Marcus & Millichap is pleased to announce the sale of 3538 E 56th Street, a 5-unit multifamily property in Maywood, CA, a strong rental market in Southeast Los Angeles. Current rents are approximately 18% below those of similar properties in the area, allowing a new owner to capitalize on potential income improvement while saving on otherwise costly deferred maintenance items, such as seismic retrofit repairs (Buyer to verify). The property features five individual garages, as well as six more open parking spaces, which may help an investor to collect a premium on rents for the one bedroom units.
The buildings sit among a neighborhood of low density residential properties, but provide convenient access to the numerous industrial centers within the City of Vernon. This large employment hub helps to draw tenants to the area, where favorable vacancy rates trends have helped to provide some of the most positive rent growth in the entire Los Angeles Metro area. The rental income is supplemented by an additional income stream earned via the on-site laundry facilities.
Multiple schools are within walking distance of the property, while nearby Slauson Avenue provides several retail destinations for tenants. Mass transit bus lines make stops just three blocks from the property, while tenants can also easily access the 710 and 5 Freeways.
