1651
GOLDEN GATE AVE
SILVER LAKE, CA 90026
9 UNITS | NORTH OF SUNSET BLVD
12 OFFERS | 49-UNIT PORTFOLIO
By Eric Dilanian
THE ASSIGNMENT
Eric Dilanian and his team at The Dilanian Real Estate Advisors were retained to market and sell 1651 Golden Gate Avenue, a nine-unit mid-century apartment building in a prime Silver Lake location, north of Sunset Boulevard. The property was part of a larger 49-unit, four-property apartment portfolio being sold on behalf of the same family.
The property presented several significant challenges. Six of the nine apartments were vacant, and the building had substantial deferred maintenance and regulatory matters requiring attention, including the roof, main electrical service and subpanels, soft-story retrofit requirements, SB 721 balcony inspections, and its REAP status.
Despite these complexities, the high vacancy rate also created a compelling investment opportunity. With the majority of units available for renovation, a new owner could reposition the building into a distinctive mid-century modern apartment property and capitalize on its desirable Silver Lake location.
Eric's objective was to strategically position the property's challenges alongside its investment potential, maximize exposure to qualified apartment investors, generate competitive offers, and secure a financially capable buyer who could provide the seller with maximum certainty of closing.
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Nine-unit apartment building in Silver Lake
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12 competitive offers generated
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Multiple non-contingent offers received
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Strategic, multipoint marketing campaign conducted
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Experienced and qualified all-cash buyer procured
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100% cash transaction with no financing or appraisal contingencies
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21-day escrow
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Eric represented both buyer and seller
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Successfully sold despite extensive deferred maintenance and compliance challenges
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Part of a 49-unit, four-property apartment portfolio
THE RESULTS
SOLD PRICE
(1651 GOLDEN GATE AVE)
$2,075,000
SOLD
OVER ASKING PRICE
$86,000
THE DEAL STORY
Eric Dilanian and his team implemented a comprehensive, multipoint marketing campaign designed to maximize exposure among Los Angeles' most active apartment investors. Despite the property's substantial vacancy, deferred maintenance, and regulatory challenges, the campaign successfully attracted strong interest from qualified buyers.
The marketing effort generated 12 competitive offers, including multiple non-contingent proposals. Eric conducted a structured marketing and bidding process that created meaningful competition, allowing the seller to evaluate offers based on both price and terms while identifying the strongest overall buyer.
Through this competitive process, Eric secured an offer $86,000 above the asking price from an experienced, financially qualified investor. The buyer submitted an entirely non-contingent offer and committed to purchasing the property with 100% cash, eliminating financing and appraisal risk.
Representing both the buyer and seller, Eric worked closely with both parties to maintain momentum throughout the transaction. The buyer performed efficiently and diligently, resulting in a successful 21-day escrow that delivered a strong sale price and a high degree of closing certainty for the seller.
THE INVESTMENT OPPORTUNITY
1651 Golden Gate Avenue presented investors with a rare opportunity to acquire a nine-unit mid-century apartment building in prime Silver Lake, north of Sunset Boulevard. With six of the nine apartments delivered vacant, the property offered significant potential for renovation and repositioning into a distinctive mid-century modern multifamily asset.
Built in 1965, the property features seven spacious one-bedroom, one-bathroom units and two two-bedroom, one-bathroom units. The approximately 6,358-square-foot building sits on an approximately 7,966-square-foot lot and includes nine parking spaces according to its Certificate of Occupancy. Zoned R2-1VL, the property also offers potential for an accessory dwelling unit (ADU), subject to buyer verification.
The substantial vacancy provided an immediate value-add opportunity, allowing new ownership to renovate and reposition the majority of the apartments. Combined with the building's mid-century character and desirable location, these features created an attractive opportunity for an investor seeking to enhance the property's long-term potential.
Situated on a residentially zoned street within walking distance of Sunset Junction, the property offers convenient access to popular destinations including Intelligentsia, La Colombe Coffee, Tartine, the Silver Lake Farmers Market, and numerous restaurants and boutiques. With a Walk Score of 93, classified as a “Walker's Paradise,” the location allows residents to complete most daily errands without a car.
COMPLEX PROPERTY EXECUTION & CHALLENGE
The sale of 1651 Golden Gate Avenue required more than a conventional marketing and escrow process. With six of its nine apartments vacant and substantial deferred maintenance throughout the building, the property presented significant physical and regulatory challenges that required careful positioning to attract qualified investors.
Major building considerations included roof repairs, upgrades to the main electrical service and subpanels, soft-story retrofit requirements, SB 721 balcony inspection requirements, and the property's REAP status. These conditions required prospective buyers to thoroughly understand the building's existing needs, regulatory obligations, and potential renovation costs before moving forward.
Rather than allowing these challenges to limit buyer interest, Eric developed a marketing strategy that clearly communicated both the property's complexities and its considerable value-add potential. By presenting the opportunity transparently, he attracted investors capable of evaluating the required improvements alongside the property's long-term investment potential.
Through extensive market exposure and a structured competitive bidding process, Eric secured multiple non-contingent offers and ultimately achieved a sale price $86,000 above asking. His ability to position a challenging asset, generate qualified buyer interest, and negotiate favorable terms helped deliver a successful outcome despite the property's substantial physical and regulatory complexities.
PORTFOLIO EXECUTION
The sale of 1651 Golden Gate Avenue was part of a larger 49-unit apartment portfolio consisting of four properties located in Silver Lake, Montebello, Alhambra, and San Gabriel. Successfully coordinating the portfolio's disposition required an individualized marketing strategy for each property while maintaining consistent oversight across multiple transactions.
Eric and his team approached each asset with a focus on strategic positioning, extensive buyer outreach, competitive offer management, and dependable transaction execution. For 1651 Golden Gate Avenue, this meant identifying investors who could evaluate the property's physical and regulatory complexities while demonstrating the financial strength necessary to complete the purchase.
Despite these challenges, Eric procured an experienced, financially qualified all-cash buyer and negotiated an entirely non-contingent transaction. The 100% cash purchase eliminated financing and appraisal risk, providing the seller with greater certainty and a clear path toward closing.
With Eric representing both the buyer and seller, the transaction successfully closed in just 21 days. The $2,075,000 sale represented another successful component of the family's broader portfolio-disposition strategy, demonstrating the importance of qualified buyer selection and experienced transaction oversight.
WHY THE SELLER CHOSE ERIC DILANIAN
Properties with substantial vacancy, deferred maintenance, and regulatory complexities require more than simply being placed on the market. They require accurate positioning, maximum exposure, clear communication, experienced buyer qualification, and disciplined transaction management.
Eric’s multipoint marketing campaign generated 12 competitive offers, including multiple non-contingent proposals. His structured marketing process created competition, produced a sale price $86,000 above asking, and secured a 100% cash closing within 21 days.
When execution matters most, apartment owners turn to Eric Dilanian for experienced representation, dependable guidance, and results throughout Greater Los Angeles.
When execution matters most, owners turn to Eric Dilanian - Northeast Los Angeles' leading local apartment investment advisor.
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