Recent changes in Echo Park have created a wave of upscale destinations opening their doors. Home shoppers, looking for reasonable home prices, an authentic lifestyle, and big-city amenities are drawn to the area. Data shows a gradual change in income and education levels; they are slowly shifting upward.The things to do and see in Echo Park are definitely tailored to this diverse population. There is something for everyone to enjoy. Building an ADU (accessory dwelling unit) in Echo Park will increase your current property value by $150,000 - $250,000.
Why is the market for ADU’s trending In Echo Park?
1.Culture
Echo Park is a cultural mecca with 5 different districts. Angelino Heights is best known for its Victorian-era homes and panoramic views of the DTLA skyline. These Victorian homes will remind you of San Francisco. Elysian Heights occupies the undulating terrain between Glendale Boulevard and Elysian Park. The neighborhood is capped by the I-5 Freeway to the north and 101 Freeway to the south.It’s the edgy urban vibe, coffee houses, and nightclubs along Sunset Boulevard that makes hipsters feel right at home here. The food scene honors chefs who are inventive and artisanal above all else. Filipino Town is also in Echo Park. The neighborhood is known for the friendliness of its residents. The area is often scouted by house hunters looking for an affordable home that is centrally located in the city.
2. Affordability
ADU’s are small living units that are usually around 1,500 square feet. Within the past few years, over 3,000 new ADU’s have been built for thousands of homeowners. Why? Because it works.Not only are homeowners looking to build more ADU’s in the area, but renters are looking for more private alternatives to apartments in which they can have their own personal space. Rather than paying rent for a small apartment, a tenant would prefer having their own small home. As a homeowner in the area, making an investment in building an ADU will pay off as tenants are ready to move in.
3. Outdoor Fun
At the low point of the neighborhood sits Echo Park Lake, home of the Echo Park Recreation Center and fun activities like pedal boats and playgrounds. Walking paths and outdoor fitness equipment are perfect for a sunny day workout. The Rec center has a myriad of youth and adult sports programs. Dragon boat races are held on the lake each year during the annual Lotus Festival put on by the Parks & Recreation Department.
Echo Park Demographics
With a population of 40,000 people and 22,000 housing units that were built before 2010, it makes sense that ADU’s built after 2018 are so sought after due to their affordability as well as modern build.
Median Income - $80,000
Median Age - 36 years old
Average Home Price - $800,000
How Much Can I Rent An ADU In Echo Park For In Today’s Market?
The average ADU in Echo Park rents for about:
Studio ADU- $1800/m
1 Bed 1 Bath ADU- $2000/m
2 bed 2 bath ADU- $2400/m
3 bed 3 bath ADU- $2900/m
ADU Walkability Score In Echo Park
The ADU walkability score is measured by walking distance from your new ADU to these attractions, the closer you are to these locations the more your future tenant will pay for rent.
Ofri Peretz (818) 569 - 9947 actively looks for homes with ADU potential. She also had multiple homes sell for over asking in Jefferson Park before and after the unit was built. When renting out your newly built ADU, hiring a realtor can make the process a breeze. When an agent is hired, they can create a listing for you, help check out the applicants, and manage the other aspects of renting so you don’t have to worry about it. A realtor may also increase the amount of rent you can receive monthly for your ADU.
Neo Builders Inc. is an experienced construction company with a specialty in building ADU’s. Building an ADU with Neo Builders will increase your monthly cash flow in a stress free and organized process. Don’t wait, make the call today for a step towards financial freedom. An initial consultation and quote are totally FREE of charge.
If you would like to understand Los Angeles ADU laws click here NEO Builders
For All Your ADU Needs
NEO Builders Inc.
3940 Laurel Canyon, Studio City #394, 91604
License #: 1061134
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