Description
4473-4481 Santa Monica Blvd,1114-1120 N Virgil “SV Plaza” presents a generational opportunity to acquire a large hard corner parcel in rapidly gentrifying Virgil Village. An investor can potentially increase rental income by 217%, without tenant buy-out or relocation agreements. The main 12,662 Square Foot building consists of 5 retail spaces on the first floor, two of which are vacant. The second floor consists of 4 1,000+ SF Apartment Units and an Office. As the building was built in 2005, the apartments are not subject to City or State rent control and can immediately be repositioned. All second floor tenants are month to month.
1118-1120 N Virgil is a duplex built in 1908. Seller can deliver it vacant at close of escrow to allow for a Buyer to perform renovations. Additionally, an ADU can be built for additional income, or parking can be made available to 4473-4481 Santa Monica Blvd tenants.
Virgil Village has attracted young families, millennials, and East Coast transplants due to an influx of accomplished chefs and proximity to Los Feliz and Silverlake.
The property is across the street from a popular bar The Virgil, and a 5 minute walk from Erehwon. Virgil Village is a dining destination with renowned cafes Sqirl, Melody, Courage Bagels and Kinkan. SV Plaza is a short distance from the Santa Monica Blvd/Vermont Metro and the 101 Freeway.
