Investment Overview

Marcus and Millichap is pleased to present 627 Echandia St, a combined ground up development site and existing multifamily investment opportunity located in a quaint pocket of Boyle Heights. The property consists of an approximately 11,627 square foot parcel zoned RD 1.5 (Tier 3 TOC ) for which the current ownership has submitted plans for four new multifamily units to be built. The existing improvements on the parcel consist of (4) one bedroom one-bathroom units constructed in 1900 and (1) recently completed one bedroom one-bathroom ADU which was converted from a structure that was originally built in 1963. The existing units which are located at the front of the property are fully occupied and offer an investor the chance to collect cash flow while developing the ground-up component of the property. The existing one-bedroom units each average around 700 square feet which is larger than standard one-bedroom units in this submarket. The existing apartment building allows a savvy investor the opportunity to capture an approximately 40% upside in rental income as rents increase and units turn. The freestanding ADU was completed in 2022 and is around 400 square feet and offers renters both a private entrance and a parking spot. The plans for the development portion of the investment include two new structures on the back portion of the property. The plans for the first structure call for a two-story building consisting of (2) one-bedroom one-bathroom ADU units. The plans for the second new structure call for a three-story building consisting of (2) four-bedroom four-bath units. The building plans may be delivered RTI (Buyer to verify). Residents of the property benefit from being located only a short walk from White Memorial Hospital, a major employer in the region. The main retail thoroughfare in Boyle Heights, East Caser Chavez Ave, is walking distance to the property and allows residents to complete most errands on foot. Residents of the property enjoy nearby restaurants, bars, and shopping destinations. The property is located directly across the street from Prospect Park, providing residents with a refuge away from the bustling neighborhoods nearby. Boyle Heights has continued to gentrify given its ideal location just east of Downtown Los Angeles and excellent freeway access to the 101, 10, and 5 freeways. The recently opened 6th Street Viaduct has proven to be a significant addition to Boyle Heights by giving cars, bikers, and pedestrians direct access to Downtown’s Arts District. The mega project has opened Boyle Heights up to a new wave of renters looking for a more economical place to live while having access to the trendiest section of Downtown L.A. The property is walking distance to the Metro Gold Line which gives residents direct access to Downtown Los Angeles and into Pasadena and the greater San Gabriel Valley.