The Neema Group of Marcus & Millichap is pleased to present 3639 Whittier Blvd, a 7-unit apartment building in Boyle Heights. The property features a unit mix of 2 one-bedrooms, 1 three-bedroom, and 4 four-bedrooms and 12 gated parking spaces. There is strong cash flow in place at a 5.13% CAP rate on current income with additional rental upside of over 36%. Each unit has a private patio and there is community laundry on-site with four owned washers and dryers. Built in 1990, the property is not subject to Los Angeles city rent control.
This neighborhood in Boyle Heights is rapidly gentrifying and ideally located with a short commute to Downtown Los Angeles and the San Gabriel Valley. The Boyle Heights neighborhood remains a strong area to invest in as 75% of their roughly 95,000 residents choose to rent.
Located just east of downtown Los Angeles and south of Lincoln Heights, Boyle Heights is one of Los Angeles’ most historic and vibrant neighborhoods. Currently in the path of development, the city proposed the Boyle Heights Community Plan to promote and encourage its economy, mobility, health and sustainability while preserving its rich history and cultural diversity. Hemmed by major freeways and in close proximity to major employment hubs, local residents of Boyle Heights not only have convenient access to the 10, 5 and 710 freeways, but also several public transportation options and amenities in walking distance.
With the $5 billion wave of developments sweeping across downtown Los Angeles and the Arts District, Boyle Heights is now seeing sizable public investments into the city to improve public infrastructures and to rebuild its community for economic growth.
From the Breed Street Shul to Mariachi Plaza, the history of Boyle Heights is something to experience. Hollenbeck Park, the old Santa Fe Railroad hospital are just some of the iconic locations in the neighborhood. For over nine decades the Sears Building has been an architectural and commercial beacon for residents and commuters in Los Angeles. The 1.8 million-square-foot Sears complex was one of Los Angeles’ largest building projects during the 1920s. The property is currently in a redevelopment phase that will feature a mixture of housing, retail space and potentially a hotel