The SK Group of Marcus & Millichap is pleased to present 701 N Hill Pl, a five unit true value-add opportunity located in the fabled Chinatown submarket of Northeast Los Angeles. The first time on the market since being built 45-years ago, the property sits on a 5,118 square foot lot with attractive unit mixes of four two-bedroom units and one 4-bedroom true townhouse style unit. The submarket of Chinatown has been undergoing major proposed changes lately, causing a steady upward climb for rental demand in the area. Some of the notable developments include a 725-unit mixed use project adjacent to the Goldline platform, a vertical park and amphitheater at Yale and Old Street, the 27-story mixed-use “Harmony High Rise” project, numerous adaptive re-use concepts, and a proposed apartment hotel tower by globally-recognized architecture firm Studio Gang.
Delivered with 3 vacant units, the incoming buyer is poised to take immediate advantage of all the major economic momentum around the subject property with their own vision of enhancements. Residents are within walking distance of the vibrant scene in Chinatown and Downtown L.A., a few blocks from the Metro Gold Line station, and a short drive to numerous major employment centers. Given the continued growth of the Chinatown submarket, the urban atmosphere surrounding the subject property, and the significant value-add opportunity, 701 North Hill Place represents a rare offering for investors seeking an asset that is poised to provide long-term returns and steady appreciation.
