We are pleased to present a six (6) unit apartment building located at 3723 Rosemead Avenue in Los Angeles, California. The subject property is situated in a prime Northeast Los Angeles location, north of Huntington Drive and east of North Eastern Avenue. Formerly known as a quiet, sleepy part of the city, Northeast Los Angeles has a growing interest as a destination for recreation, trendy dining, eclectic arts, and a variety of lifestyles. It is a well-connected transportation hub with access to light rail service and the Los Angeles County Metropolitan Transportation Authority (Metro), and a new line is scheduled to run from North Hollywood through Eagle Rock to Pasadena. It is a densely populated, youthful area with many prospective tenants looking for an entry point into Downtown. This spillover from Downtown has marked the submarket as up-and-coming, with many new business developments and employment opportunities on the rise. The Northeastern region stands to benefit from the city's $1.6-billion Los Angeles River revitalization project. The project will restore habitat, widen the river, create wetlands, and provide access points and bike trails along an eleven (11) mile stretch of the Los Angeles River that runs from Downtown through Glassell Park. Originally built in 1904, this property contains two (2) attached buildings, a front house and a five (5) unit apartment building. The front house was completely remodeled since then, and has been tenderly curated as a character, craftsman style building ever since. The 1,200 square foot (SF) house features three (3) spacious bedrooms, a fenced and lush front yard, a huge renovated eat-in kitchen, stainless steel appliances, tile and wood floors, a decorative fireplace and mantel, in unit washer and dryer combo, and renovated bathrooms. Built in 1986, the apartment building contains a good unit mix of four (4) one bedroom / one bathroom units and one (1) two bedroom / one bathroom unit. Residents will enjoy being within easy access of Debs Park and miles of trails. Rosemead is a wide, palm tree lined street just a few blocks from South Pasadena and Alhambra. The subject property is conveniently located right across the street from a grocery plaza, and is fully parked. Situated in a prime Northeast Los Angeles location, this offering presents an excellent opportunity to acquire a historic asset with over 53% rental upside potential.
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