1242 Lilac PlLos Angeles, CA 90026

This 7-unit apartment building, located at 1242 Lilac Place in the desirable Echo Park neighborhood of Los Angeles, CA (90026), presents a compelling value-add investment opportunity. The property, built in 1921, consists of two buildings across two stories, encompassing a total of 4,604 square feet on a 5,548 square foot lot. The building comprises five studio and two one-bedroom units, currently generating a NOI of $31,500, with a 3.00% cap rate. However, significant upside potential exists, with a pro-forma NOI projected at $160,183 and a pro-forma cap rate of 15.26%. The asking price is $1,050,000, translating to $150,000 per unit and $228.06 per square foot. The property is zoned LAR4, and permits are currently in "RTI" status for the addition of an Accessory Dwelling Unit (ADU), further enhancing income and appreciation potential. This prime location, north of Sunset Boulevard, offers convenient access to employment centers, retail, nightlife, and entertainment options in Echo Park, Silver Lake, and Downtown Los Angeles. The current rental income represents substantial upside potential through interior renovations, not including the potential ADU income. This presents a rare opportunity to acquire a multifamily property in a highly sought-after Los Angeles submarket at an attractive basis.