4 PLEX WITH TREMENDOUS UPSIDE :: BOYLE HEIGHTS LOCATION
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4 PLEX WITH TREMENDOUS UPSIDE :: BOYLE HEIGHTS LOCATION
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SECURED PROPERTIES
213.200.5882 3435 Wilshire Blvd, Suite 2510
akim@securedproperties.com Los Angeles, CA 90010
BRE # 01379619
CAL DRE# 01377398
Property Address 2038 Hollenbeck Drive
City State Zip Los Angeles, CA 90023
APN 5089-021-031
Zoning LARD1.5
Year Built 1923
Building SF 3,884
Lot SF 6,209
Property Type Quadruplex
WALK SCORE 79 – VERY WALKABLE
BIKE SCORE 58 – BIKEABLE
TRANSIT SCORE 68 – GOOD TRANSIT
DISCLAIMER: The information contained herein is not a substitute for a thorough due
diligence investigation. The Broker has not made any investigation, and makes no warranty or
representation, with respect to the income or expenses for the subject property, the future
projected financial performance of the property, zoning & land use, and the size and square
footage of the property and improvements.
4 PLEX WITH TREMENDOUS UPSIDE PRIME BOYLE HEIGHTS
TREMENDOUS UPSIDE for this 4 plex building with tons of rental growth potential along with rapid city development. There will be a new bridge that connects Boyle Heights to the Arts District and you can imagine all the ▪ Tremendous Rental Upside change that will happen once that is completed. Google "Sixth Street Viaduct" for more information. This property is located across the street ▪ Steps from the 6th Street Viaduct Connecting Property to from Hollenbeck park. Excellent and desirable location. Arts District A deal like this will not be available when the bridge project is completed. All units are approx 950 sq ft. The new buyer can convert each unit to 2 ▪ Large Units (Approx.) 950 Square Feet bedrooms. In the back, there are 4 covered parking and 4 additional cars can be parked behind it. One of the unit has been remodeled with a washer and dryer in the unit and collecting $1640 in rent. . All other units can be ▪ Many Recent Capital Improvements and Upgrades remodeled for maximum income. Many upgrades have been done within the last few years. New roof, new electrical and partial plumbing replaced.
P r ice: $1,150,000 Sch edu led Gr os s In com e: $ 55,680 $ 79,200
Down Pmt @ 40.0% $460,000 Vacancy Reserve @ 0.0% $ - $ -
First Loan Amount: $690,000 Gross Operating Income: $ 55,680 $ 79,200
Interest Rate: 4.75% Expenses: $ (20,338) $ (20,338)
Price per unit $287,500.00 Net Oper atin g In com e: $ 35,343 $ 58,863
GRM: 20.65 Estimated Loan Payments: $ (36,350) $ (36,350)
P r e-Tax Cas h Flow : $ (1,008) $ 22,512
CAP: 3.07% PROF. 5.12% Cas h on Cas h Retu r n : -0.22% 4.89%
Year Built: 1923 Equity Build Up: $ -
Approx. Lot SF 6,209 Total Return: $ -
Approx. RSF: 3,884
Cost per RSF: $296.09 P r opos ed Fin an cin g:
Parking spaces 4 New 1st TD proposed at 4.75% fixed 30 yrs amtz. Over 30
Zoning LARD1.5
Taxes $ 12,938
1+1 971 $ 1,000.00 $ 1,000 $ 1,650 Insurance $ 2,000
1+1 971 $ 1,000.00 $ 1,000 $ 1,650 Utilities $ 1,200
1+1 971 $ 1,000.00 $ 1,000 $ 1,650 Repairs & Maint. $ 1,000
1+1 971 $ 1,640.00 $ 1,640 $ 1,650 Misc. & Res. $ 2,000
Off Site Mgt $ -
Rubbish $ 1,200
Gardening $ -
Total Sch edu led M on th ly Ren t: $ 4,640 $ 6,600
Laundry: $ - $ -
Other Income $ - $ - Total Expen s es : $ 20,338
M on th ly Sch edu led Gr os s In com e: $ 4,640 $ 6,600 Per Net SF: $ (5.24)
An n u al Gr os s In com e: $ 55,680.00 $ 79,200
% of Gross: 25.68%
4 PLEX WITH TREMENDOUS UPSIDE PRIME BOYLE HEIGHTS
1 116 N. Soto Street 4 2,089 Active N/A $1,375,000 $343,750 $658.21 N/A N/A
Los Angeles, CA
2 2446 Cincinnati Street 4 5,664 Active N/A $1,375,000 $343,750 $242.76 4.22% 14.89
Los Angeles, CA
3 2236 Whittier Boulevard 4 3,514 Active N/A $1,595,000 $398,750 $453.90 3.73% 17.91
Los Angeles, CA
4 2418 Folsom Street 4 5,800 Active N/A $2,275,000 $568,750 $392.24 5.53% 13.76
Los Angeles, CA
5 2435 Lancaster Avenue 4 6,920 Active N/A $2,800,000 $700,000 $404.62 4.55% 15.56
Los Angeles, CA
6 3551 Sabina Street 4 6,169 Under N/A $2,199,000 $549,750 $356.46 5.20% 14.00
Los Angeles, CA Contract
7 2014 Michigan Avenue 4 3,643 Pending N/A $1,049,000 $262,250 $287.95 5.50% 13.00
Los Angeles, CA
8 333 N. Breed Street 4 3,168 Sold 10/23/19 $950,000 $237,500 $299.87 N/A N/A
Los Angeles, CA
9 927 Camulos Street 4 2,478 Sold 01/03/20 $970,000 $242,500 $391.44 N/A N/A
Los Angeles, CA
10 527 N. Cummings Street 4 4,165 Sold 01/14/20 $1,125,000 N/A $270.11 N/A N/A
Los Angeles, CA
11 2508 Houston Street 4 5,526 Sold 12/17/19 $1,495,000 $373,750 $270.54 5.76% 14.90
Los Angeles, CA
S Subject 8 9,703 1920 List Price $6,200,000 $775,000 $638.98 3.07% 20.65
2044 N. Highland Avenue
Los Angeles, CA 90068
4 PLEX WITH TREMENDOUS UPSIDE PRIME BOYLE HEIGHTS
COMPARABLES
1 116 N. Soto Street
5
2 2446 Cincinnati Street
3 2236 Whittier Boulevard
4 2418 Folsom Street
5 2435 Lancaster Avenue
6 3551 Sabina Street 10
8 4
7 2014 Michigan Avenue
7 2 11
8 333 N. Breed Street
9 927 Camulos Street 1
10 527 N. Cummings Street
11 2508 Houston Street
S 2038 Hollenbeck Dr
S 3
9
6
4 PLEX WITH TREMENDOUS UPSIDE PRIME BOYLE HEIGHTSBoyle Heights is a charming, historic, and walkable working class Boyle Heights is a neighborhood with rich history. There is a strong neighborhood of almost 100,000 residents just a few miles east of Latino presence and mariachi bands are playing at my the plaza downtown Los Angeles. Located just across the river from the arts from the breed street shoal to mighty at cheap plaza, the history of district, the neighborhood is in a highly dense area of Los Angeles Boyle Heights is still there to experience. Hollenbeck Park, the with over 75% of residents being renters. Recently Boyle Heights Sears building, and the old Santa Fe railroad hospital are just some has seen a lot of interests and is a place for residents looking to of the iconic locations in the neighborhood. escape high rents elsewhere. Boyle Heights is undergoing a real estate boom and property values have trended upward.
1.1 MILES FROM SUBJECT
Mixed-Use Apartment Building Planned Near L.A. County + USC Medical Center: A
vacant lot near L.A. County + USC Medical Center could yield a mixed-use development,
per an application filed recently with the Los Angeles Department of City Planning. The
project, slated for a roughly half-acre site at 1016-1030 N. State Street, calls for the
construction of a multi-story building featuring 85 apartments -including an unspecified
number of affordable units - and 6,554 square feet of ground-floor retail space. The
applicant, listed as the Youssefian Family Trust, acquired the now-vacant site in 2017 for
approximately $1.57 million, according to city records.
Hyatt House Hotel Reaches its Fifth Floor at the USC Health Sciences Campus: With a
1.0 MILES FROM SUBJECT
year of construction under its belt, Irvine-based developer Mayer Corp. continues to
make progress at the new Hyatt House hotel as the USC Health Sciences Campus in
Boyle Heights. The five-story development, located at the intersection of San Pablo and
Alcazar Streets, will feature 200 guest rooms, 14,000 square feet of ground-floor shops
and restaurants, and an 18,000-square-foot conference facility upon completion. The
podium-type structure is designed by Santa Monica-based AHT Architects. Planned
ancillary features include a pool deck and a 310-car parking structure. Completion of the
approximately $49-million mixed-use structure is anticipated in August 2020,
approximately a half-year behind its originally announced schedule.
1.3 MILES FROM SUBJECT
Cielito Lindo II Affordable Housing Nears the Finish Line in Boyle Heights: East L.A.
Community Corporation is in the home stretch at the second phase of the Cielito Lindo
apartments in Boyle Heights. Located at 2423-2431 E. 1st Street, the project consists of a
four-story edifice offering 28 units of affordable and supportive housing above 1,000
square feet of ground-floor retail space. Gonzalez Goodale Architects designed the low-
rise structure, which closely resembles its phase one neighbor. The building will feature
an outdoor deck overlooking 1st Street.
4 PLEX WITH TREMENDOUS UPSIDE PRIME BOYLE HEIGHTS1.1 MILES FROM SUBJECT
L.A. County Plans Second Phase of "Restorative Care Village": Plans for a new healthcare
facility at Los Angeles County + USC Medical Center catering to the region's unhoused
population are moving forward. The first phase of the Restorative Care Village, is to
consist of a 96-bed recuperative care center and a 64-bed residential treatment. Project
components include:
• Mental Health Outpatient Center providing services for clients living with serious
mental illnesses;
• Mental Health Urgent Care Center to replace an existing facility on Marengo Street;
and
• Recovery and Respite Center to provide temporary shelter to persons who are
currently inebriated or going through substance withdrawal.
More Gold Line-Adjacent Housing Planned in Boyle Heights: East L.A. Community
1.0 MILES FROM SUBJECT
Corporation and Bridge Housing have filed plans to construct another affordable
housing development adjacent to the Gold Line in Boyle Heights.
The project, which would riced from a Metro-owned property at Soto Station, calls for the
construction of a five-story building featuring one manager's apartment and 63
affordable units with 4,265 square feet of ground-floor commercial space. According to
Metro's joint development page, 43 of the apartments will be made available to
households earning at or below 30 to 50 percent of the area median income and 20 units
will serve as permanent supportive housing.
1.3 MILES FROM SUBJECT
New Details Emerge for Proposed Affordable Housing at Mariachi Plaza: Just over one
year ago, Azure Development filed plans to redevelop the former site of a laundromat at
1800 E. 1st Street with a five-story edifice featuring 44 residential units atop 8,000 square
feet of ground-floor commercial space and a 45 parking spaces at-grade and in a
basement garage. Plans call for a mix of studio, one-, and two-bedroom dwellings, which
will be set aside as affordable housing as the very low- and extremely low-income levels.
4 PLEX WITH TREMENDOUS UPSIDE PRIME BOYLE HEIGHTSThe City of Los Angeles' Bureau of Engineering is working in partnership with the Federal Highway Administration and the California Department of Transportation to build a new, 3500-foot long Sixth Street Viaduct, a vital transportation link through Central Los Angeles, connecting the neighborhoods of Boyle Heights and the Arts District, across the Los Angeles River. The original viaduct was built in 1932. Due to a chemical reaction known as Alkali Silica Reaction, it significantly deteriorated and needed to be replaced. To build the new viaduct, the City secured federal and state highway support to fund the majority of the project. The total project cost is $482 million, making it the largest bridge project in the history of Los Angeles. The original viaduct was demolished in 2016. PROJECT SCHEDULE 2016 Demolition of the original Sixth Street Viaduct Early 2022 Scheduled completion of the new Sixth Street Viaduct 2024 Scheduled completion of the Sixth Street PARC
ARTS DISTRICT ADJACENT As downtown continues to experience growth and development, new development is reviving the Arts District as well, and developers are increasingly eyeing the area for megaprojects. The City of Los Angeles is investing heavily in the district. A new bridge and new light rail line will bring increased traffic into the area and connect workers and residents more quickly to other areas inside and outside the city. The city built a new park for residents to keep young families in the area. And the momentum is spilling over into the Industrial District at the Art District’s western border. Several properties there are touting themselves as being part of the Arts District to cash in on the cachet. We’ve included some notable Industrial District projects here because they embody the spirit of what is happening in this part of town. LOCATION REINASSANCE The city built a new park for residents to keep young families in the area. And the momentum is spilling over into the Industrial District at the Art District’s western border. Several properties there are touting themselves as being part of the Arts District to cash in on the cachet. We’ve included some notable Industrial District projects here because they embody the spirit of what is happening in this part of town. There’s nearly one major project in the pipeline for every two blocks of Downtown’s Arts District. The roughly 50-block former industrial neighborhood-turned-artist-haven-turned-hipster-mecca has 25 projects in the works, including transformative new developments and adaptive reuses, according to a count by Curbed. Perhaps the biggest and surest to have an impact on the once largely desolate neighborhood is SunCal’s 1,736-unit mixed-use 6AM project at the corner of 6th and Alameda streets, first announced in 2016.
4 PLEX WITH TREMENDOUS UPSIDE PRIME BOYLE HEIGHTS
MEDIAN HH INCOME POPULATION 2018 HOUSEHOLDS
$65,006 10,441,080 3.31M
INCORPORATED COMMUNITIES 2018 GROSS COUNTY PRODUCT GCP GROWTH
140 $807B 2.8%
MEDIAN AGE EMPLOYEES LAND AREA
36.3 Management 4,751
Los Angeles County, officially the County of Los Angeles, in the Los Angeles metropolitan area of the U.S. state of California, is the most populous county in
the United States, with more than 10 million inhabitants as of 2018. As such, it is the largest non–state level government entity in the United States. Its
population is larger than that of 41 individual U.S. states. It is the third-largest metropolitan economy in the world, with a Nominal GDP of over $700 billion—
larger than the GDPs of Belgium, Norway, and Taiwan. It has 88 incorporated cities and many unincorporated areas and, at 4,083 square miles (10,570
km2), it is larger than the combined areas of Delaware and Rhode Island. The county is home to more than one-quarter of California residents and is one of
the most ethnically-diverse counties in the U.S. Its county seat, Los Angeles, is also California's most populous city and the second most populous city in the
U.S., with about 4 million residents.4 PLEX WITH TREMENDOUS UPSIDE :: BOYLE HEIGHTS LOCATION
213.200.5882
akim@securedproperties.com
CAL DRE# 01377398You can also read
