Dracena Palms
60 Unit Multifamily Investment
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SOLD FOR $24,000,000
2031 - 2035 Dracena Drive
Premier 60 Unit Multifamily Asset In Los Feliz
Dracena Palms constructed in 1972, is in an ideal location between N Vermont Avenue, Hillhurst Avenue and Los Feliz Blvd which are main thoroughfares that tenants can use to dine, shop, or ride bikes.
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This 60-unit building features forty-two 1-bedrooms,
fifteen 2-bedrooms and three studios. There are 72
parking spaces (per Costar research).
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The location of Dracena Palms is in the highly desirable rental market of Los Feliz, known for its trendy eateries, outdoor activities, and cool location where tenants are willing to pay a premium to live in one of the best neighborhoods in all of Los Angeles.
THE OPPORTUNITY
Dracena Palms offers a new owner a unique and rare opportunity to acquire a true value add opportunity in a stellar location where the rental rate can be increased by completing renovations of the units, common areas, and facade.
LOCATION
2301 – 2035 Dracena Drive is located in a fantastic location with an 86 walk score.
Dracena Palms residents are within a 23 minute drive to neighborhoods that provide employment and leisure activities such as Studio City, West Hollywood, and Downtown L.A.
DESIGN
2305 Dracena Drive “Dracena Palms” is a sixty unit 66,768 SF
multifamily property located in the Los Angeles Submarket “Los Feliz.”
The property resides on a 31,982 square foot lot.
LOW EXPENSES
Dracena Palms provides the opportunity to reposition and upgrade the apartment building to obtain market premium rents and capitalizing on significantly below market in-place rents.
GET IN TOUCH
2031 - 2035 Dracena Drive
Los Feliz, CA