Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale the property at 3821 E Olympic Boulevard. This is a 13,364 square foot piece of land at the signalized corner of Olympic Boulevard and Indiana Street in Boyle Heights. Olympic Boulevard is a major arterial road in Los Angeles, California. Located at one of the best signalized corners in the area, this property benefits from excellent visibility and frontage with a daily traffic count of 25,000 on Olympic Boulevard and 16,000 on Indiana Street. There is also strong foot traffic with a walking score of 83. Its proximity to Interstate 5 and State Route 60 freeways provides it with easy access to central L.A. and Orange County jobs. There is also convenient ingress and egress from both streets and an alley along the west side of the lot. Boyle Heights, the neighborhood where the property is located, presents a growing redevelopment opportunity for residential housing and mixed-use projects. According with FortuneBuilders, Boyle Heights has a unique combination of attractive price-to-rent ratios, high tenant demand, and value, not the least of which makes it one of the best candidates to start adding to a rental property portfolio. In addition, Boyle Heights has demonstrated a propensity towards landlord returns, and its potential moving forward is just as attractive. According to Trulia, a real estate website, the median rent for an apartment in Boyle Heights is $2,500, compared to $7,500 downtown. CoStar, a provider of commercial property market information, reports the average asking rent rate has gained 5.9% and the vacancy rate is only 1.8 during the past 12 months. The combination of current indicators and future potential makes Boyle Heights a unique investment opportunity. Significant new developments are occurring in this area east of downtown Los Angeles. Plans are underway to build more than 5,650 new housing units in Boyle Heights. Over 5,000 of the planned apartments will be in two huge developments near Olympic Boulevard and Soto Street. The historic Sears building will be transformed into a luxury residential and commercial complex with 1,030 lofts, 80,000 square feet of shopping and dining, 200,000 square feet of “creative offices” and a rooftop pool. At the current Wyvernwood Garden Apartments, there are plans to build 4,400 new units in several 24-story high-rise buildings with 300,000 square feet of retail and commercial space. Also a mixed-use project, the La Veranda is in the pre-development phase featuring 77 units above 8,000 square feet of ground-floor retail space and a parking garage. The already completed Chávez Gardens is a 110 rental unit mixed-use project with 43 parking spaces and 99 bicycles, as well as 3,000 square feet of commercial space. The Cielito Lindo 50-unit complex has also been completed this year. The subject property is currently operating as a Smog Check, Used Car Sales, Auto Registration, and Auto Repair business. The building consists of a 1,169 square foot commercial building. A portion of the building is rented as Auto Repair on a month-to-month lease. The 13,364 square foot land can be repurposed into a multi-family redevelopment project with a potential for 12 units with the CA density bonus (SB 35). Priced at $145 per Sq Ft, this land is an excellent opportunity to invest in one of the best 5 neighborhoods in Los Angeles for rental properties. **Buyer/Buyer’s agent to verify with the city with regards of zoning, current, and future use of the property.