Condominium buy in Wellington Heights California

A 20-unit investment opportunity in Boyle Heights between 1st St and E Cesar Chavez Ave, a rapidly gentrifying submarket with easy access to the Arts District in Downtown Los AngelesThe property features a unit mix of 12 singles, six one-bedrooms, and two two-bedrooms; the building is 100% occupied and seven of the units have been renovated; opportunity to further add value as units turn and achieve over 38% rental upside through interior renovationsGated access from both the front and rear of the property; the building is separately metered for gas and electric and has common area laundry with two washers and two dryersStable cash flow at a 4.26% CAP rate on current income with significant upside; a pro forma CAP rate of 6.89% is projected upon stabilizationHigh Walk Score of 94, a plethora of retail within walking distance on 1st St, E Cesar Chavez Ave, and 4th St; down the street from the Metro L rail line as well as multiple metro local bus line stops on Soto & 1st streetConvenient access to the 1 St Viaduct for a quick commute to the Arts District and Downtown Los Angeles; located just off the 10, 60, and 101 Freeways. MLS® ID: 22201635 Listed: 8/31/22 Updated: 10/17/22 Interior Features Kitchen Appliances: Refrigerator Total Bedrooms: 10 Total Bathrooms: 20 Interior Features: Ceiling Fan(s) Cooling: None Heating: Natural Gas Exterior/Building Features Lot Size: 8,910 ft2 lot Other Property Details Area Name: BOYH - Boyle Heights Garage: No Parking: None View: N County: Los Angeles Pool: No Total Stories: 2 Zoning: LAR4 Courtesy of Marcus & Millichap, Neema Ahadian, Listing Contact: Based on information from California Regional Multiple Listing Service, Inc. as of 10/17/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.