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1/22/18
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Niagara Apartments, a 10-unit apartment property located in L.A.’s Echo Park neighborhood near downtown, sold for $2.03 mil, or $202.5k/unit.
Originally built in 1960, the single building, two-story property is located at 1315 Montana St on a residential hillside street near Dodger Stadium, Elysian Park, Victory Grove and just a short drive to Echo Park Lake. It consists of six one-bedroom and four studio units.
Mark Ventre with Stepp Commercial represented the buyer, a private investor, in the transaction. The seller was a private trust. The property closed at a 2.5% cap rate.
“This pocket of Echo Park adjacent to Angelino Heights is one of Los Angeles’ historic neighborhoods that is quickly gentrifying as nearby communities like Silver Lake, Downtown, Los Feliz and Hollywood continue to see dramatic new development and parallel rent increases,” said Ventre. “This buyer is a seasoned value-add investor, and this particular asset is primed for a significant repositioning that when complete will elevate the currently underperforming rents to market-making rates.”
Echo Park is a unique, historic neighborhood that is known for its vibrant street murals and a lively nightlife scene. Indie music venues, trendy bars and taco trucks can be found along Sunset Boulevard, along with coffee shops, vegan eats and quirky boutiques, making it one of Los Angeles’ most engaging neighborhoods.
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