Looking to build a new development near Dodger Stadium? You too could contribute to the rapid gentrification of Echo Park! This property at 1251 West Sunset Boulevard being marketed as just such an opportunity. It was bought by Sunset MZM in December of 2013 for $1.4 million; their hope was to redevelop it, but flash-forward to now, and the ten original bungalows are still there (so are the renters). Eastsider LA says the new listing puts the price at $2.6 million, about an 85 percent increase in price in just over 18 months. No plans are in the works, but the listing shows renderings and floorplans for 31 units.
The ad for the property also note that rent-controlled residents are still living there and advises that it'll cost about $175,000 to relocate them. The property was featured in a LA Times profile on Ellis Act evictions, doubled across LA last year.
Developers are loving this strip of Echo Park. Just down the street is the wildly expensive and luxurious Elysian Apartments and a planned 214 unit mixed use, so it's no stretch of the imagination to assume they'll be charging more than the $825 a month residents currently pay. —Jeff Wattenhofer
·Sunset Boulevard bungalow court being flipped for $2.4 million [Eastsider LA]
·1251 West Sunset Blvd [Redfin]
·Evictions from rent-controlled units on the rise in L.A. [LA Times]
·The Elysian Apts. in Far-East Echo Park Will be Very Expensive [Curbed LA]
·Echo Park's Huge Sunset Gateway Project Goes Mixed-Use [Curbed LA]