Description
We are pleased to present this 8-unit multifamily asset located in 3849 Stevely Ave, featuring strong in-place income, major upside potential, and immediate proximity to one of the city's most transformative new developments. Just steps from 5035 W. Coliseum Streetsite of the nation's first Costco-anchored mixed-use developmentthis 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 AB2011 fast-track zoning, the project is expected to generate up to 400 local jobs and revitalize the surrounding area. The property features recent capital upgrades, including new Siemens electrical panels, a newer roof, updated flooring, and a modern water heater. With an in-place 4.82% cap rate (10.78 GRM), there's an estimated 44% upside through rent increases, pushing performance to an 8.79% cap rate. An opportunity exists to add an ADU, which could further improve returns to a projected 5.38% cap and 9.94 GRM after construction. In addition to the Costco project, the property sits near the $700M Baldwin Hills Crenshaw Plaza redevelopment bringing 961 new residences, a hotel, offices, retail, and restaurants placing this asset squarely in the path of major economic and residential growth. Contact us today to request the OM or schedule a private tour.
-
15BEDS
-
0.19ACRES
-
14BATHS
-
01/2 BATHS
-
7,872SQFT
-
$248$/SQFT
School Ratings & Info
Description
We are pleased to present this 8-unit multifamily asset located in 3849 Stevely Ave, featuring strong in-place income, major upside potential, and immediate proximity to one of the city's most transformative new developments. Just steps from 5035 W. Coliseum Streetsite of the nation's first Costco-anchored mixed-use developmentthis 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 AB2011 fast-track zoning, the project is expected to generate up to 400 local jobs and revitalize the surrounding area. The property features recent capital upgrades, including new Siemens electrical panels, a newer roof, updated flooring, and a modern water heater. With an in-place 4.82% cap rate (10.78 GRM), there's an estimated 44% upside through rent increases, pushing performance to an 8.79% cap rate. An opportunity exists to add an ADU, which could further improve returns to a projected 5.38% cap and 9.94 GRM after construction. In addition to the Costco project, the property sits near the $700M Baldwin Hills Crenshaw Plaza redevelopment bringing 961 new residences, a hotel, offices, retail, and restaurants placing this asset squarely in the path of major economic and residential growth. Contact us today to request the OM or schedule a private tour.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2025-06-20T18:44:14.71. 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.