6 Units in El Sereno - SOLD

$1,455,000

1821 Sichel Street, 90031

# of Units: 6

GRM: 14.9

CAP Rate: 4.67%

Price/SF: $249

Building SF: 5,888

Lot SF: 9,076

Zoning: LAR3-1

Year Built: 1988

Description

 

Income Properties LA is pleased to present for sale a very unique opportunity to acquire six (6) multifamily units in the extremely popular area of Lincoln Heights. Built in 1988, 1821 Sichel Street is a value-add multifamily property totaling 5,888 square feet. The lot size is 9,076 square feet and zoning is LAR3. All six units are legally 2 bedroom, 2 bathrooms each, but were converted to 3 bedrooms by a previous owner. The apartments are spacious and one bedroom has an en-suite bathroom.  There is are 10 open parking spaces and two garages in the rear of the building, and there is a community laundry room on the premises. The total monthly pro-froma income for the property amounts to over $16,000. With a Walkscore of 85, the property sits west of Griffin Avenue and South of Main Street in a prime area of Lincoln Heights adjacent to the Keck+USC Medical Center in an Opportunity Zone. Located just east of Downtown LA, this is a perfect value-add acquisition opportunity for an investor looking for a repositioning project in an excellent location.

 

Location

 

Highly sought after Lincoln Heights location with easy access to the 5 and 110 Freeways. Near Montecito Heights, Cypress Park, Highland Park, Frogtown, LA River, Dodger Stadium, DTLA, Arts District, LA State Historic Park, and more!

The main thoroughfares in Lincoln Heights are Broadway and Main which run east/west and connect into DTLA. North/south main streets are Griffin, Pasadena Ave, and Daly. The subject property is located just south of Main Street and west of Griffin Avenue.

Property Highlights

  • HUGE Units average over 980 SF Each

  • 1980's CONSTRUCTION - state of ca rent control only

  • VERY LOW TURNOVER IN LINCOLN HEIGHTS - ONLY 9 MULTIFAMILY SALES IN 2019 IN 90031 ZIP CODE

  • 85 WALKSCORE! *VERY WALKABLE*

  • NEAR MONTECITO HEIGHTS, CYPRESS PARK, HIGHLAND PARK, FROGTOWN LA RIVER, DODGER STADIUM, DTLA AND MORE!

  • APX $16,200 IN TOTAL POTENTIAL RENT/MO

  • Located in an opportunity zone

  • Extremely close to Keck+usc MEdical center, white memorial hospital, & more

Please Send Me More Infomation On This Listing
Call Me Today!

Tel: 310.562.9630 

Email: DMendez@kw.com

DRE #: 01746702

IncomePropertiesLA.com

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