3640 Los Feliz Boulevard

Description

We are proud to present The Fountain View Apartments, an extremely rare 122-unit apartment community on 3.28 acres of land, the single largest multi-family lot in Los Feliz (90027). This charming, 1954-built, courtyard-style property features exceptional Mid-Century architectural details throughout and has been very well-maintained and professionally managed. 88% of the units are currently renting for over $1600/month, and the building offers great value-add potential with 46%+ rental upside potential. Located in the cool, historic, and highly desirable Los Feliz neighborhood of L.A., Fountain View Apartments border Griffith Park, Silver Lake, and Atwater Village. Situated on Los Feliz Blvd, west of Riverside Dr., Fountain View Apartments is a beacon of bright, comfortable, and convenient living in the heart of Los Angeles. The Fountain View Apartments is located directly next to the stunning, 1940-built, art deco Mulholland Fountain, a historical landmark built in memory of William Mulholland, the legendary engineer known as the father of L.A.'s water system. The expansive 144,880 sqft grounds of the Fountain View Apartments community contain two buildings totaling 105,940 gross sqft, 2 swimming pools (east and west wings), and a central private communal park. Accessible via carefully landscaped walkways, there are several inviting outdoor patios and designated picnic areas complete with barbecues and picnic tables. There is ample, gated onsite parking - a total of 174 spaces - 78 secure covered, 63 secure uncovered, 17 unsecured uncovered, and 2 secure covered motorcycle parking spaces. Additionally, there are 4 secure covered storage spaces, 2 secure covered bicycle parking spaces, and 8 existing bonus spaces that can be repurposed for parking use. Each of the two buildings has its own communal laundry room available to tenants with a combined 14 leased machines. The unit mix is comprised of 102 spacious (1+1) units ranging from 700-900 sqft; 8 (2+1) units around 1,000 sqft; 8(2+1.5) units spanning 900-1,100 sqft; and 4 large (2+2) units from 1,100-1,165 sqft. Unit interiors feature original hardwood floors or carpeting, with a select 35 units containing vinyl flooring replacing carpet. Kitchens and bathrooms boast a variety of charming, colorful, period-appropriate, and durable ceramic tile and hardware. Kitchens come equipped with a refrigerator and gas stove and have generous storage in primarily original cabinets. Some units at Fountain View Apartments feature tall floor-to-ceiling Mid-Century Traditional style casement windows overlooking the lush landscaping, and select 2nd floor units also have private outdoor balconies facing the beautiful Griffith Park. Generous storage and closet space is thoughtfully incorporated in each unit with the potential to house well-located in-unit stackable washers and dryers near existing plumbing. Fountain View Apartments is exceptionally located just 0.1 miles away from Griffith Park, 0.2 miles from the Griffith Park Tennis and Soccer Fields facilities, 1.2 miles from the Silver Lake Reservoir, 1.7 miles from The GreekTheatre, 2.2 miles from the Griffith Observatory, and 3.5 miles from Dodger Stadium. The property is close to major highways, including the 5 (0.3 mi), 2 (1.7 mi), 134 (2.7 mi), and 101 (3.5 mi). Fountain View Apartments offer residents effortless access to a myriad of employment, dining, and entertainment options in Los Feliz, Silver Lake, Atwater Village, and surrounding areas. With its unique combination of historical and architectural charm, alluring amenities, vast acreage, and excellent location, The Fountain View Apartments present an exceptional and rare investment opportunity for an astute investor seeking a well-maintained/managed, strategically positioned asset with substantial income upside and value-add appreciation potential.