2469 E 7th St, Los Angeles

The LAAA Team of Marcus & Millichap is proud to announce the successful sale of 4 brand new units located at 2469 E 7th Street in Los Angeles, California. The property is a brand new, recently completed, 4 unit apartment building that we listed for a developer client of ours. Many investors are seeking properties in Boyle Heights since the 6th Street Viaduct will be connecting Boyle Heights to the Arts District, which will offer alternative affordable housing options for tenants priced out of the downtown and surround area.

The property is comprised of two duplexes, with each of the 4 units having 4 bedrooms and 3 bathrooms. It is also individually metered for all utilities which makes it a very easy to manage property. There is huge demand for such properties since a buyer can get very attractive financing. Investors get a loan for up to $1,581,500, which is the Fannie Mae maximum loan amount for a 4-unit property in Los Angeles, with an interest rate in the low 3's as an investment. Because of the leverage and the spread between the Cap Rate and the financing, investors can get an unmatched cash-on-cash return on a brand new asset.

Through our significant marketing campaign we were able to source a qualified buyer and open escrow on January 15th, even before the building was finished. Seller received Certificate of Occupancy on February 13th, and we closed less than 4 weeks after that with the building being completely vacant with no credits or price reductions during escrow. The developers were happy since they got to pay off their construction loan right away and didn't have to take on the lease up time and risk.

If you are interested in similar properties please let us know. We work with many developers all over Los Angeles and can get deliver similar or larger properties.

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