial

Contact Us To Learn More

Brent Sprenkle

Senior Managing Director

phone: 310.470.4892

email: brent.sprenkle@berkadia.com

CA BRE License #01290116

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116.  For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx

South Bay Los Angeles Office

2321 Rosecrans Avenue, Suite 3235

El Segundo, California 90245 // T. 310.470-4892

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