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.
Days on market: 8
Listing updated: June 17, 2025 - 12:47:06
Listed by: Kelly Morgan DRE #01898026 310-482-2200, KW Advisors - Out of Area Board
Source: Out of Area Board, MLS#: CLW-X74717 Originating MLS: CRMLS
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