Property Details.

Price $6,075,000

Year Built 1924

# of Units 25

Price P/ Unit $242,000

Sq. ft. 14,764 SF

Price p/ Sq. ft. $411

Current Cap Rate 3.36%

Proforma Cap Rate 7.24%

Lot Size 51,492

Zoning LASAR3, LARD1.5

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3614-3618 Pasadena Avenue
Los Angeles, CA 90031

About the Property

Kenny Stevens Team is pleased to present the Heritage Square Portfolio, comprised of 22 residential units and 3 commercial spaces, located in the rapidly developing neighborhood of Heritage Square. 106-114 E Avenue 37 and 103-117 E Avenue 36 is a 17 unit bungalow-style property sitting on two parcels totaling 38,583 square feet of land. Of the 17 units, 15 of them are true bungalows with private entrances, no shared walls, side-yards, and backyards. 3614-3618 Pasadena Avenue is a 12,433 square foot lot zoned RAS3. The property consists of three commercial spaces and 5 residential units that sit above the largest tenant, currently occupied by a garment manufacturer. As of September 2019, all commercial tenants are on a month-to-month contract.

The Opportunity

The Heritage Square Portfolio sits directly across the street from theHeritage Square Gold Line station and is eligible for Tier 3 TOCincentives. Located in a neighborhood that is currently undergoing a large-scale revitalization, the Heritage Square Portfolio presents investors with the opportunity to acquire an ideal value-add investment with significant financial upside.

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