Exclusive Listings

The Drew LA - 7.04% Proforma CAP

Address:
3415-3421 Drew Street
Los Angeles, CA 90065
Price:
$2,650,000
Status:
Available
Type:
Apartment
# Units:
12
Year Build:
1950
Building Size:
7,188 SF
Lot Size:
27,399 SF
CAP Rate:
4.95%
GRM:
13.22x
Price/Unit:
$220,800
Price/SqFt:
$369

INVESTMENT HIGHLIGHTS

  • An estimated more than 30% rental upside potential; If buyer adds additional unit, proforma CAP Rate could exceed 11%
  • Excellent investments with significant and legally permitted renovations
  • Proven upside potential by using the renovated units as direct rent comparables
  • Offered at very attractive CAP RATE and GRM which provides immediate cashflow with minimum down payment
  • Blocks from Fletcher Drive Elementary School, Washington Irving Middle School, and within 2.5 miles of Occidental College
  • Tremendous economic fundamentals with large number of employment centers, transportation and other major development projects underway
  • Adjacent to Glendale, Atwater Village and Silver Lake, with easy access to the 2, 5, and 134 freeways
  • Pent-up demand due to lack of buildable land, restrictive zoning for new residential construction
  • Hilly region provides spectacular views  

PROPERTY HIGHLIGHTS

  • Based on zoning (RD2) and lot size (27,399 sqft), buyer can add an additional unit
  • Four (4) untouched legacy units ripe for value-add and repositioning
  • Excellent unit mix of 67% 1 Bedroom units, 25% 2 Bedroom units and 8% studio unit  on a double lot
  • On-Site Manager not required
  • Ample parking: 23 spaces with possibility for more spaces
  • Private yard/patio, controlled access entry, individual water heater in each unit, separately metered for electricity and gas, laundry hookups in most units, quiet and easy to manage building


PROPERTY HIGHLIGHTS

Growth Investment Group and Lee & Associates are proud to present the DREW LA, a fee simple interest 12-unit apartment in Glassell Park, a desirable and centrally located suburb in the City of Los Angeles. The property consists of 2 separate buildings, a house/triplex that was built in 1920s and a 9-unit apartment that was built in 1950. The buildings sit on a large lot size of 27,399 square feet. 

The property, originally 10-units, has recently benefitted with fully enhanced upgrades in 4 of 9 legacy units and one single family home with basement converted into 3 beautifully remodeled apartment units - complete with its certificate of occupancy for a total of 12 units. There are 4 units remain untouched, leaving room for the Buyer to remodel and reposition the units. Additionally, the lot is large enough where a creative investor may find more upside opportunities by adding storage units and 1 habitable unit for additional income (verify with City).

Both buildings are separately metered for electricity and gas. Each unit has its own water heater. The converted triplex is comprised of 1x2 Bedroom + 2 Bath + Den, 1x1 Bedroom, and 1 Studio units and the second single story building contains 7x1Bedrom and 2x2 Bedroom units.  The large lot size provides ample parking of 23 parking spaces and potentially extra space for additional motored vehicles or bike rack for bicycles.  

The Property is in Glassell Park, an area that is in the Path of Gentrification. It borders trendy Atwater Village and Silver Lake on the west, sought after Glendale on the northwest, Eagle Rock on the northeast, Mount Washington on the southeast and Cypress Park on the south. The neighborhood is in a relatively hilly region of Los Angeles with spectacular views and immediate access to the Glendale (2) Freeway and the Golden State (5) Freeway.


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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