Boyle Heights Fourplex
2038 Hollenbeck came on the market a couple months ago at 475K, and was bought last week for 455K. Part of the reason it lasted that long is because people aren’t sold on Boyle Heights yet, the way they weren’t sold on Echo Park ten years ago.
One thing I know about 2038 Hollenbeck is that it borders a beautiful park called Hollenbeck Park. Most park-bordering property in L.A. isn’t prime real estate, but this park is more like a New York or San Francisco park, with small streets bordering it, and the buildings all directly facing it.
Actual rents were $800 each, with three 1+1s, and one 2+1. It would have been perfect for an owner-occupier who could move into the underpaying 2+1. If you moved out in two years and rented it at market value, that would turn the deal from a 3.5% annual return to a 9.5% return. Things to think about.