Executive Summary

The Neema Group of Marcus & Millichap is pleased to present 3209 Descanso Drive, a 17-unit apartment community located in the Silver Lake neighborhood of Los Angeles, located on the corner of Descanso Dr and Larissa Dr, just off of Sunset Blvd.
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The property consists of nine singles, seven one-bedrooms, and one two-bedroom ADU in the basement that is currently under construction and is scheduled to be completed in April 2026.
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Many units have undergone interior renovations including luxury vinyl plank flooring, new paint, lighting fixtures, stainless steel appliances, tile bathrooms, and custom cabinetry.
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There is strong existing cash flow with the property being offered at a 6.49% CAP rate and 9.68 GRM on current income.
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Ownership has completed recent common area capital improvements such as new entrance stairs, exterior paint, new fence, new access control video intercom system and wall heater replacement for select units. There is also RUBS in place, and a common area laundry room with two washers and two dryers.
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Within walking distance to neighborhood restaurants, retail, and entertainment venues along Sunset Blvd—including Pine & Crane, Bacari Silver Lake, Intelligentsia Coffee, and Erewhon Market—the property provides convenient access to surrounding Silver Lake amenities. The asset features a Walk Score of 96 (“Walker’s Paradise”), allowing residents to accomplish most daily errands without a vehicle, and is one mile from the Metro Red rail line and steps to multiple Metro local lines on Sunset Blvd.
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Silver Lake continues to attract a mix of young professionals, creatives, and families drawn to its neighborhood feel and concentration of restaurants, boutiques, coffee shops, and entertainment along the Sunset corridor.