Saturday, October 22, 2016

The life cycle of an Echo Park apartment building

The 16-unit apartment building at 1616 Delta Street has served as a telling example of the changes in people and property in Echo Park. The 1920s-era structure was worn out and filled with primarily low-income, Latino residents by the time it was purchased in a 1995 foreclosure sale for $250,000. A decade later, as property values were peaking, the building sold for $1.265 million, and its new owners began to empty out the one-bedroom units, offering $10,000 in relocation payments to tenants who paid as little as $450 a month in rent, according to an LA Times profile.

After sitting vacant and attracting squatters, a renovation transformed the once dingy-looking, purple-colored box into a terra-cotta colored box of apartments outfitted with new claw foot tubs, hardwood floors and stainless steel appliances. The new tenants pay as much as $1,575 a month for units with no parking. The 10,000-square-foot apartment house is now up for sale. The asking price: $2.9 million.

Photo: Grubb & Ellis

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