Marcus and Millichap is pleased to present an eight unit multifamily property located at 1936 Griffin Avenue, in Los Angeles, California. Situated on the east side of Griffin Avenue and just north of North Main Street, this property is well-positioned in a strong rental pocket of Lincoln Heights.
Lincoln Heights is a rapidly-gentrifying neighborhood of Los Angeles. Two massive redevelopment projects aim to drive the local economy, and provide more housing and retail space for the community. The first is a complete overhaul of the old Lincoln Heights Jail, where the space will be converted into both moderate and low-income housing units, complete with a day care, arts center, and gardens with children and senior-living in mind. The second project is a development project spanning almost an entire block on North Broadway between Thomas and Gates Streets. This project will bring a massive Health and Wellness center to the area along with almost 200 permanent jobs. These efforts to develop the landscape of Lincoln Heights will revitalize the economic growth of the community.
The subject property, built in 1949, hosts a streamlined unit mix of six (6) one bedroom/one bathroom units, and two (2) two bedroom/one bathroom units. One of the two bedroom units will be delivered vacant. The offering provides ample on-site parking for its tenants, as well as close proximity to the 5 and 10 Freeways. Located directly on Griffin Avenue, this building has excellent frontage on a main thoroughfare through Lincoln Heights.
This offering presents an excellent opportunity for an investor to acquire an asset with large upside in rental potential, in the up-and-coming market of Lincoln Heights.
