El Sereno Detached House + Huge Triplex 

$1,385,000

3751 Locke Ave

# of Units: 4

GRM (Pro Forma): 12.15

CAP Rate (Pro Forma): 6.21%

Price/SF: $373

Building SF: 3,712

Lot SF: 7,500

Zoning: LARD3 

Year Built: 1965 &            1971

Description​​​

3751Locke Ave is an ideal "value-add" investment that offers a savvy Buyer the opportunity to add value in various ways; through increasing rents annually, adding an ADU, and/or increasing rents. The property features an 832 SF front house with 2 Br + 1 Ba and its own entrance & front yard with fruit trees- which may be delivered vacant. The rear structure has all 2Br + 1.5 Ba apartments of townhouse-style that are 960 SF. Additionally, one unit (unit #2) is currently vacant and underwent extensive remodeling that includes: new flooring, new appliances, new kitchen cabinets, new windows, and remodeled bathrooms. Other recent upgrades include a re-paved driveway + parking area and new paint on both exterior buildings. This area is currently experiencing popularity due to its affordability and proximity to expensive submarkets. 

Location

Located in El Sereno near Montecito Heights and Cypress Park. Nearby points of interest include; Ela Park, King Taco, Elephant Hill, Target, Costco, Cal State LA, El Sereno Park The Heights Deli + Bottle Shop, Smart & Final, Lincoln Heights Library, and Lincoln Heights Recreation Center. Dodger Stadium, Chinatown, Keck USC Medical Center, and LA State Historic Park are all within a 2.5-mile radius. 

Property Highlights

  • Spacious 2 Story, 960 SF Apartments in Rear

  • Opportunity for Two Vacant Units

    • Front House (may be delivered vacant)​

    • Unit #2 (currently vacant) 

  • Large 7,500 SF Lot

    • Potential Room to Build an ADU (buyer to check)

    • Ample Parking Area & Repaved Driveway​

  • Exterior Building are Freshly Repainted

  • Open Patio Area Behind Building & Rear Apartments 

  • Minimal Landscaping & Separate Meters 

  • Front House in Good Condition with W/D Hookups

  • Great opportunity for Owner-User or Investor!

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