Multifamily

220 S Boyle Ave

220 S Boyle Ave, Los Angeles, CA 90033

Listing Price: $1,950,000

Cap Rate
5.04%
Number of Units
5
Price/Unit
$390,000
Price/Gross SF
$539.42
Gross SF
3,615

Investment Overview

The Neema Group of Marcus & Millichap is pleased to present 220 S Boyle Ave, Los Angeles, CA 90033. Built in 1928 and renovated in 2020, this 5-unit turnkey property totals 3,615 SF located in Boyle Heights, between E 1st St & E 4th St providing immediate access to the I-5 and I-10 Freeway, a location next to Mariachi Plaza, the Metro Gold Line, and across the river from Los Angeles’ Arts District. 220 S Boyle Ave features two structures with 3 three-bedrooms two-bathroom apartments with in-unit laundry and two studios in the rear of the property. This offering presents an investor the opportunity to acquire a recently renovated asset with zero deferred maintenance required and four units currently vacant. Opportunity to capture market rents immediately at the close of escrow. Recent capital expenditures include new exterior stucco, interior paint, modern kitchens with granite countertops and stainless steel appliances (fridge, range, microwave), recessed lighting, hardwood flooring, custom tile bathrooms, windows, new electrical system, central a/c in the three beds, wall HVAC in the studios, 50% roof replacement, and washer-dryers in the three bedrooms. Boyle Heights is a fast growing, historic, and vibrant neighborhood located just East of Downtown Los Angeles. The subject property is surrounded by new developments, art galleries, terrific restaurants, coffee shops, access to the Arts Districts and some of the best restaurants, night life & hidden gems in Los Angeles. Close to employment opportunities and transportation for potential clients including Medical Students, Residents & MD’s, and people employed in the Business District, Fashion District, Cal State University, USC, LA City College, and Fashion Institute of Design.

Investment Highlights

  • The offering features two structure consisting of 3 three-bed two-bath apartments and two studios in the rear of the property.
  • Asking 13.43 GRM on projected income with a pro forma CAP rate of 5.59% when market rents are achieved.
  • Four out of five units will be delivered vacant at the close of escrow, allowing the investor to achieve market rents immediately.
  • Recent capital expenditures include new exterior stucco, interior paint, modern kitchens with granite countertops and stainless steel appliances.....
  • Ease of management as electric and gas are separately metered; in-unit laundry in the three-bedroom units. 8 parking spaces located on-site.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Sean Namigohar

    Senior Associate

    Email Sean

    License(s): CA: 01949705

    West Los Angeles

Listing Price: $1,950,000

Cap Rate
5.04%
Number of Units
5
Price/Unit
$390,000
Price/Gross SF
$539.42
Gross SF
3,615

Investment Highlights

  • The offering features two structure consisting of 3 three-bed two-bath apartments and two studios in the rear of the property.
  • Asking 13.43 GRM on projected income with a pro forma CAP rate of 5.59% when market rents are achieved.
  • Four out of five units will be delivered vacant at the close of escrow, allowing the investor to achieve market rents immediately.
  • Recent capital expenditures include new exterior stucco, interior paint, modern kitchens with granite countertops and stainless steel appliances.....
  • Ease of management as electric and gas are separately metered; in-unit laundry in the three-bedroom units. 8 parking spaces located on-site.

Investment Overview

The Neema Group of Marcus & Millichap is pleased to present 220 S Boyle Ave, Los Angeles, CA 90033. Built in 1928 and renovated in 2020, this 5-unit turnkey property totals 3,615 SF located in Boyle Heights, between E 1st St & E 4th St providing immediate access to the I-5 and I-10 Freeway, a location next to Mariachi Plaza, the Metro Gold Line, and across the river from Los Angeles’ Arts District. 220 S Boyle Ave features two structures with 3 three-bedrooms two-bathroom apartments with in-unit laundry and two studios in the rear of the property. This offering presents an investor the opportunity to acquire a recently renovated asset with zero deferred maintenance required and four units currently vacant. Opportunity to capture market rents immediately at the close of escrow. Recent capital expenditures include new exterior stucco, interior paint, modern kitchens with granite countertops and stainless steel appliances (fridge, range, microwave), recessed lighting, hardwood flooring, custom tile bathrooms, windows, new electrical system, central a/c in the three beds, wall HVAC in the studios, 50% roof replacement, and washer-dryers in the three bedrooms. Boyle Heights is a fast growing, historic, and vibrant neighborhood located just East of Downtown Los Angeles. The subject property is surrounded by new developments, art galleries, terrific restaurants, coffee shops, access to the Arts Districts and some of the best restaurants, night life & hidden gems in Los Angeles. Close to employment opportunities and transportation for potential clients including Medical Students, Residents & MD’s, and people employed in the Business District, Fashion District, Cal State University, USC, LA City College, and Fashion Institute of Design.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Sean Namigohar

    Senior Associate

    Email Sean

    License(s): CA: 01949705

    West Los Angeles

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