2916 Marathon StLos Angeles, CA 90026

Property Details for 2916 Marathon St

Year built

1921

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

4,468 SF

Zone code

LARD1.5

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5401-027-014

APU

5401027014

Description

This exceptional 5-unit apartment building presents a compelling value-add opportunity in the highly desirable Silver Lake neighborhood of Los Angeles, CA. The property, located at 2916 Marathon St and 756 Parkman Ave, boasts a charming Spanish-style architectural design, featuring a four-plex and a separate cottage. The four-plex units each offer one bedroom and one bathroom, complete with hardwood floors, arched doorways, in-unit laundry, and French multi-paned windows. The cottage unit provides two bedrooms, one bathroom, a bonus garage-studio space, and three decks. The property sits on a 7,783 sq ft lot and encompasses a total of 4,468 sq ft of living space. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $139,150, with a pro-forma NOI projected at $193,878, representing a 5.46% current cap rate and a 7.60% pro-forma cap rate. The asking price is $2,550,000, or $510,000 per unit. The property features assigned detached garages and alley parking, along with a serene courtyard with a mosaic fountain. Its prime location offers easy access to Silver Lake's vibrant amenities, including restaurants, shops, and recreational areas like Silver Lake Reservoir and Griffith Park. The property is zoned RD1.5 and was built in 1921. The sale is structured as a 1031 exchange, and the property is sold "as is." Buyer is responsible for adhering to the seller's 1031 exchange closing timeline. Do not disturb occupants.

• CAP approach

  CAP return

  Valuation

  6%

  $1,634,157

  6.5%

  $1,508,453

  7%

  $1,400,706

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,316,934

  Geo Method

  $1,316,934

• Alternative Use

  Use

  Valuation

  Residential

  $1,508,453

  Hospitality

  $1,381,735

  Educational

  $1,149,587

  Medical

  $1,189,123

  Retail

  $1,788,246

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0802

Longitude

-118.275

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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