Lincoln Heights 6 Units + Room to Build
3311 Smith St, LA 90031
# of Units: 6
CAP Rate: 3.8%
Building SF: 3,510
Lot SF: 18,596
Year Built: 1937
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.
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.
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% Covid Rent Collection
Ample Open Parking on Smith St