1948 Buchanan

Description

The Buchanan St / N 20th Ave assemblage presents a rare East Hollywood Mid-Core opportunity combining durable in-place income, attractive seller financing, and meaningful long-term redevelopment potential. The portfolio consists of 1948, 1952 Buchanan Street, & 615 N 20th Ave, totaling 9 units with a rear gated parking area in one of Hollywood's most dynamic redevelopment corridors. As currently improved, the asset generates immediate cash flow with an estimated 5% cap rate. Further enhancing the investment opportunity, the seller is willing to provide purchase money financing with as little as 40% down and a below-market interest rate. Beyond the existing income stream, the property's greatest value may lie in its redevelopment potential of 29-32 Unit subject to zoning and site approval. Executive Summary The Buchanan Street / North 20th Avenue assemblage is a compelling East Hollywood Mid-Core investment combining immediate income, favorable seller financing, and long-term redevelopment potential. Located at 1948 and 1952 Buchanan Street and 615 North 20th Avenue, the portfolio includes nine residential units with rear gated parking. The property currently generates stable cash flow at an estimated 5% capitalization rate, allowing an investor to earn income while evaluating future development plans. The seller is willing to provide purchase money financing with approximately 40% down and a below-market interest rate, reducing the purchaser's initial equity requirement and potentially improving cash-on-cash returns. Based on preliminary planning assumptions, the assemblage may support approximately 29 to 32 residential units, subject to zoning, parking, site-plan, utility-capacity, and municipal approvals. This creates a covered-land strategy in which existing rental income helps offset carrying costs during the entitlement and development process. The opportunity is driven by three primary components: Immediate cash flow from nine existing units Attractive seller financing with reduced equity exposure Redevelopment optionality within a growing East Hollywood corridor Overall, the assemblage offers investors the ability to generate current income while controlling a strategically located site with meaningful future development potential.