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… Read More 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. Read Less
Property listed by Marcus & Millichap, Kian Maronde 818-212-2700
Listing Snapshot
Days Online
58
Last Updated
Property Type
Other
Beds
9
Square Ft.
3,810
Lot Size
0.13 Acres
Year Built
1926
MLS Number
25535405
30 Days Snapshot Of 90063
$631k
-7%
(avg) sold price
5
+25%
homes sold
140
+145%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Dishwasher
Building
Built in 1926, Building area total: 3,810, Levels: MultiSplit, Living area: 3810, 4 buildings
Income
Gross income: $161,760, Net operating income: $105,112
Lot
0.1325 acres, 5,771 square feet, Size: 5,771
Parking
4 totals parking
Property
Zoning: LCR2*
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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