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5648 Franklin Ave, Los Feliz, California 90028, Los Feliz, 90028 - 4 bed, 4 bath

5648 Franklin Ave, Los Feliz, California 90028 home-pic-0
ACTIVE$1,670,000
5648 Franklin Ave, Los Feliz, California 90028
4Beds
4Baths
4,624Sqft
5,382Lot
Year Built
1922
Close
-
List price
$1.67M
Original List price
$1.9M
Price/Sqft
$361
HOA
-
Days on market
-
Sold On
-
MLS number
BB24232554
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.67M(50th), sqft - 4624(67th), beds - 4(67th), baths - 4(67th).

Presenting 5648 Franklin Ave and 1857, 1859, 1861 N Gramercy Pl, a remarkable multifamily opportunity. This property consists of four 1-bedroom/1-bathroom apartments. Each unit spans approximately 1,150 square feet and includes in-unit washer and dryer facilities along with one assigned outdoor parking space per unit. The property features separate gas and electricity meters, ensuring independent utility usage and billing. Additionally the property has had a new main sewer line replacement in 2023 and a recently upgraded roof. Please respect tenant privacy and refrain from visiting the property without prior approval. Tenants are unaware of the sale, so kindly avoid any disturbances.

Price History

Date
Event
Price
09/21/21
Sold
$1,487,500
Condition Rating
Poor
Built in 1922, this property is over 100 years old. While the roof and main sewer line have been recently upgraded, there are no interior images or descriptions of renovations to the kitchens, bathrooms, electrical, or plumbing systems within the units. The listing explicitly notes 'Age of Property & Potential Deferred Maintenance' as a weakness, stating that 'other components (e.g., electrical, plumbing, interior finishes) may require significant future investment.' This suggests substantial repairs and rehabilitation are needed for the interior elements and major systems beyond the roof and sewer, aligning with the 'Poor' condition criteria.
Pros & Cons

Pros

Multifamily Investment Opportunity: This quadruplex in the desirable Los Feliz neighborhood presents a strong residential income opportunity with stable rental potential in a high-demand area.
Recent Capital Improvements: Significant recent upgrades, including a new main sewer line in 2023 and a recently upgraded roof, reduce immediate capital expenditure and maintenance concerns for a new owner.
Tenant-Centric Amenities: Each unit offers highly attractive features such as in-unit washer/dryer facilities and an assigned outdoor parking space, enhancing tenant satisfaction and retention.
Independent Utility Management: Separate gas and electricity meters for each unit simplify landlord responsibilities and ensure tenants are directly accountable for their individual utility consumption.
Spacious Units: Each 1-bedroom/1-bathroom unit spans approximately 1,150 square feet, offering exceptionally generous living space for a 1-bedroom apartment, appealing to a broader tenant base.

Cons

Tenant Access & Due Diligence Challenges: The instruction to respect tenant privacy and the fact that tenants are unaware of the sale could complicate property showings, inspections, and thorough due diligence for prospective buyers.
Age of Property & Potential Deferred Maintenance: Built in 1922, the property is over 100 years old. While major systems like the roof and sewer have been updated, other components (e.g., electrical, plumbing, interior finishes) may require significant future investment.
Limited Unit Diversity & Regulatory Environment: All units being 1-bedroom/1-bathroom limits the potential tenant demographic. As a multifamily property in Los Angeles, it is likely subject to stringent rent control and tenant protection ordinances, which can impact rental income growth and management flexibility.

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