315 & 323 N Virgil Ave, Los Angeles, CA 90004

12 Units Across Two Parcels in Rampart Village | 54% Rental Upside | One Vacant Unit & ADU Potential

Download Offering Memorandum

$2,150,000

Property Highlights

Two adjacent 6-unit properties built in 1963
Mix consists of (12) 2-bedroom / 1-bathroom units
Two units have recently been renovated with updated stainless steel appliances, kitchens, baths, and cabinets
Individually metered for gas and electricity
Close proximity to Silver Lake and Echo Park
Strong detached ADU potential with SB-1211
Sits on the north end of Rampart Village by Silver Lake
Fully rented & offered at a 6% cap on actual expenses
Value-add deal - current rents 56% below market
Each unit has one parking spot in the rear of property
39 windows replaced with dual glaze in 2015 per LADS permit records
Both buildings were re-roofed in 2014 (Per LADBS)

The Opportunity

The Glaser Group is pleased to present 315 & 323 N Virgil Ave, two adjacent 6-unit properties offered together as a 12-unit portfolio situated on a corner lot in Rampart Village, on the northern edge of the neighborhood where it meets Silver Lake. Built in 1963 and consisting entirely of (12) 2BD/1BA units, the offering provides investors with a rare opportunity to acquire a uniformly configured, income-producing asset with substantial rental upside in one of Los Angeles's most supply-constrained rental corridors.

The combined buildings total approximately 9,594 square feet of building area on a 13,416 square foot lot, with each unit carrying one dedicated parking space at the rear of the property. Two units have been recently renovated with updated stainless steel appliances, new kitchens, bathrooms, and cabinetry. All units are individually metered for gas and electricity. Current rents sit approximately 56% below market, and all units are currently rented.

Capital improvements include 39 dual-glaze replacement windows installed in 2015 and new roofs on both buildings completed in 2014, both per LADBS permit records. The detached parking configuration presents strong ADU potential under SB-1211 (Buyer to Verify).

Located on the north end of Rampart Village just steps from Silver Lake and Echo Park, and two blocks from the LA Metro Red Line, the property benefits from the sustained rental demand and continued appreciation driven by two of the Eastside's most desirable and land-constrained neighborhoods.