Listing Detail

3348 Descanso Dr, Los Angeles, CA

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Investment Highlights

  • Rare Opportunity to Reposition an Entire 13,319-SF Residential Building in Los Angeles’ Sought-After Silver Lake Neighborhood

  • Excellent Location Near Sunset Boulevard and Surrounded by Million-Dollar Homes

  • Currently Operated as a 27-Room Care Facility With Jack-and-Jill Bathrooms

  • Building Features a Rooftop Deck With Enviable Views and a Spacious Patio That Stretches the Entire Length of the Property

  • Potential for a New Investor to Reposition the Asset to a New Use or Lease to a New Operator

3348 Descanso Dr

Los Angeles, CA

27

Units 

$4,200,000

List Price

$315

Price/SF

N/A

Cap Rate

Investment Overview

The Bogie Group of Marcus & Millichap is pleased to present to market 3348 Descanso Drive, a rare and unique opportunity to reposition an entire 13,319-square foot care facility surrounded by million-dollar homes in Los Angeles’ sought-after Silver Lake neighborhood.
The building is a three-story, 1964 construction that is currently operated as a 27-room board and care facility by a single-operator tenant on a month-to-month NNN lease. The tenant is aware of the sale and has stated they are willing to vacate at any time, making this an excellent value-add opportunity.

The building’s current layout is as follows: the ground floor features a large commercial kitchen, laundry facility, storage room, two traditional apartment units, and a large patio that stretches the length of the property. The second floor offers 16 rooms of similar size, with pairs of rooms sharing jack-and-jill bathrooms. The third floor has eight similar rooms and boasts a spacious deck with breathtaking views of Downtown Los Angeles. The building also features staff restrooms on each floor and a non-operational elevator.

This offering provides a rare opportunity for an investor to reposition the asset, either by leasing to a new operator or an affordable housing syndicate, or by exploring the potential to convert the building into traditional apartment units.

Download Offering Memorandum

Exclusively listed by

DOKeefe.jpg

David O'Keefe

First Vice President Investments

License: CA 01928739

(424) 405-3844

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Steve "Bogie"Bogoyevac

Senior Managing Director Investments

License: CA 01332755

(562) 257-1231