Marcus & Millichap is pleased to present a six unit multifamily property located in City Terrace, California. Situated at 3733 Bostwick Street, west of North Hazard Avenue and south of the 10 Freeway, the property is well positioned in a quiet area within City Terrace that is adjacent to Boyle Heights.
This area is a rapidly changing rental market adjacent to Downtown, the USC Medical Center, and the Arts District. These surrounding submarkets are major employment centers for the demographic that resides in City Terrace, which makes it a very commutable area for its residents. The property itself is located near City Terrace Park, Cal State LA, and the LA County Sheriffs Fleet Management.
Constructed in 1926 the property sits in an up and coming area and has a desirable unit mix of two 2 studios, one 1 one bedroom/ one bathroom unit, and three 3 two bedroom/ one bathroom units there is also a two bedroom/ one bathroom converted patio. Tenants enjoy on-site laundry, garage parking, and detached structures which allows for increased privacy.
The breakdown of the property is as follows: the building in the front on the left is an un-renovated studio. The building in the front on the right is a 2+1 that has been renovated and is separately metered for water, gas, and electric. The building in the middle consists of a 2+1 moderately renovated unit on the bottom floor, with a fully renovated and vacant 1+1 and 2+1 upstairs. Finally, the building in the back is a fully renovated studio.
Well-positioned in a gentrifying area of City Terrace, the subject property offers dominant access to numerous entertainment possibilities, which presents a special opportunity for an investor to capitalize on a stabilized asset and a rare 7% cap in Los Angeles.
