PROPERTY HIGHLIGHTS

  • 7-Units in Boyle Heights-100% Vacant
  • 6.3% Cap Rate and 10.5 GRM Upon Lease-Up
  • Great Location Just East of Downtown
  • Two Structures on a Corner Lot
  • All Units Currently Vacant-Ready for Renovations
  • Unique Unit Mix in a High-Demand Location

PROPERTY DESCRIPTION

The Boyle Apartments was originally a 5-unit apartment building that is currently being operated as 7-units (5 units per the certificate of occupancy) with paperwork filed to legalize all 7 units. The property is completely vacant and is situated on a corner lot with parking located from two driveways. The property consists of two structures built in 1928 and 1899.

The owner recently obtained paperwork from the city to convert the property to 7 legal units with one unit being designed affordable. There is also a possibility to make the property 8 legal units. Prospective buyer’s are to investigate the requirements of converting the property from 5 legal units to 7 or 8 units through this program.

The current unit mix consists of two units that are studios with a kitchen and one-bathroom, four one-bedrooms with one-bathroom, and one unit that is currently configured as a two-bedroom with one-bathroom, however, that unit could also be configured into a one-bedroom with a den, depending on the new owner’s objectives. The property is master-metered for all utilities. The property will be delivered vacant in as-is condition and all of the units will need to be renovated.

LOCATION

CONTACT

Investment Advisors

brent sprenkle

Senior Managing Director

brent.sprenkle@berkadia.com

310.470.4892

CA BRE License #01290116

SOUTH BAY LOS ANGELES OFFICE

2321 Rosecrans Avenue, Suite 3235

El Segundo, California 90245

Phone: 424.239.5900

Berkadia.com

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