Montecito Heights in the City of Los Angeles is on the fast track for gentrification. Ideally located just east of the 110 freeway and between South Pasadena and downtown Los Angeles, it is the new hot spot for developers, flippers, and hipsters who have been priced out of Silverlake, Los Feliz, and environs to the north.
3730-3800 Griffin Avenue - two adjacent parcels totaling 14,496 square feet. 3730 has three bungalow style units, built in the 1920's with plenty of off-street parking; 3800 is a single family residence built in the 1950's with a two-car garage. While the structures and land are in need of improvement, the seller reports an annual income of $48,000. Tenants have occupied the units from 4 to 20+ years, so rents are low. Both properties may be redeveloped individually or together for highest and best use.
Offering Price: 1,150,000.