3209 Descanso Dr, Los Angeles, CA 90026

Property Description

We are pleased to present 3209 Descanso Drive, a 17-unit apartment building in the heart of Silver Lake, situated at the corner of Descanso Drive and Larissa Drive just off Sunset Boulevard. The unit mix consists of nine singles, seven one-bedroom units, and a newly completed two-bedroom, two bath ADU in the basement. The ADU is currently vacant, giving a buyer the opportunity to lease it at market rent immediately upon closing. Offered at $3,500,000, the property is priced at a 6.58% CAP rate and 9.79 GRM on current income, with approximately 23% rental upside to an 8.70% CAP rate on pro forma rents. Attractive assumable financing is also available. Please consult the listing agent for further details. Ownership has made substantial capital investments in the building, including new front entry stairs completed in compliance with SB 721 balcony inspection requirements, stucco repair, full exterior paint, a new perimeter fence, a video intercom access control system, and wall heater replacements across nine units. RUBS is in place, and a common area laundry room offers two washers and two dryers. Select units have been renovated upon turnover with luxury vinyl plank flooring, fresh paint, updated lighting fixtures, stainless steel appliances, tiled bathrooms, and custom cabinetry, including one unit fully renovated from its original condition. The property is within walking distance of the dining, retail, and nightlife along Sunset Boulevard, including Pine & Crane, Bacari Silver Lake, Intelligentsia Coffee, and Erewhon. With a Walk Score of 96 (Walker's Paradise), residents can handle most daily errands on foot, and the location offers multiple Metro bus lines along Sunset and the Metro B Line approximately one mile away. Silver Lake remains one of the most sought-after rental markets on the Eastside, drawing young professionals, creatives, and families with its walkable village character and dense concentration of restaurants, boutiques, and coffee shops along the Sunset corridor.