3 Building Mixed Use in Lincoln Heights

$2,999,000

3229 N Main St

# of Units: 15

Current/Pro Forma GRM: 15.88/8.78

Current/Pro Forma CAP:
4.21%/8.96%

Price/SF: $316

Building SF: 9,502

Lot SF: 9,638

Zoning: LACM - Tier 1 TOC

Year Built: 1923

Description​​​

Located on one of Lincoln Heights' main thoroughfares 3229 N Main St features two additional buildings on Gates St: a single-family home (3 Br + 1.5 Ba) PLUS 6 (Studio+1Ba) bungalow style units. The SFR has a large basement and detached garage. The building on Main St has two retail spaces on the ground floor + 6 large (Studio + 1Ba) units on the second floor. All three buildings are on only ONE APN, and each building has its own water meter. Ideal purchase for an investor with a vision and understanding of the incredible potential this location offers. Approximately 45% rental upside!

 

Location

On Main St, one of Lincoln Heights' main thoroughfares the subject property is centrally located and very walkable. Daily errands can be accomplished by foot due to the property's proximity to grocery stores, pharmacies, banks, and more. Lincoln Heights is a small neighborhood four miles east of DTLA. Due to its location, the neighborhood draws renters from various employment centers and universities: Keck USC Medical Center, White Memorial Hospital, DTLA, Cal State LA, FIDM, etc. This neighborhood continues to see growth, like 181 N Ave 21 the site of a six-story mixed-use development featuring 102 apartments, 100 - key hotel, and 5,000 SF of retail space.  

Property Highlights

  • 3 Buildings Totaling 9,502 SF

    • Mixed-Use Building - 6,400 SF​

    • SFR - 1,332 SF 

    • Bungalow Units - 1,770 SF

  • Three Separate Buildings on 1 Parcel

  • Two Retail Spaces 

    • Caveman Records - Popular Record Store

    • 5 Star Title Loans - Rents Appx 635 SF Owner Uses Other Part as Storage

  • 12 Apartment Units

    • 6 Studio Units​ on Main St

    • 6 Studio Units on Gates St 

  • Single Family Home

    • Middle Building​ on Gates St 

    • 1,332 SF Home

    • Basement + Detached Garage 

  • Brick Has Been Retrofitted 

  • 100% Tenant Occupied

  • Three Water Meters

  • Potential for Additional Income through Filming

  • Located on Main - a MAJOR thoroughfare in Lincoln Heights

  • 75 (Walk Score) *Very Walkable*

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