January 2014 Echo Park Home Sales

January 2014 Echo Park Home Sales

Echo Park sales for January 2014 were feverish for investors, with 7 income properties bought and 3 single-family dwellings sold.

An 8-unit 1980’s Elysian Park apartment building, a stone’s throw and block down from Dodgertown, sold for a cool $1.225MM.  4 units were 1 bed, 1 bath, while the other 4 were 2 beds, 1 bath — mostly with below-market rents.  While the stuccoed beige and red building does not exude charm, someone is banking on rent increases and a tax shelter.  Perched on a hilltop, views of DTLA can be seen while exiting your abode.

1240 Elysian Park - Sold at $1,225,000

1240 Elysian Park – Sold at $1,225,000

On the far western side of Echo Park, a triplex in Rampart Village sold for an amazing $385,000!  All 3 units comprised of 2 bed, 1 bath — positioned inside a side-by-side duplex and a freestanding bungalow at the rear.  Zoned R3 and sold with all below-market, month-to-month tenants, it’s possible an investor might develop the parcel for its land value.

2835 Hyans - Sold at $385,000

2835 Hyans – Sold at $385,000

Angeleno Heights, the veritable jewel box of Echo Park, boasted 3 income property sales — 1 gorgeous Victorian and 2 Craftsman bungalows.

843 E. Kensignton - Sold at $1.1MM

843 E. Kensignton – Sold at $1.1MM

The painted lady at 843 E. Kensington Road, a purple 2-story 3+2.5 Victorian with amazing woodwork, came with a freestanding 1+1 studio rental (monthly rent for $1,800) that complemented the main house and sold for an expected $1,100,000.

843 Kensington Guest Front 2

A Craftsman bungalow at 1031 W. Kensington Road, with $600k in improvements and 2+2 units commanding $2,600 per month in rent, sold for a respectable $1.095MM.

1031 W. Kensington Road - Sold at $1,095,000

1031 W. Kensington Road – Sold at $1,095,000

The triplex at 938 E. Edgeware, built in 1990, but with the design of an older Craftsman, sold for $975,000 with strong market rents.

For those who like columns and numbers, a recap of the 10 sales are listed below.

January 2014 - Echo Park Income Properties

January 2014 - Echo Park Single Family Homes

If you’re curious about the value of your income-producing property or your home, feel free to email jovelle@jovelle.com for a market analysis.

 

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