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Property Details

Year Built: 1986
Units: 42
Price / Unit: $559,524
Price / SqFt: $512
CAP: 2.80%
GRM: 20.73

Executive Summary


The Neema Group of Marcus & Millichap is pleased to present 2127 Rodney Dr, a generational investment opportunity of a 42-unit apart­ment building in Los Feliz, one of the most coveted rental submarkets in all of Los Angeles, located just south of Los Feliz Blvd between N Vermont Ave and Hillhurst Ave. This is the first time the property has been on the market since it has been developed in 1986, a rare op­portunity to purchase a sizeable asset in this pocket of the submarket with only 21 buildings over 40 units existing north of Franklin Ave. Los Feliz is considered a premier rental market of Los Angeles attracting quality tenants and providing easy access to amenities in Hollywood as well as the 101 & 5 Freeways.

The building features an ideal, rare unit mix of spacious units made up of 24 one-bedrooms (652-871 SF), six one-bedroom lofts (916-931 SF), nine two-bedrooms (951-1,012 SF) and three two-bedroom lofts (1,173-1,202 SF). The unit interiors are well-maintained with central A/C, fireplaces, dishwashers, microwaves, and new flooring and paint in the majority of the units. The rental income provides stable current cash flow to an investor with additional upside over 18% achievable through further interior unit renovations such as recessed lighting and upgraded kitchens and bathrooms. The 1986 construction does not fall within the city of Los Angeles rent control. The property is being offered with favorable assumable financing in-place with current prin­cipal balance of $9.13 MM, interest-only until August 2030 at a 2.82% interest rate.

The property has gated, subterranean and ground-level parking with approximately 82 parking spaces and tenant fob-controlled entry and exit. Furthermore, there is a community laundry room with three washers and dryers. The currently laundry lease with Dadson is nearing expiration, allowing an investor to collect substantial future laundry income.

The property will be delivered with essentially no deferred mainte­nance as the building has been meticulously maintained throughout the years. There is a professional exterior façade and lobby with a secure, intercom entrance leading to an elevator with access to each floor. The common area hallways are in pristine condition and there is a security camera system in-place ensuring safety throughout the building. There is also a community common area patio with two bar­beques and an abundance of seating for tenant’s enjoyment.

The neighborhood of Los Feliz is highly desirable and a densely populated rental market of Los Angeles. Surrounded by multimil­lion-dollar single-family residences north and south of Los Feliz Blvd, the property provides apartment renters the opportunity to reside in an affluent community. The neighborhood borders sprawling Griffith Park, beloved by locals for its hiking, concerts at the Greek Theatre and stargazing at Griffith Observatory.

Area Overview

Silver Lake is a trendy and eclectic neighborhood in Los Angeles located northeast of Downtown in an area once known as Edendale and Ivanhoe. The area has gentrified over the last few years and its pedestrian oriented streets are now filled with sidewalk cafes, coffee shops (Intelligentsia’s first location), dozens of bars, restaurants, and boutique shopping. It was recently voted by Forbes Magazine as the #2 best city neighborhood in the country.

As part of its recent revitalization, Hollywood continues to set the bar in terms of being a major employment hub and highly sought af­ter location for a younger more hip clientele that is looking for a true urban experience. Moreover, with the melding of old Hollywood and today’s tech savvy startups, the area is ripe for continued success in attracting a younger renter demographic.

Following this wave of trendy and eclectic residents is a diverse base of restaurants, bars, nightclubs, and retail shops that bring a wide range of cultural experiences to the area. Within the imme­diate location, residents have the opportunity to walk to nearby restaurants and cafes, take the metro into the heart of Hollywood, or spend the afternoon in an adjacent neighborhood via a short commute.

Three of the most desirable neighborhoods in Los Angeles County include Hollywood, Silver Lake, and Los Feliz. Due to their ideal location and walkability, residents enjoy unparalleled access to a wide variety of employment, entertainment, and cultural experienc­es that few other neighborhoods in Los Angeles can match.

Situated at the foothill of the notable Griffith Park, the Los Feliz neighborhood is a quaint and charming pocket of Los Angeles. Popular with movie stars and those of the entertainment industry since the early 1900s, the area is filled with beautiful art deco, modernist, and mid-century modern homes. Eminent architects like Frank Lloyd Wright and Richard Neutra have left their mark here. The community still draws celebrity, but you’ll be more prone to find creative types, professionals, and families as well. The neighbor­hood has several excellent public schools, which is a rarity in most of Los Angeles.

Bordered on the north by Griffith Park, on the east by Silver Lake, to the south by East Hollywood, and on the west by Hollywood Hills. One of L.A.’s most walkable commercial districts, this col­lection of historic storefronts along Vermont and Hillhurst Avenues has it all, including dive bars, restaurants, a neighborhood movie house, an independent bookstore and hip clothing boutiques.


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