ECHO PARK — Forget about buying this three-unit property to live in or to rent out to tenants. Instead, this property at the corner of Berkeley Avenue and Mohawk Street is being promoted as an “Airbnb Cash Cow” with the potential to generate more than $200,000 a year from visiting guests, according to the LoopNet listing.
Priced at $1.395 million, the pitch for the property claims:
Currently each 1 BR guest unit is vacant only a few days per month. Essentially, a “turn-key” Airbnb business complete with website and wonderful on-line reviews. Located close to downtown and the hippest dining, shopping and nightlife of Silver Lake.
Assuming the units are booked solid for the month, the landlord/innkeeper stands to make between $3,750 for a one-bedroom unit and more than $9,000 a month for the main house, according to the listing. At at those rates, who would rent to a long-term tenant?
A pro-labor group is blaming AirBnb for magnifying the city’s shortage of affordable housing by removing rental apartments from the market “in order to let tourists use them,” says the L.A. Weekly.