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SALE PRICE: $1,768,000

 

DEVELOPMENT & VALUE-ADD ACQUISITION

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Alex Reyhan and Daniel Hirth of The Hirth Group are pleased to announce the successful closing of 3253 – 3261 E Cesar E Chavez Avenue! The Hirth Group represented both the Buyer and Seller on this transaction. In this rollercoaster of a market, Alex and Daniel were able to negotiate a 14 day due diligence period, 21 day close, along with a 5 Year Seller carry, while closing within 95% of the list price! 
 
3253-3263 E Cesar E Chavez Avenue is a unique investment opportunity with a vast amount of diverse value add components.  The subject property is two adjacent parcels totaling +_ 13,114 SF in the highly gentrifying submarket of Boyle Heights, on the main thoroughfare of E Cesar Chavez. 3253 E Cesar E Chavez Avenue comprises of Four (4) free standing residential units with a commercial storefront, totaling approximately 6,919 SF of building. With rents way below market, an investor can add value by increasing rents up to 50% to reach market rate. In addition, the subject property is zoned C2-1 and is part of TOC Tier 3, allowing a density bonus of up to 70%, allowing a developer the opportunity to build up to Sixty-Two (62) units, with Seven (7) being designated to extremely low income and an FAR increase to 3.75:1, totaling 49,178 SF of buildable. With alley access in the rear, this benefits the developer in many aspects of development and ingress/egress. 3253 E Cesar E Chavez Avenue is currently generating roughly $104,304 gross annually, allowing a developer to collect passive income while working on entitling the project.

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