2612 Locksley Pl, Los Angeles, CA 90039

Property Description

2612-2618 1/2 Locksley Place is a beautifully maintained Traditional style apartment property in the heart of prime Silver Lake. The rare offering is comprised of two separate legal parcels and combines a stable existing income stream with two units delivered vacant at the close of escrow. 7 of the units are occupied, 6 are on month-to-month tenancies. In-place income is $225,135 annually; add the projected income from the 2 vacant units and annual income is estimated at $283,935. The two vacant units carry no rent-stabilized ceiling on initial rent, allowing the buyer to establish market rents at the outset and reset the property's income basis without waiting for turnover. Eight single garages serve the property, and most units are equipped with an owner-supplied stove and refrigerator. Every unit has its own ductless mini-split system and water heater. Many units enjoy hillside views and 2 units have bedroom balconies. The exterior has been freshly painted and is beautifully landscaped. Interiors retain their 1938 character featuring hardwood floors, period moldings and accents, and vintage tiled kitchens and bathrooms. The offering includes two 4 unit buildings plus an additional nonconforming unit that has been rented continuously for many years and is now vacant. The tax records, Department of City Planning Property Profile Report, RSO Statement Of Registration reflect this unit. The original Certificate of Occupancy for the buildings reflects a total of 8 units. Offered for the first time in 46 years, this is a rare opportunity to acquire a character property in a prime Silver Lake location with immediate upside from the two vacant units and additional future potential. Two separate legal parcels, give a buyer the flexibility to investigate possible ADU development and/or the potential to sell the parcels separately. Buyer to independently investigate and verify all development, ADU, subdivision and resale possibilities. 5438-016-005 and 5438-016-006 included in the sale.