A 12-unit residential project near Lincoln High School sold last month for $3.4 million, according to local real estate brokers.
The project, located at 5406-5418 Imperial Ave. and constructed in 1973, consists of three adjacent properties of four units each. The parcels each have a mix of one-, two- and three-bedroom apartments that range from 600 to 1,000 square feet.
The three parcels total 11,878 square feet of land with a combined 33 parking spaces.
Matt Monterroso of Commercial Asset Advisors represented the buyer, the Charles Pick and Susan E. Pick Revocable Trust. The property is part of a qualified Opportunity Zone, a designation which offers tax advantages for investment in low-income communities and neighboring areas.
“This unique residential project offers the buyer an opportunity to purchase safe, income-producing assets in a growing market,” Monterroso said.
The seller, Hari Vision Unlimited, LLC, was represented by Benn Vogelsang of South Coast Commercial.