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33497209
33497216

1188 Innes Ave., Los Angeles, CA 90026

SG
CA 01997766
DS
CA 01884474
Partners CRE
Listed by Partners CRE
$3,500,000
3 days on market
Updated 3 days ago

No RSO - 10 Units in Echo Park at Dodger Stadium Entrance

Details
APN 5406-015-037, 5406-015-038
Property Type Multifamily
Sub Type Apartment Building
Square Footage 10,470
Units 1
Cap Rate 6.07%
NOI $212,389
Occupancy 60%
Tenancy Multi
Pro-Forma Cap Rate 7.26%
Pro-Forma NOI $254,176
Price per SqFt $334
Year Built 1986
Buildings 1
Lot Size (SqFt) 12,787
Zoning QR3
Parking Spaces 11 spaces
Parking Per SqFt 1.05
Investment Type Value Add

First Time Ever on Market! Up to 4 Units Delivered Vacant

Marketing description

PartnersCRE and the Sean Galligan Group x MSPP are proud to present for sale for the first time ever an architecturally distinct 10 Unit non-RSO apartment building in the Echo Park hills, right at the entrance to Dodger Stadium and very close to the scenic retreat that is Elysian Park!

Designed by the innovative architect James Stevens, who began his career working at Frank Lloyd Wright's Taliesin West, then alongside renowned architect John Lautner, Stevens' work has been described as seemlesly blending form and function, creating spaces with "thoughtful integration of natural elements but also incredibly practical," and envisioning spaces that "transcended conventional norms."

Lovingly maintained since the issuance of the Certificate of Occupancy in 1987 by the family that built the property, this beauty is unique in the sense that, well, what other property out there combines the feeling of being in the woods (on non-game days) while peeking a glimpse at Dodger’s Stadium, while still being 0.2 miles away from Sunset Blvd?

Steps to Vin Scully Ave. and the main entrance to the Stadium, Innes Ave. still provides an escape from the madness of game nights with quick access to Sunset Blvd. for those not attending.

The property’s 10 spacious apartments are spread out over 10,470 square feet of building, with seven units being 1+1s, two 2+1s, and the penthouse’s 2+2 taking advantage of the living area’s two stories for killer views from the windows and the massive 1,000+ SF private deck.

There are two separate 2-car private garages, with 7 to 9 covered parking spaces (depending on striping…the CofO lists 11 total parking spaces). The gated building features solar panels, massive central water heaters, a small laundry room, central A/C and more.

And Echo Park! The property is half way between the edge of Downtown LA and the center of Echo Park, ready to attract a bidding war from prospective tenants! This whole Offering Memorandum could be about everything that Echo Park has to offer, from restaurants, to nightlife (including concert venues), to coffee shops, to Echo Park Lake, to Elysian Park…to Dodger Stadium…or take a short stroll to the Metro A line, to Union Station with Metrolink and Amtrak, or the Flyaway to LAX (or the soon-to-open connection from Metro directly to LAX). Very easy access to the 101 and 110 freeways.

Significant upside through rent increases, more aggressive management (with ownership living on site, management prioritized conviviality), RUBS…

Leverage the garages and build out ADUs. Ownership also has the 14,230 SF Lot across the street available separately for sale.

Up to four units delivered vacant, including the penthouse, with its massive deck and the amazing views.

Listing contains two APNs: 5406-015-037 & 5406-015-038.

Investment highlights

  • First Time Ever on Market
  • Seven 1+1s, Two 1+2s & One 2+2 Penthouse
  • Balconies and Massive 1,000+ Private Deck
  • Two Private 2-Car Garages + 8 Striped Parking Spaces
  • Steps to Dodger Stadium, Just Off Vin Scully Ave.
  • Elysian Park's 600 Acres a Hop & a Skip Away
  • Walk to the Heart of Echo Park's Dining & Nightlife
  • Easy Access to the 101 and 110 Freeways
  • Up to 4 Units Delivered Vacant, Including Penthouse
  • Upside Potential, including through ADUs @ Garages

Listing Contacts

SG
CA 01997766
DS
CA 01884474
Partners CRE
Listed by Partners CRE

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$212,389.00
$17,699.08/mo

Valuation Metrics

0
DSCR
6.07%
Cap Rate
6.07%
ROI

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Additional Information

Name
Sean Galligan
License
01997766
Brokerage
MS Property Partners
Brokerage Phone
646.643.0472
Title
Sean Galligan Group
Brokerage Address
439 North Canon Drive
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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