Skip to main content

Multifamily

3318-3324 Drew St

3318-3324 Drew St, Los Angeles, CA 90065

Listing Price: $5,200,000

Cap Rate
5.57%
Number of Units
24
Price/Unit
$216,667
Price/Gross SF
$317.83
Gross SF
16,361

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer the opportunity to acquire 3318 3324 Drew Street, a 24 unit apartment community located in the rapidly transitioning neighborhood of Glassell Park. Historically, Northeast Los Angeles has been a vibrant neighborhood filled with small businesses along Fletcher Drive and San Fernando Road. The Los Angeles River Revitalization Master Plan has brought a wave of larger institutional investment as developers and the city anticipate a steady stream of new projects aimed at restoring an 11 mile section of the Los Angeles River. Consisting of two 12 unit buildings on separate parcels, the property is comprised of 16 one-bedroom units and eight two-bedroom units. With 15 out of 24 units being delivered vacant, new ownership will have the opportunity to immediately renovate and achieve rental premiums without tenant relocation risk. 3318-3324 Drew Street provides investors a rare buying opportunity to acquire a mid-sized value-add property and enter a rapidly improving neighborhood with significant long term appreciation potential.

Investment Highlights

  • One and Two-Bedroom Units Featuring Spacious Floorplans and Patios (Select Units)
  • Glassell Park is Becoming a Compelling Value-Proposition for Tenants who are Getting Priced Out of These Neighboring Submarkets
  • Based on an ADU Feasibility Study Provided by Design MNichols, the Subject Property has a High Potential for ADU Development, that Allows for Six Potential Attached ADUs (25% of Existing Units) - Buyer to Verify
  • 62 Percent of Units Will Be Delivered Vacant, Allowing New Ownership the Opportunity to Immediately Renovate and Re-Tenant the Property
  • Separate APN's Allow a Unique Opportunity for an Investor to Acquire 24 Total Units Without the Required On-Site Management Presence and Expense
  • The Government Required Seismic Retrofit Work has Already Been Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time

Exclusively Listed By

Listing Price: $5,200,000

Cap Rate
5.57%
Number of Units
24
Price/Unit
$216,667
Price/Gross SF
$317.83
Gross SF
16,361

Investment Highlights

  • One and Two-Bedroom Units Featuring Spacious Floorplans and Patios (Select Units)
  • Glassell Park is Becoming a Compelling Value-Proposition for Tenants who are Getting Priced Out of These Neighboring Submarkets
  • Based on an ADU Feasibility Study Provided by Design MNichols, the Subject Property has a High Potential for ADU Development, that Allows for Six Potential Attached ADUs (25% of Existing Units) - Buyer to Verify
  • 62 Percent of Units Will Be Delivered Vacant, Allowing New Ownership the Opportunity to Immediately Renovate and Re-Tenant the Property
  • Separate APN's Allow a Unique Opportunity for an Investor to Acquire 24 Total Units Without the Required On-Site Management Presence and Expense
  • The Government Required Seismic Retrofit Work has Already Been Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer the opportunity to acquire 3318 3324 Drew Street, a 24 unit apartment community located in the rapidly transitioning neighborhood of Glassell Park. Historically, Northeast Los Angeles has been a vibrant neighborhood filled with small businesses along Fletcher Drive and San Fernando Road. The Los Angeles River Revitalization Master Plan has brought a wave of larger institutional investment as developers and the city anticipate a steady stream of new projects aimed at restoring an 11 mile section of the Los Angeles River. Consisting of two 12 unit buildings on separate parcels, the property is comprised of 16 one-bedroom units and eight two-bedroom units. With 15 out of 24 units being delivered vacant, new ownership will have the opportunity to immediately renovate and achieve rental premiums without tenant relocation risk. 3318-3324 Drew Street provides investors a rare buying opportunity to acquire a mid-sized value-add property and enter a rapidly improving neighborhood with significant long term appreciation potential.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower