3849 Stevely Avenue

Description

We are pleased to present this 8-unit multifamily asset located at 3849 Stevely Ave, featuring strong in-place income, major upside potential, and immediate proximity to one of the city's most transformative new developments with the possibility of adding an ADU.3849 Stevely Ave features recent capital upgrades, including new siemens electrical panels, a newer roof, updated flooring, and a modern water heater. With an in-place 6.02% cap rate (8.95 GRM), there's an estimated 55% upside through rent increases. Property has two vacancies.An ADU may potentially be added, which could further improve returns to a projected 7.72% cap and 7.46 GRM after construction.Tuck-under parking seismic retrofit has been completed.Just steps from 5035 W. Coliseum Street, site of the nation's first Costco-anchored mixed-use development. This six-story project will include 800 residential units (184 designated affordable), a full-service Costco offering produce, pharmacy, optical, and delivery services, and dedicated community programming for families and seniors. Leveraging AB 2011 fast-track zoning, the project is expected to generate up to 400 local jobs and revitalize the surrounding area.In addition to the Costco project, the property sits near the $700M Baldwin Hills Crenshaw Plaza redevelopmentbringing 961 new residences, a hotel, offices, retail, and restaurantsplacing this asset squarely in the path of major economic and residential growth.