4 Units in Glassell Park

$895,000

2737 W. Ave 30

# of Units: 4

Building SF: 2,372

Lot SF: 7,501

Zoning: LARD1

Price/SF: $377

GRM/Pro Forma GRM: 19.13/10.36

CAP Rate/Pro Forma CAP: 2.71% 7.00%

Year Built: 1923

Description

Looking to invest in an affordable income property in Northeast LA? There are currently only 3 fourplexes for sale in the 90065 zip code, and this one is at least $355K CHEAPER than the rest! This charming 4 unit is located in the palm tree lined residential streets between San Fernando Rd and Eagle Rock Blvd, south of the 2 Freeway near the Ribet Academy. There are 2 duplex structures on the lot, and all units are 1Br+1Ba. There is also open parking in the rear. All tenants are long term, Contact the listing agent for more info. Relocation for owner occupancy and/or TIC conversion may be an option (Buyer to verify). Glassell Park is one of Northeast LA's most desirable neighborhoods. Known for its hilly terrain and scenic views, the area offers a mix of residential charm and urban convenience, not to mention amazing local restaurants and retailers. The median sale price for homes in Glassell Park is approximately $1.22million, reflecting an 11.1% year over year increase. This is a high barrier to entry area with rentals always in great demand. An excellent long term, affordable investment!

Location

Glassell Park is a diverse and evolving neighborhood nestled in the San Rafael Hills of Northeast Los Angeles. Known for its hilly terrain and scenic views, the area offers a mix of residential charm and urban convenience.

Property Highlights

Two duplex structures with large front yard, parking lot, and rear yards.
Front Duplex: 1,292 SF (646 SF Units)
Rear Duplex: 1,080 SF (540 SF Units)
Various upgrades including tankless hot water heaters, some new windows, etc.
Ideal location near Glassell Park, Cypress Park, Eagle Rock and Atwater Village’s hot spots
Palm tree-lined streets and hilltop views
Blocks away from the LA river bike path, which is home to various coffee shops, cafes & breweries
Less than 3 miles away from Occidental College
Less than 4 miles away from the Griffith Observatory, The Greek Theater & Griffith Park
4 miles away from Dodger Stadium & Elysian Park
Property is subject to City of Los Angeles Rent Control (RSO)
Tenants are long term, with potential for relocation for owner-occupancy or TIC conversion using the Ellis Act. (Buyer to verify).
Potential to live in one duplex and rent the other (Buyer to verify)