Sitting across from the Heritage Square Gold Line station, this 25-unit mixed-use portfolio sits on approx. 51,000+ SF of land and features approx. 60% upside in rents. Despite the long-term promise, the Seller considered these properties an outlier in his portfolio and contacted Max to cash out.
About The Property
Stats
Price $5,270,000
Year Built 1924
City Northeast Los Angeles
Units 25
Price p/ Sq. ft. $357
Price P/ Unit $210,800
Lot Size 51,492
Background
Challenge
Despite the significant financial upside and neighborhood revitalization, Max knew the buyer pool would be limited due to the unique unit mix, low rents for a majority of the units and a “laundry list” of deferred maintenance. Max had to manage the Seller’s expectations while looking for a value-add investor capable of take on a major mixed-use project.
Result
30 days after signing the listing, Max identified a well-qualified buyer. Escrow opened in Nov. 2021, and despite multiple obstacles during the due diligence period, closed at $5,270,000. The Seller was thrilled to cash out on his portfolio outlier, and the Buyer is eager to explore multiple mixed-use ideas in this developing Northeast LA neighborhood.
