5937-5957 Avalon Blvd
Price Reduction | 8.03% Cap Rate | Mixed-Use Apartments in Los Angeles
Marketing description
NEW ASKING PRICE - 8.39% Cap Rate on Current Income
5937-5957 Avalon Blvd is a mixed-use property with one level of apartments over a level of street front retail and commercial constructed in 1920. The property totals 28,648 gross square footage and consists of (13) Studio/One-Bathroom unit, (9) One-Bedroom/One-Bathroom units, (5) Retail units and (3) Commercial units, overall totaling 764 square feet per unit. The property includes a small parking lot for approximately 13 cars that is leased from the adjacent property, located off of East 59th Place. Additionally, the property is located in a federal qualified opportunity zone.
Situated on a lot of over 16,000 square feet, the low density 1920’s construction property is the only large mixed-use property in the immediate area. The property is of wood frame and stucco construction. All units and commercial/retail tenants have separate gas and electric meters as well as individual hot water heaters. All commercial and retail leases are gross with the tenants only paying rent and utilities. The average retail lease is $2.11 per square feet gross and the industrial spaces are leased at an average of $1.59 per square feet gross. The seller has plans to convert one retail store (unit 5939) into two ADU units that would each be two bedroom apartments.
CONTACT BROKER(S) FOR ADDITIONAL DETAILS:
BRENT SPRENKLE
MANAGING DIRECTOR
C 310.621.8221
CA DRE #01290116
bsprenkle@northmarq.com
ALEX PETERSON
ASSOCIATE
C 213.248.7047
CA DRE #02207186
apeterson@northmarq.com
PARKER BOEHLE
ASSOCIATE
C 310.988.8361
CA DRE #02054215
pboehle@northmarq.com
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