1118-1120 Sanborn Ave | 5-Unit Silver Lake Apartments, Steps to Sunset Junction

Description:

1118-1120 Sanborn Ave is a rare five-unit Silver Lake investment, one parcel north of Sunset Blvd and steps from Sunset Junction. The property consists of one freestanding two-bedroom, two-bath house of about 1,250 SF and four one-bedroom, one-bath units in two 1920s duplexes, across three buildings on a 6,250 SF lot (3,110 SF of building area, LARD2 zoning).

All five units are occupied. In-place rents are roughly 33% below market, and the freestanding house offers an owner-occupier opportunity through the landlord occupancy provision of the Los Angeles Rent Stabilization Ordinance.

OFFERING
- Price: $1,595,000 ($319,000 per unit, $513 per SF)
- In-place cap rate: 6.20% and 12.21 GRM
- Cap rate at market rents: 8.59%
- In-place NOI: $98,938, rising to $137,079 at market rents

HIGHLIGHTS
- Prime Silver Lake location with upwards of 20 restaurants and bars within two blocks
- Value-add upside: in-place rents roughly 33.2% below market
- Priced below sales comparables on a per-unit basis, with a 6.20% cap rate against a comparable average of 5.27%
- Excellent unit mix: one stand-alone 2-bed/2-bath house and four 1-bed/1-bath duplex units
- Recent improvements: new or recent roofs on both duplexes, tankless water heaters in the duplex units, upgraded electrical service to the house, and fully rebuilt rear decks and patio
- Expansion potential: the large rebuilt patio may allow added living area or an ADU, subject to buyer due diligence
- Low utility costs: tenants pay for trash

Listed by Josh Kaplan (310.405.1890, DRE 01934177) and Troy Lucero (310.339.5477, DRE 02015705), Highlight Multifamily Group at Equity Union Commercial. Full details and offering memorandum request: highlightreg.com/listings/1118-1120-sanborn-ave-los-angeles-ca-90029/