28-Bedroom Residential Income - 1316 Virgil Place, Los Angeles, CA

Description

We are pleased to present 1316-1324 Virgil Pl, an 18-unit multifamily property of charming 1920s bungalow-style buildings on a large 18,552 SF lot in East Hollywood. The two lots are directly adjacent to and surrounded by property owned by Children's Hospital Los Angeles (CHLA). The property consists of seven charming 1920s bungalow-style buildings (built 1922 to 1924), totaling 7,844 SF, on two contiguous parcels (Lots 35 and 36) with rent roll unit addresses from 1316 to 1324 Virgil Pl. APN 5542-010-016 holds three buildings with 11 units (3,564 SF) and APN 5542-010-017 holds four buildings with 7 units (4,280 SF), per assessor and ZIMAS records. The unit mix is 2 studios, 8 one-bedroom units, 4 two-bedroom units, two 3 bed / 1 bath units and two 3 bed / 2 bath units. 17 of 18 units are occupied; the one vacant unit is a studio (1316 1/4) offered at $1,400. Scheduled rent is $24,776 per month ($297,312 per year), including the vacant studio at its asking rent. All 18 units are subject to the Los Angeles Rent Stabilization Ordinance (RSO). Large rental upside. In-place rents are well below current East Hollywood market rents, offering large rental upside upon unit turnover under the RSO. The lot totals approximately 18,552 SF (0.43 acres), zoned C4-1 with a General Commercial land use designation, in Transit Oriented Communities Tier 3. ZI-2512 (Housing Element Sites) and ZI-2452 (Transit Priority Area) apply to both parcels; ZI-2534 applies to APN 5542-010-017 only. The property sits in East Hollywood near Sunset Boulevard and Vermont Avenue, within the Hollywood Community Plan area and close to Los Feliz and Silver Lake. It is 0.2 miles from the main Children's Hospital Los Angeles campus and Hollywood Presbyterian Medical Center and 0.3 miles from the Metro B Line Vermont/Sunset Station, with a Walk Score of 94 (Walker's Paradise) and a Transit Score of 71 per walkscore.com. No entitlements are in place or implied. Buyer to verify development potential, TOC incentives, replacement obligations and all zoning matters.

Property details

Location

1316 Virgil Place • Los Angeles, CA 90027

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