Value-Add | Large Corner Lot | Live/Work | 3842 E 1st St
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Value-Add | Large Corner Lot | Live/Work 3842 E 1st St
3,121 SF 100% Leased Retail Building Los Angeles, CA 90063 £1,050,062 (£336/SF) 3.94% Net Initial Yield
Investment Highlights
- Mixed-Use - Retail | Residential
- Large Corner Lot | All Tenants Month To Month
- Potential Live/Work | SBA Financing
- Zoned LCC3 | 7 Units By Right | 15 Units Through a 100% Affordable Housing Project
- East Los Angeles | Easy Access To 5,10,60, & 710 Freeways
Executive Summary
Luigy Alvarez and Floyd Shaheen of Floyd Group at Marcus & Millichap are pleased to present 3842 E 1st St, a mixed-used site consisting of 5 Commercial Units and One Residential home on 9,232 square feet of land on the corner of 1st and Herbert. The property is ideally located in the heart of Wellington Heights, this is a prime opportunity for an owner/user looking to own a live-work space on 1st Street.
3842 E 1st will be for sale for the first time in 28 years. This site is situated at the intersection of 1st Street and Herbert Ave. The property is divided into two buildings, a 2-bedroom and 1-bath house that is total of 796 Square Feet facing Herbert Ave, and a commercial building on 1st Street that is a total of 2,325 Square Feet with three commercial tenants and one vacant unit. The residential home will be delivered vacant and all commercial tenants are on month-to-month leases. This allows an owner user to live and own a residential home while operating their business from the commercial space. The land is zonedLCC3 and allows for 7 Apartment Units to be built by right or 15 Units through a 100% Affordable Housing Project. This is a great opportunity for a developer to add a corner lot on 1st Street near a major metropolitan transportation stop and easy access to the 5, 10, 60, and 710 Freeways.
This site is centrally located near multiple major metropolitan railways such as The Indiana Station and The Eastern Station. This allows residents easy access to Wellington Heights and future developments. East Los Angeles has looked to incentivize development, one notable project includes The Las Dahlias development, a four-story 78-unit affordable housing project on 3rd and Dangler. This project received $23.8 Million in grant funding from the California Strategic Growth Council. In addition, The Legal Aid Foundation of Los Angeles will be redeveloping its existing law office located at 5228 Whittier Blvd. East Los Angeles Community College and California State University of Los Angeles are within minutes of 3842 E 1st St making this the perfect opportunity to invest in an area well positioned for major growth and investment.
3842 E 1st will be for sale for the first time in 28 years. This site is situated at the intersection of 1st Street and Herbert Ave. The property is divided into two buildings, a 2-bedroom and 1-bath house that is total of 796 Square Feet facing Herbert Ave, and a commercial building on 1st Street that is a total of 2,325 Square Feet with three commercial tenants and one vacant unit. The residential home will be delivered vacant and all commercial tenants are on month-to-month leases. This allows an owner user to live and own a residential home while operating their business from the commercial space. The land is zonedLCC3 and allows for 7 Apartment Units to be built by right or 15 Units through a 100% Affordable Housing Project. This is a great opportunity for a developer to add a corner lot on 1st Street near a major metropolitan transportation stop and easy access to the 5, 10, 60, and 710 Freeways.
This site is centrally located near multiple major metropolitan railways such as The Indiana Station and The Eastern Station. This allows residents easy access to Wellington Heights and future developments. East Los Angeles has looked to incentivize development, one notable project includes The Las Dahlias development, a four-story 78-unit affordable housing project on 3rd and Dangler. This project received $23.8 Million in grant funding from the California Strategic Growth Council. In addition, The Legal Aid Foundation of Los Angeles will be redeveloping its existing law office located at 5228 Whittier Blvd. East Los Angeles Community College and California State University of Los Angeles are within minutes of 3842 E 1st St making this the perfect opportunity to invest in an area well positioned for major growth and investment.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Development Sale
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,121 SF
Building Class
C
Year Built/Renovated
1921/1953
Price
£1,050,062
Price Per SF
£336
Net Initial Yield
3.94%
NOI
£41,372
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.34
Lot Size
0.21 AC
Zoning
LCC3 - Store & Residential Combination
Parking
6 Spaces (1.92 Spaces per 1,000 SF Leased)
Walk Score ®
Very Walkable (84)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 5233-017-034 | Improvements Assessment | £147,024 |
| Land Assessment | £154,761 | Total Assessment | £301,785 |
PROPERTY TAXES
Parcel Number
5233-017-034
Land Assessment
£154,761
Improvements Assessment
£147,024
Total Assessment
£301,785
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Value-Add | Large Corner Lot | Live/Work | 3842 E 1st St
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