Recently sold property of similar condition down the street sold for $842.16 per sq. ft. (2925 Bellevue). This lot is nearly 3x bigger and has an additional unit + 3 car garage! Heart of Silverlake, with Silverlake Address right off Sunset Blvd. One of the best walkable neighborhoods next to remodeled properties. 3 Separate Units on a flat rectangle lot, perfect for new construction or rehab with TIC! A 3-car garage can be easily converted to a 2 bed/1 bath or large 1/1. Or it can be combined with the top unit for a separated large single home. Large space in front to add additional parking, garage, or greenspace. Front house is a 2 bed 1 bath property with expanded area in the rear. There is a 1 bed/1 bath separate unit in the middle of the property. Units are separately metered for electricity and gas. Individual water heaters and laundry. In the rear is a spacious 1 bed/1 bath unit above a large 3-car garage. The area in front of this unit has room to fit 3-4 cars parked or can be convereted to expand either unit. The property can be delivered completely VACANT, ready for rehab, conversion, or TIC. Occidental is a highly desirable neighborhood, less than a minute walk from top rated Bagel Shop, the Harbor, and other well-established locations. The properties in the area have undergone major updates, so this is one of the last opportunities for a value-add in this neighborhood. Assumable FHA financing at 3% rate is available for around $830K, and the seller is open to negotiating a partial seller-financing term. The assumable loan itself is worth over $575,000 compared to a 7% mortgage rate! Fully rehabbed 4 unit TIC property would generate up to $3 million based on recent comps (705 N Hoover St and 3903 Melrose Ave) Or the lot can be converted to 8-10 unit Condos, or a large single family home. Close to the best restaurants, bars, coffee shops, entertainment venues: Erewhon, Bar Stella, Silverlake Ramen, Sweetgreen, Pine & Crane, Alfred Coffee, and Mohawk General. 2.5% Buyer's agent Commission. 2 Units can be delivered vacant at COE. Back unit 1/1 will be vacant on August 3rd. If you are a seller's agent: I am not looking for an agent right now. If you have experience with TIC/Ellis properties, feel free to submit a proposal. Only non-exclusive agreements at 4% will be looked at. Must have experience with RSO properties (and familiar with Ellis Act) Viewings scheduled for 3/14 and 3/15. More viewings will be set at a later date. Contact LibertyPropertyUSA@gmail.com 323 696 0770
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