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Multifamily

5370 Edna St

5370 Edna St, Los Angeles, CA 90032

Listing Price: $2,400,000

Cap Rate
7.00%
Number of Units
10
Price/Unit
$240,000
Price/Gross SF
$350.06
Gross SF
6,856

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 5370 Edna Street, a ten-unit apartment building located in the trendy El Sereno Neighborhood of East Los Angeles. The subject property has been well maintained, but is perfectly suited for a comprehensive renovation plan that would allow investors the ability to achieve a 100% increase in cash flow. Built in 1964, 5370 Edna Street is composed of one two story apartment building situated on a 8,029-square foot corner parcel, the property is composed of six one-bedroom/one-bathroom units and four two-bedroom/one-bedroom units. In addition the seller has submitted plans to the city to add two ADU’s that will also address the soft story retrofit compliance from the city. Located in one of the hottest residential markets in Los Angeles- El Sereno is quickly becoming home to the new hipster movement (young, trendy, college educated) migrating from the already high-priced Highland Park neighborhood. This offering presents an investor with the opportunity to get in early, in an already gentrifying neighborhood, coupled with a significant value-add repositioning plan. Given the property’s prime East Los Angeles location and value-add component, 5370 Edna Street is well suited to provide investors with healthy returns and long-term appreciation.

Investment Highlights

  • Ability to Invest Early on in an Already Gentrifying Neighborhood!
  • Delivered Completely Vacant at the Close of Escrow.
  • Seller has Submitted Plans to the City to Add Two ADUs, Each Two-Bedroom/One-Bathroom, Which will Address the Soft Story Retrofit Compliance.
  • Excellent Unit Mix Composed of Studio, One-Bedroom and Two-Bedroom Units - Well Suited for Today's Market.
  • Over 100% in Rental Upside Through Renovation - a True Value-Add Opportunity.
  • Located in the Up and Coming El Sereno Neighborhood, Subject Properties are Close to Everything in North East Los Angeles and Downtown Los Angeles.
  • Supply Constrained 90032 Zip Code!

Exclusively Listed By

Listing Price: $2,400,000

Cap Rate
7.00%
Number of Units
10
Price/Unit
$240,000
Price/Gross SF
$350.06
Gross SF
6,856

Investment Highlights

  • Ability to Invest Early on in an Already Gentrifying Neighborhood!
  • Delivered Completely Vacant at the Close of Escrow.
  • Seller has Submitted Plans to the City to Add Two ADUs, Each Two-Bedroom/One-Bathroom, Which will Address the Soft Story Retrofit Compliance.
  • Excellent Unit Mix Composed of Studio, One-Bedroom and Two-Bedroom Units - Well Suited for Today's Market.
  • Over 100% in Rental Upside Through Renovation - a True Value-Add Opportunity.
  • Located in the Up and Coming El Sereno Neighborhood, Subject Properties are Close to Everything in North East Los Angeles and Downtown Los Angeles.
  • Supply Constrained 90032 Zip Code!

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 5370 Edna Street, a ten-unit apartment building located in the trendy El Sereno Neighborhood of East Los Angeles. The subject property has been well maintained, but is perfectly suited for a comprehensive renovation plan that would allow investors the ability to achieve a 100% increase in cash flow. Built in 1964, 5370 Edna Street is composed of one two story apartment building situated on a 8,029-square foot corner parcel, the property is composed of six one-bedroom/one-bathroom units and four two-bedroom/one-bedroom units. In addition the seller has submitted plans to the city to add two ADU’s that will also address the soft story retrofit compliance from the city. Located in one of the hottest residential markets in Los Angeles- El Sereno is quickly becoming home to the new hipster movement (young, trendy, college educated) migrating from the already high-priced Highland Park neighborhood. This offering presents an investor with the opportunity to get in early, in an already gentrifying neighborhood, coupled with a significant value-add repositioning plan. Given the property’s prime East Los Angeles location and value-add component, 5370 Edna Street is well suited to provide investors with healthy returns and long-term appreciation.

Exclusively Listed By

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