Lincoln Heights 6 Units + Room to Build

$1,420,000 

3311 Smith St, LA 90031

# of Units: 6

GRM: 17.76

CAP Rate: 3.8%

Price/SF: $405

Building SF: 3,510

Lot SF: 18,596

Zoning: [Q]LARD2-1D

Year Built: 1937

Description

3311 - 3317 Smith St is an ideal "value-add" investment that offers a savvy Buyer the opportunity to add value two ways - through increasing rents and also by building 2-5 new units on the unused portion of the lot. Given the low average rents and ability to build 2-5 new units, the property offers easily over 200% upside in rental income! (Rental upside depends on size of units built, finishes, and upgrades in existing 6 units - Buyer to investigate and run own financial analysis).  Additionally, the property has low expenses c/o separate water meters and a great location with hillside views and more.

Location

Located in the northern part of Lincoln Heights near Montecito Heights and Cypress Park, this area is only 1/3 of a mile from the Heritage Square Metro Gold Line Station, has multiple Metro Bus stops nearby, and virtually across the street from a newly approved mixed use project of 468 apartments and 16,000+ SF of commercial space.  Nearby points of interest include the LA River, KECK USC Medical Center, New Student Housing Development for KECK, a hotel, Dodger Stadium, and more new developments coming to the area.

Property Highlights

  • A True "Value Add" Opportunity

  • 6 Separate Apartment Homes

  • Potential To Build 2 New Units By Right, Or Up To 5 Units Using the TOC (Buyer to Verify)

  • Potential To Build an ADU on Smith St Parking area.

  • Extremely Low Expenses - Separate Water Meters, Gas and Electric Meters, and Hot Water Heaters

  • 100% Occupied

  • 100% Covid Rent Collection

  • Ample Open Parking on Smith St

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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