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2342 Cove Avenue

Courtney Pickard, Joe Reichling & Todd Bachenheimer Sell The O'Neill Duplex For $2.5M
SOLDMultiFamily

Courtney Pickard, Joe Reichling & Todd Bachenheimer Sell The O'Neill Duplex For $2.5M

2342 Cove Avenue

$2,500,000

$1,152/SF

Building Size

2,169 SF

Asset Type

MultiFamily

Closing

May 31, 2024

AI

2342 Cove Avenue, a historic cultural monument known as The O'Neill Duplex No. 1 by architect Rodney Walker in Silver Lake, Los Angeles, has been sold for $2,500,000. The property features a side-by-side duplex with flexible floorplans, each unit offering 2 bedrooms and 2 bathrooms. The mid-century architectural features and stunning views of the Silver Lake Reservoir, Hollywood sign, and Griffith Observatory add to its allure.

Summary of transaction details:

The brokers involved in facilitating the sale of 2342 Cove Avenue were Courtney Pickard, Joe Reichling, and Todd Bachenheimer of Compass. The property's rich history as a cultural monument and its architectural significance in Silver Lake make it a highly sought-after piece of real estate in the area.

Players

Joe Reichling

Compass

Broker

$19.9M

vol

5 deals

Broker

Los Angeles MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

6.35%

Cash-on-Cash

-1.81%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93