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3723 Rosemead Ave

Los Angeles, CA 90032
  • $1,400,000
  • STATUS: Active
  • ON SITE: 56 Days
  • MLS #: 21-109181
Price Reduced
UPDATED: 31 min ago
$1,400,000
  • 9
    BEDS
  • 0.16
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,480
    SQFT
  • $402
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1904
County:
Area:

School Ratings & Info

Description

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 60% rental upside potential.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-27T21:42:45.42. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.jelmbergteam.com/homes/123673006
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3723 Rosemead Ave Los Angeles, CA 90032

  • Price: $1,400,000
  • Status: Active
  • On Site: 56 Days
  • Updated: 31 min ago
  • MLS #: 21-109181
9
Beds
0
Baths
0
½ Baths
0.16
Acres
3,480
SQFT
$402
$/SQFT
1904
Built
Neighborhood:
El Sereno
County:
Los Angeles
Area:
El Sereno
Property Description
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 60% rental upside potential.
Exterior Features

Cross Streets Huntington Dr & North Eastern Ave Lot Description LawnSingle LotSidewalksYardFront YardFenced YardFenced Lot Location City Lot Size Area 7125 Other Structures None Parking Garage DrivewayUncoveredGated Paved YN Yes Pool Description None Pool YN No Spa None Spa YN No Tennis Court None Tennis YN No Total Parking 6

Interior Features

Baths Total 7.00 Common Walls Attached Cooking Appliances Oven-GasCooktop - Gas Cooling Air Conditioning Equipment RefrigeratorRange/Oven Fireplace Rooms Decorative Heating Wall Laundry In Unit Laundry Equipment Own

Property Features

Alley YN Yes Assessed Total Value 526954 Gross Income 88286 Gross Operating Income 85638 Land Lease Type Fee Like Units1 4 Like Units2 1 Like Units3 1 Net Operating Income 42313.00 Number Of Buildings 2 Number Of Units 6 Property Condition Updated/Remodeled Sale Type Standard Security Features Gated Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Tenant Pays Environmental Phase 1 Study Total Annual Expense 42313 Type Of Units Market Water Heaters YN Yes Year Built Source Estimated Zoning Lard3

Listing provided courtesy of Jason Tuvia DRE#01772495 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-27T21:42:45.42. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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