Sold – 19-Unit Apartment Building in Southeast LA | $4,085,000
Christian Milner and Cameron Samimi are pleased to have closed 5821 Cecilia St, a 19-unit apartment building in Southeast Los Angeles!
This 12,747 Sq Ft property sold for $4,085,000
The property is a 19-unit apartment building in the red-hot Southeast LA submarket with NO RENT CONTROL and features a unit mix of (13) 2-bed/1-bath units and (6) 1-bed/1-bath units. The property also boasts 16 gated and garaged parking spots.
This offering represents a stabilized asset with value add opportunity. Sitting on a massive 28,721 square foot lot this property offers the opportunity to acquire an asset with room to grow. The area boasts an above average walk score with plenty of transit options available. This prime rental location is just steps from the grocery and convenience stores, restaurants, and local favorites. Furthermore, with 74.6% of residents being renters, and a density index of 78, the area boasts a robust rental market. Ranking in the 99th percentile in California in terms of population density and 15th in Median Household Income creates a strong demand for local rentals. Combined with the influx in jobs and commercial opportunities in the area these factors will continue to surge population growth and rental demand.
In this Southeast LA submarket, the combination of low vacancies, healthy rent growth, below-average prices, and proximity to Downtown has drawn the attention of investors priced out of other parts of L.A.