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, the property’s unique unit mix, low rents for most units and a “laundry list” of deferred maintenance would shrink the buyer pool. Max had to manage the Seller’s expectations while looking for a value-add investor capable of taking on a major mixed-use project.
Result
Thirty 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.
