Multifamily

405 N Soto St

405 N Soto St, Los Angeles, CA 90033

Listing Price: $1,975,000

Cap Rate
4.00%
Number of Units
11
Price/Unit
$179,545
Price/Gross SF
$258.51
Gross SF
7,640

Investment Overview

Marcus & Millichap is pleased to announce the sale of 405 North Soto Street, an 11-unit multifamily property situated in the gentrifying Boyle Heights neighborhood of Los Angeles, California. The property is steps away from E. Cesar Chavez Avenue, where tenants enjoy proximity to multiple retail and restaurant centers, including Walgreens, McDonalds, Guisados, La Monarca Bakery, Bank of America, and local coffee shops. As the area has been redeveloped and improved over recent years, both rental rates and housing demand have steadily risen. As a result, the subject property currently holds substantial rent upside potential, with current rents approximately 60 percent below those of similar apartments in the neighborhood. An experienced investor may capitalize on this opportunity to create significant returns and add value through interior and exterior renovations. The property has benefited from numerous improvements over the last seven years including, but not limited to, a new roof, new electrical panels, new copper plumbing, and new windows. Parking can be scarce in the area, so the seven on-site parking spaces present an excellent opportunity for a new owner to create an additional income stream by renting these spaces to tenants.

Investment Highlights

  • Multiple Improvements to the Property Within the Last 10 Years, Including a New Roof, New Windows, and Full Copper Plumbing (Buyer to Verify)
  • Located Within a 10-Minute Drive to Downtown Los Angeles with Convenient Access to the Metro Rail Gold Line and the 5, 10 and 101 Freeways
  • Value-Add Opportunity -- Rents Approximately 60 Percent Below Market Levels
  • Combination of Studios, One and Two Bedroom Units – A Favorable Mix to Coincide with Boyle Heights' Vast Rental Growth Through Its Ongoing Gentrification
  • Located at the Epicenter of Boyle Heights' Numerous New Developments -- Walking Distance to a Variety of Retailers, Restaurants, and Pharmacies on Cesar Chavez Avenue
  • Seven On-Site Parking Spaces at the Rear of the Building – Potential New Income Stream via Parking Rent

Exclusively Listed By

Listing Price: $1,975,000

Cap Rate
4.00%
Number of Units
11
Price/Unit
$179,545
Price/Gross SF
$258.51
Gross SF
7,640

Investment Highlights

  • Multiple Improvements to the Property Within the Last 10 Years, Including a New Roof, New Windows, and Full Copper Plumbing (Buyer to Verify)
  • Located Within a 10-Minute Drive to Downtown Los Angeles with Convenient Access to the Metro Rail Gold Line and the 5, 10 and 101 Freeways
  • Value-Add Opportunity -- Rents Approximately 60 Percent Below Market Levels
  • Combination of Studios, One and Two Bedroom Units – A Favorable Mix to Coincide with Boyle Heights' Vast Rental Growth Through Its Ongoing Gentrification
  • Located at the Epicenter of Boyle Heights' Numerous New Developments -- Walking Distance to a Variety of Retailers, Restaurants, and Pharmacies on Cesar Chavez Avenue
  • Seven On-Site Parking Spaces at the Rear of the Building – Potential New Income Stream via Parking Rent

Investment Overview

Marcus & Millichap is pleased to announce the sale of 405 North Soto Street, an 11-unit multifamily property situated in the gentrifying Boyle Heights neighborhood of Los Angeles, California. The property is steps away from E. Cesar Chavez Avenue, where tenants enjoy proximity to multiple retail and restaurant centers, including Walgreens, McDonalds, Guisados, La Monarca Bakery, Bank of America, and local coffee shops. As the area has been redeveloped and improved over recent years, both rental rates and housing demand have steadily risen. As a result, the subject property currently holds substantial rent upside potential, with current rents approximately 60 percent below those of similar apartments in the neighborhood. An experienced investor may capitalize on this opportunity to create significant returns and add value through interior and exterior renovations. The property has benefited from numerous improvements over the last seven years including, but not limited to, a new roof, new electrical panels, new copper plumbing, and new windows. Parking can be scarce in the area, so the seven on-site parking spaces present an excellent opportunity for a new owner to create an additional income stream by renting these spaces to tenants.

Exclusively Listed By

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