Investment Highlights
• Prime 7-unit Value-Add opportunity located in Boyle Heights near retail corridors on East Cesar E. Chavez Avenue and Soto Street in very close proximity to the 5, 10, 60, and 101 Freeways.
• Strong scheduled CAP Rate of 4.99% with significant rental upside. (7.74% Market CAP rate.)
• Unit 7 (2B/1B) to be delivered vacant upon the close of escrow. (Significant renovation/rental upside.)
• Located in a culturally rich pocket of Boyle Heights just minutes from the Arts District near new apartment developments within 90033.
• Near major employment centers, Adventist White Memorial Hospital, LAC+USC Medical Center, Downtown LA, and the USC Health Sciences Campus.
• No units have been extensively upgraded. (Value-Add potential to be realized through renovations).
Property Highlights
• Desirable unit mix of 5 1B/1B units and 2 2B/1B units.
• All units have an in-unit laundry hookup.
• No units have been extensively upgraded. (Value-Add potential to be realized through renovations).
• Separately metered for gas and electricity.
Executive Summary
Growth Investment Group is proud to offer for sale 2018 East 3rd Street, a well-maintained Value-Add apartment property located near retail corridors on East Cesar E. Chavez Avenue and Soto Street in Boyle Heights. The property, built between 1904-1923, has not been on the market for over two decades and has been well-maintained by the current ownership. Located nearby major employment centers, Adventist White Memorial Hospital, LAC+USC Medical Center, Downtown LA, and the USC Health Sciences Campus, 2018 East 3rd Street offers an investor strong in-place income, with a scheduled cap rate of 4.99% while also offering significant rental upside. (7.74% Proforma cap rate). This 7-unit property consists of 5 1B/1B units and 2 2B/1B units, with the larger 2B/1B unit to be delivered Vacant upon the close of escrow.
2018 East 3rd Street is situated within a culturally rich pocket of Boyle Heights near Los Angeles’s Arts District and is very close to the 5, 10, 60, and 101 Freeways. It represents a great opportunity for an investor to maximize income and value through renovation and repositioning while also offering solid in-place income. The immediate area has become an attractive destination for investors looking to deploy capital into value-add projects and new multi-family developments alike.
Sub-Market Overview:
The culturally-rich neighborhood of Boyle Heights, Los Angeles is a unique and vibrant destination for renters and investors alike. With bustling retail corridors on Soto Street and East Cesar E. Chavez Avenue, historical landmarks like Mariachi Plaza, and popular restaurants like Guisado’s and Las Palmas Restaurant, Boyle Heights boasts an eclectic mixture of past and present. In recent years, its close proximity to the employment hub of Downtown Los Angeles and Los Angeles’s Arts District have made Boyle Heights a prime destination for value-add projects. The area is also home to major employment centers, Adventist White Memorial Hospital, LAC+USC Medical Center, and the USC Health Sciences Campus. As the community continues to grow and the rental market in the area continues to develop, excellent opportunities will emerge. 2018 East 3rd Street is located within a section of Boyle Heights just blocks from Soto Street to the east and only a 3-minute drive from Mariachi Plaza to the west.