The property is perfectly situated between the area's heaviest retail boulevards - Whittier, Atlantic, and Olympic Boulevards. Tenants enjoy the convenience of being walking distance to Target, Rite- Aid, CVS, Mcdonalds, Starbucks, Numero Uno Market, and several other restaurants and retailers. James A. Garfield High School and Winter Gardens Elementary can also be found within a mile of the property. The property offers 8,000 rentable square feet and has been well-maintained by the current owner. Throughout their ownership, they have upgraded copper plumbing with oversized ABS piping, replaced the electrical system, recently installed new windows throughout the building, and recently added a fresh coat of paint to the exterior stucco. The 6,527 square-foot parcel offers some unused space at the east end of the lot, which is currently being used as storage and revolving day-parking. Current ownership is achieving a monthly average of $1,306 per one-bedroom unit and $807 per studio unit. Since the East Los Angeles market supports rents of $1,700 and $1,300 for one-bedroom and studio units, respectively, a new owner has the opportunity to capture approximately 31% of rental upside. A savvy investor may also recognize the opportunity to repurpose the unused area of the lot to generate new income via designated on-site parking, on-site laundry facilities, or even additional units (Buyer to verify any additional uses at the site). The opportunity to acquire 1134 South Vancouver is truly rare since no multifamily properties of this size have sold in the 90022 zip code in over a decade. As the neighborhood continues to gentrify, this represents a chance for an investor to gain a large footprint and capitalize at a greater scale.
Courtesy of Roderick ''Rick'' Raymundo, Marcus & Millichap
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Data last updated 6/28/22