Condominium buy in Adams Square California

Back on Market! Here's the second bite at the apple you've been asking for. Even sweeter now with a new price and a 2nd unit that will be delivered vacant!! Enviably located in the Los Feliz 90027 zipcode yet just a block from Silverlake. Sited on a sprawling lot nearly half an acre in size this 12 unit gem is on the market for the first time in almost 50 years! Verdant, truly "park-like", grounds and stunning views make tenancy here a highly desirable "get" in what is already a super high demand rental area of the city. 2 blocks to the 10 acre "secret" park at the Rowena Reservoir. Walking distance to Gelsons, Trader Joes and all of the great restaurants along Hyperion this property is spectacularly located, convenient to major freeways including the 5, 110, 101 and 2 putting Pasadena, Downtown LA and all of the Valley in easy reach. Built in 1952, all units are graciously proportioned and even include separate service entrances at the kitchen in addition to the front door. It's true, "they don't make them like they used to." Though the income as is, is compelling in itself, let alone the significant upside potential as units become vacant, the enormous 20,000 square foot lot virtually begs exploration and consideration of development opportunitiies. But wait!... for the development-minded Buyer a neighboring 10,000 square foot lot could also be purchased and joined with this one to make a 30,000 square foot parcel or developed on it's own as a small lot subdivision with the possibility of building 6 or 7 townhouse style homes on that single lot. A $1.8M loan is in place and assumable at 4.1% through November of 2024 for a qualified Buyer. That's pretty cheap money right now that could free up cash for significant capital improvements or development plans. 6-2bedroom/1 bath units and 6-1 bedroom/1 bath units. Property will be delivered with 2 vacant units! Completely fenced and gated for security and privacy. On site laundry. 6 - 2 car garages in 3 separate structures including one built with a steel I-beam supporting the roof, which is noted on the architectural plans for the building as a "deck". Copper re-pipe. Drive-by only for now. Make offer subject to interior inspection.., but don't hesitate!! Call with questions. MLS® ID: 22172485 Listed: 7/4/22 Updated: 10/14/22 Interior Features Kitchen Appliances: Refrigerator Total Bedrooms: 18 Total Bathrooms: 12 Floor Description: Carpet, Wood Cooling: None Heating: Wall Furnace Exterior/Building Features Lot Size: 0.45 acres lot Exterior Features: Shed(s) Architectural Style: Traditional Other Property Details Area Name: 637 - Los Feliz Garage: Yes Garage Spaces: 12 Parking: Detached Carport, Garage, Garage Door Opener Parking Total: 12.0 View: Y County: Los Angeles Pool: No Total Stories: 2 Zoning: LAR2 Property History Date Event Price Value 9/21/22 Active Under Contract - - 9/8/22 Active - - 9/8/22 Price Change $4,195,000 -4% 8/2/22 Active Under Contract - - Courtesy of Keller Williams Larchmont, Horace Davenport, Listing Contact: Based on information from California Regional Multiple Listing Service, Inc. as of 10/14/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.