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$1,575,000
Est. payment /mo
9 Beds
7 Baths
3,810 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,810 sqft
Price per Sqft $413
MLS Listing ID 25535405
Bedrooms 9
HOA Y/N No
Year Built 1926
Lot Size 5,771 Sqft
Property Description
Marcus and Millichap is pleased to present a seven (7) unit apartment building located at 3733 Bostwick Street in Los Angeles, California. The subject property is situated in a quiet City Terrace location, north of Pomeroy Street and east of City Terrace Drive. Located just across the river from the arts district, City Terrace is in a highly dense and unincorporated area of Los Angeles with over 75% of residents being renters. Recently City Terrace has seen a lot of interests and is a place for residents looking to escape high rents elsewhere. City Terrace and its adjoining neighborhood, Boyle Heights, is undergoing a real estate boom and property values have trended upward. The community is undergoing a renaissance due to its proximity to Downtown and accessibility to public transportation. Future residents will benefit from outstanding access to retail, entertainment, and cultural venues within the immediate submarket as well as nearby neighborhoods like Downtown LA, Silverlake, Echo Park, and Hollywood. The Metro Gold Line now extends through East Los Angeles, providing light rail transit service in the Eastside. Constructed between 1926 and 1970, the property sits in an up and-coming area and has a desirable unit mix of two (2) studios, one (1) one-bedroom / one-bathroom unit, and four (4) two bedroom / one-bathroom units. Five (5) of the units have been renovated, and two (2) buildings have new roofs. Tenants enjoy on-site laundry, garage parking, and detached structures which allows for increased privacy. The breakdown of the property is as follows: the building in the front on the left is an unrenovated studio. The building in the front on the right is a 2+1 that has been renovated, has had square footage added, has a new roof, and is separately metered for water, gas, and electric. The building in the middle has a new roof and consists of a converted 2+1 patio and basement, a 2+1 moderately renovated unit on the bottom floor, and a fully renovated 1+1 and 2+1 upstairs. Finally, the building in the back is a fully renovated studio. Well positioned in a gentrifying area of City Terrace, the subject property offers dominant access to numerous entertainment possibilities, which presents a special opportunity for an investor to capitalize on a stabilized asset and a strong 6.82% cap rate.
Location
State CA
County Los Angeles
Area Ela - East Los Angeles
Zoning LCR2*
Interior
Fireplace No
Appliance Dishwasher
Exterior
Total Parking Spaces 4
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5228021027
Special Listing Condition Standard
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Listed by Kian Maronde • Marcus & Millichap