333 N Union Ave, Los Angeles, CA 90026

Second Price Reduction $105K - 7.5% In-Place Cap Rate, 8.0 In-Place GRM Plus Significant Rental Upside

The Highlight Group of Equity Union as the exclusive listing agent is pleased to present the opportunity to acquire 333 N. Union Ave., a nine (9) unit apartment property built in 1925. The property is located just south of Temple St, between Burlington Ave and Glendale Blvd., in the South Echo Park neighborhood of Los Angeles.

PROPERTY DESCRIPTION

333 N. Union Ave. is a nine (9) apartment property built in 1925 of wood frame construction and comprised of three separate buildings. The layout consists of a large 4 plex comprised of all 1 bed + 1 bath units at the front of the property, a freestanding 1 bed + 1bath bungalow in the middle and a 4 plex of 4 guest rooms at the rear of the site. The property totals 4,558 building square feet on a 6,904 square foot lot.

UNIT DETAILS:

1 Bed + 1 Bath Units: These stunning units have 11-foot-tall ceilings, and some units feature unique crown molding elements, built in fireplaces, wood floors, updated appliances, and fixtures as well as split AC systems. Windows are abundant and span floor to ceiling in most rooms. The living spaces include large open kitchens, large bathrooms, and spacious living room areas. Bedrooms are separated from the living area by a large pocket door. The ground floor units also feature access to the common yard area through the kitchens and large outdoor decks.

Guest Room Units: All units feature updated floors, and fixtures as well as window AC units (of which some are a split system). There are two parking spaces at the rear of the guest room 4-plex. Investors can explore the opportunity in the Los Angeles Municipal Code to legally upgrade these units to a light housekeeping designation, which then will allow for installation of a permanent two-burner stovetop/oven.

COMMON AREA DETAILS:

The property is unique in that it features a very large common yard area with a well-maintained garden and seating area for tenants. This is a great amenity that can be another selling point for leasing the property. The front four units are separately metered for electricity and gas, the rear units are mastered metered for electricity but have no gas, all tenants pay for their own trash, and the landlord pays for water. Electrical upgrades have also been recently completed at the property as well.

PROPERTY LOCATION

333 N Union Ave. is located just south of Temple St, between Burlington Ave and Glendale Blvd., in the South Echo Park neighborhood of Los Angeles. The property boasts an incredible Walk Score of 89 out of 100, making it very walkable, and is just steps away from dining and retail on W Temple St. The property is also located within a short drive to Silver Lake, Echo Park, Koreatown, Hollywood and Downtown Los Angeles. Close proximity to both the 101 and 110 Freeways gives tenants access to all the major employment centers including Downtown Los Angeles, West Los Angeles, Pasadena, The South Bay and the San Fernando Valley.