3209 Descanso Dr · Los Angeles, CA 90026

$3,600,000

6 bd · 16.0 ba · 9,583 sqft · MultiFamily public records · 87 Days on market

Built 1928 5,499 sqft lot $376/sqft · 27% above area Est $3120k · 15% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 17 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

We are pleased to present 3209 Descanso Drive, a 17-unit apartment community located in the Silver Lake neighborhood of Los Angeles, located on the corner of Descanso Dr and Larissa Dr, just off of Sunset Blvd. Ownership has completed recent common area capital improvements such as new entrance stairs, exterior paint, new fence, new access control video intercom system and wall heater replacement for select units. There is also RUBS in place, and a common area laundry room with two washers and two dryers. The property consists of nine singles, seven one-bedrooms, and one two-bedroom ADU in the basement that is currently under construction and is scheduled to be completed in May 2026. Many units have undergone interior renovations including luxury vinyl plank flooring, new paint, lighting fixtures, stainless steel appliances, tile bathrooms, and custom cabinetry. Within walking distance to neighborhood restaurants, retail, and entertainment venues along Sunset Blvdincluding Pine & Crane, Bacari Silver Lake, Intelligentsia Coffee, and Erewhon Marketthe property provides convenient access to surrounding Silver Lake amenities. The asset features a Walk Score of 96 ("Walker's Paradise"), allowing residents to accomplish most daily errands without a vehicle, and is one mile from the Metro Red rail line and steps to multiple Metro local lines on Sunset Blvd. There is strong existing cash flow with the property being offered at a 6.49% CAP rate and 9.68 GRM on current income. Silver Lake continues to attract a mix of young professionals, creatives, and families drawn to its neighborhood feel and concentration of restaurants, boutiques, coffee shops, and entertainment along the Sunset corridor.

Key facts

• 5,499 sq ft lot
• Built 1928
• Listed 86 days

What this means for you Summary

Snapshot

• This is a 17 × 6-bed/17.0-bath units multifamily listed at $3.60M.

Deal economics

• At list price, monthly cash flow is $31k ($372k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($71k rent vs $3.60M).
• Recommended offer: $3.38M (6.0% below list) — sets the bar for market timing.
• Cap rate 16.6% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.0%/yr); 190 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $71,198/mo this rent would consume 978% of the median local household income ($87k/yr) (locally 4974% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $25k of loan paydown is wiped out by about $108k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $1.01M cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($3.38M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 30y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $2.85M; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,384,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.98% ✓
• Cap rate: 16.62%
• Cash-on-cash: 36.90%
• DSCR: 2.64
• GRM: 4.2

CMA / ARV

• ARV (median comp): $3,120,417
• List price: $3,600,000
• Delta: 15.37%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 29.3%
• Equity multiple: 2.17×
• Total profit: $1,183,432
• Equity at exit: $536,772

10-year hold

• IRR: 34.9%
• Equity multiple: 3.75×
• Total profit: $2,771,458
• Equity at exit: $311,262

Cash invested: $1,008,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90026

• Rents YoY: -0.0%
• Active inventory: 190
• Price-to-rent: 71.6×

Monthly cashflow live

• Estimated rent: $71,198 medium
• Mortgage (P&I): −$18,879
• Tax from tax record: −$4,872 /mo · $58,462/yr
• Insurance: −$1,500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$14,952
• Net cashflow: $30,996

Break-even live

Break-even rent $31,963

Max offer price $3,600,000

Occupancy floor 51%

Sensitivity live

Price	-10% $33,034	-5% $32,015	+0% $30,996	+5% $29,977	+10% $28,958
Rent	-10% $25,371	-5% $28,183	+0% $30,996	+5% $33,808	+10% $36,620
Rate	-1.0pp $32,809	-0.5pp $31,911	base $30,996	+0.5pp $30,063	+1.0pp $29,114

17-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 17× units	6	17	$71,196
Total (17 units)			$71,198

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $900,000
• Closing costs: $108,000
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-21
   days on market $3,600,000 Active 87 DOM
2. 2026-06-18
   days on market $3,600,000 Active 84 DOM
3. 2026-06-17
   days on market $3,600,000 Active 83 DOM
4. 2026-06-16
   days on market $3,600,000 Active 82 DOM
5. 2026-06-15
   days on market $3,600,000 Active 81 DOM
6. 2026-06-13
   days on market $3,600,000 Active 79 DOM
7. 2026-06-09
   days on market $3,600,000 Active 75 DOM
8. 2026-06-08
   days on market $3,600,000 Active 74 DOM
9. 2026-06-07
   days on market $3,600,000 Active 73 DOM
10. 2026-06-04
    days on market $3,600,000 Active 70 DOM
11. 2026-06-03
    days on market $3,600,000 Active 69 DOM
12. 2026-06-02
    days on market $3,600,000 Active 68 DOM
13. 2026-06-01
    days on market $3,600,000 Active 67 DOM
14. 2026-05-31
    days on market $3,600,000 Active 66 DOM
15. 2026-03-26
    listed $3,600,000 Active 1730-char remark

    Show marketing remark (1730 chars)

    We are pleased to present 3209 Descanso Drive, a 17-unit apartment community located in the Silver Lake neighborhood of Los Angeles, located on the corner of Descanso Dr and Larissa Dr, just off of Sunset Blvd. Ownership has completed recent common area capital improvements such as new entrance stairs, exterior paint, new fence, new access control video intercom system and wall heater replacement for select units. There is also RUBS in place, and a common area laundry room with two washers and two dryers. The property consists of nine singles, seven one-bedrooms, and one two-bedroom ADU in the basement that is currently under construction and is scheduled to be completed in May 2026. Many units have undergone interior renovations including luxury vinyl plank flooring, new paint, lighting fixtures, stainless steel appliances, tile bathrooms, and custom cabinetry. Within walking distance to neighborhood restaurants, retail, and entertainment venues along Sunset Blvdincluding Pine & Crane, Bacari Silver Lake, Intelligentsia Coffee, and Erewhon Marketthe property provides convenient access to surrounding Silver Lake amenities. The asset features a Walk Score of 96 ("Walker's Paradise"), allowing residents to accomplish most daily errands without a vehicle, and is one mile from the Metro Red rail line and steps to multiple Metro local lines on Sunset Blvd. There is strong existing cash flow with the property being offered at a 6.49% CAP rate and 9.68 GRM on current income. Silver Lake continues to attract a mix of young professionals, creatives, and families drawn to its neighborhood feel and concentration of restaurants, boutiques, coffee shops, and entertainment along the Sunset corridor.

16. 2018-12-21
    historical Cancelled
17. 2018-12-21
    historical
18. 2018-08-10
    price
19. 2018-06-05
    listed Active
20. 2018-06-05
    listed $4,550,000
21. 2015-08-28
    soldstatus $2,850,000
22. 2006-07-18
    soldstatus $1,749,500
23. 2006-06-27
    historical
24. 2005-10-26
    listed
25. 2001-04-13
    historical
26. 2001-03-19
    listed
27. 1999-03-18
    soldstatus $362,000
28. 1999-03-12
    soldstatus $363,000
29. 1999-01-15
    historical
30. 1998-09-14
    listed $375,000
31. 1998-01-08
    historical
32. 1997-10-15
    listed
33. 1996-10-03
    soldstatus $210,000
34. 1996-09-30
    soldstatus $210,000
35. 1996-08-21
    historical
36. 1996-03-27
    listed $199,000
37. 1991-05-16
    soldstatus $460,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $58,462 · $4,872/mo
• Projected year-2 tax: $58,462 · $4,872/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥92°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $854,376
• − Mortgage interest: −$201,656
• − Property taxes: −$58,462
• − Insurance: −$18,000
• − Repairs & maintenance: −$68,350
• − Management: −$68,350
• − Depreciation: −$104,727
• Taxable income: $334,830
• Est. tax owed @ 24.0%: −$80,359
• After-tax cash flow: $291,590/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 62,692
• Household income: $87,334
• Rent vs Own: 76.5% rent · 23.5% own
• Severe rent burden: 4974.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 46% White 31% Asian 13% Two or more races 13% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Lithuanian 2% Italian 2% Romanian 1%
• Foreign-born: 34% · Canada, China, South Korea
• Languages at home: 47% English-only · Spanish 39% Tagalog/Filipino 5% Chinese 2%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1087.70%
• Current HPI: 456.3465
• Rent YoY: ▬ -0.01%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+682.6% since first listed

23 events — show timeline

• 2026-03-26 Listed $3,600,000 TheMLS
• 2018-12-21 Listing Removed — SDMLS
• 2018-12-21 Delisted — TheMLS
• 2018-08-10 Price Changed — TheMLS
• 2018-06-05 Listed $4,550,000 SDMLS
• 2018-06-05 Listed — TheMLS
• 2015-08-28 Sold (Public Records) $2,850,000 Public Records
• 2006-07-18 Sold (Public Records) $1,749,500 Public Records
• 2006-06-27 Delisted — TheMLS
• 2005-10-26 Listed — TheMLS
• 2001-04-13 Delisted — TheMLS
• 2001-03-19 Listed — TheMLS
• 1999-03-18 Sold (MLS) $362,000 TheMLS
• 1999-03-12 Sold (Public Records) $363,000 Public Records
• 1999-01-15 Delisted — TheMLS
• 1998-09-14 Listed $375,000 TheMLS
• 1998-01-08 Delisted — TheMLS
• 1997-10-15 Listed — TheMLS
• 1996-10-03 Sold (MLS) $210,000 TheMLS
• 1996-09-30 Sold (Public Records) $210,000 Public Records
• 1996-08-21 Delisted — TheMLS
• 1996-03-27 Listed $199,000 TheMLS
• 1991-05-16 Sold (Public Records) $460,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $58,462 · +0.8% YoY. Source: county tax records.