Description
4473-4481 Santa Monica Blvd, 1110-1114 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 45%, without tenant buy-out or relocation agreements. The main 12,662 Square Foot building consists of 5 retail spaces on the first floor, with one 1,050 SF vacancy. 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.
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.
The adjacent Duplex at 1118-1120 N. Virgil Avenue can be purchased for an additional $1,000,000. 1118-1120 N. Virgil avenue is 1,424 Sq.Ft. building on a 6.010 Sq.Ft. lot zoned R2. If both parcels are purchased together, the total lot size is 25,568 Sq.Ft. 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.
