38 UNIT DEVELOPMENT OPPORTUNITY BY RIGHT
The Hirth Group of KW Commercial is pleased to present 2821 Wabash Avenue, Los Angeles, CA 90033. Strategically located in the heart of the ever-gentrifying Boyle Heights, the asset is on Wabash Avenue in between N. Evergreen Avenue and Forest Avenue, providing easy access to the 10 freeway. The property is located near the LAC+USC Medical Center. Boyle Heights is densely populated with over 300,000 people within a three-mile radius, and more than 800,000 people in a five-mile radius of the subject property.
2821 Wabash Avenue is a mixed-use property consisting of two retail spaces and five apartments (three of which are non-conforming) encompassing ± 4,345 SF of gross leasable area and ± 7,522 SF of land. The subject property presents a value-add opportunity with over 60% upside potential in rents. Retail tenants are on month-to-month leases allowing new ownership to increase rents immediately and add tremendous value.
Ideally located on Wabash Avenue in between N. Evergreen Avenue and Forest Avenue in close proximity to the USC Medical Center and providing easy access to the 10 freeway.
Current Cap Rate at 5.26% and a Market Cap Rate at 9.31%.
Over 60% Rental Upside Potential.
Month-to-month Leases on Retail Tenants.
License CA 01515796
License CA 02005428