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!

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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