1900 Dracena Los Feliz mid-century apartment with palm tree and textured concrete pillars.

SUCCESS STORY

8-Unit Sale in Los Feliz for $450K PPU

1900 Dracena Dr.

Escrow opened one month after the Seller signed the listing agreement. Despite several DD obstacles, the KST got the deal to the finish line.

Offering Price
$3,600,000

City

Los Feliz

Current CAP

3.99

Price per unit

$450,000

Lot Size

6,589 SF

1900 dracena

About the Property

Located on a spacious corner lot 2 blocks west of Hillhurst Ave, 1900 Dracena resided within walking distance of some of the best eating, dining and nightlife options Los Feliz has to offer. Built in 1965, the two-story building featured (6) 2-bdrm. and 2-bath units and (2) 1-bdrm. units. Property amenities included a gated, subterranean garage (7 enclosed spaces and 1 open space) and a community laundry room.

Offering Price

$3,600,000

Number of Units

8 Units

Bldg. Size

7,442 SF

Price per Foot

$484

Year Built

1965

Market CAP

N/A

Zoning

LAR2

Background

Located in the family-friendly and ultra-hip Los Feliz submarket, just 2 blocks west of Hillhurst Ave, this 8-unit stabilized property serves as an ideal 'Grade A' investment for years to come. Despite the long-term promise, the Seller wanted to diversify their portfolio and cash out.

1900 Dracena Los Feliz mid-century apartment with palm tree and textured concrete pillars.
1900 Dracena Los Feliz mid-century apartment with palm tree and textured concrete pillars.
1900 Dracena Los Feliz mid-century apartment with palm tree and textured concrete pillars.

Result

Escrow opened one month after signing the listing agreement. Despite multiple obstacles during the DD period, such as resolving unpermitted work, escrow closed 60 days later at $3,600,000. The Sellers were thrilled that KST was able to get the deal to the finish line.

Mid-century apartment complex 1900 Dracena in Los Feliz with white walls and parked cars.
Mid-century apartment complex 1900 Dracena in Los Feliz with white walls and parked cars.
Mid-century apartment complex 1900 Dracena in Los Feliz with white walls and parked cars.

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Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.