1134 S VANCOUVER AVE

LOS ANGELES, CA, 90022

$2,665,000

$333 per ft²
$2,665,000
$333 per ft²
Active
Active
 - For Sale
beds
16 Beds
baths
16 Baths
carpenters-square
8,000 ft²
property_type
Multi-family
calendar
Built 1929
We are pleased to present the opportunity to acquire 1134 South Vancouver Avenue, a 16-unit multifamily property located in the desirable neighborhood of East Los Angeles consisting of eight 1 Bed w/ Bonus Room 1 Bath units and 8 studio units. 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, RiteAid, 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 to copper plumbing with oversized ABS piping, 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 unassigned day-parking. Current ownership is achieving a monthly average of $1,306 per one-bedroom unit and $931 per studio unit. Since the East Los Angeles market supports rents of $1,790 and $1,400 for one-bedroom and studio units, respectively, a new owner has the opportunity to capture approximately 38% 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.
MLS® ID:
22-126215
Listed:
2/8/22
Updated:
6/28/22

Interior Features

Total Bedrooms
16
Total Bathrooms
16
Laundry Description
Outside
Cooling
Wall Unit(s), Wall/Window
Heating
None

Exterior/Building Features

Lot Size
6,528 ft² lot

Other Property Details

Garage
Yes
Garage Spaces
4
Parking
Garage - 4 Car, Garage Is Detached, Parking Space, Uncovered
Parking Total
5.0
View
Y
County
Los Angeles
Pool
No
Pool Description
None
Total Stories
2
Zoning
LCR4YY

Property History

Date
Event
Price
Value
4/6/22
Price Change
$2,665,000
-2%

 

Courtesy of Justino Faaola, Marcus & Millichap

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Peter & Cindy Lorimer shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2022 Combined L.A./Westside MLS. All rights reserved.

Data last updated 6/28/22

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