2743 Waverly Dr, Los Angeles, CA 90039

Property Description

2743 Waverly Drive is a 2-story, 9-unit value-add multi-family investment opportunity with 52%+ rental upside potential, located in the highly desirable Silver Lake submarket of Los Angeles, just south of Riverside Drive and northeast of Glendale Blvd. Built in 1950, the building is comprised of 1 two-story (3+1.5 townhome), 6 (2+1), and 2 (1+1) units that average approximately 850+ gross square feet. The 7,720 square foot structure is situated on an oversized 28,986 square foot, LARD2-1VL-RIO zoned lot, affording an investor the flexibility to capitalize on the potential addition of accessory dwelling units (ADU) or potential future re-development. The property includes a large rear backyard and central courtyard area with ample outdoor space. There are 9 individual parking garages in the front of the building with a large/accessible communal deck/walkway directly above. The buildings units are bright and spacious, and select units have been upgraded with new laminate wood flooring in the living room and carpet in the bedrooms. All units feature original parquet wood floors in the living rooms, some of which are hidden below laminate wood or carpet flooring. Second floor units offer sweeping, picturesque views of the San Bernardino Mountains and the Silver Lake Hills. The property is separately metered for gas & electric. With a Walk Score of 80, the property's Silver Lake location, near the Rowena Ave and Glendale Blvd intersection and 0.5 miles from the north edge of the Silver Lake Reservoir, offers residents easy access to the countless shopping, dining, entertainment, and recreation options of Silver Lake, Sunset Junction, Los Feliz, Atwater Village, and the revitalized Downtown Los Angeles is less than 4 miles to the south. The building is 0.4 miles south of the 5 freeway, 1.2 miles north of the 2, 2.8 miles north of the 101 and 3.3 miles northwest of the 110. 2743 Waverly Drive is well-positioned for a skilled value-add investor to implement a high-end unit/common area renovation program optimizing market rents, appreciation, and future returns.