Majed Owainat Acquires Mixed-use Property In Boyle Heights For $1.2M

This mixed-use property located at 3010 E. 1st St. in Boyle Heights has been sold for $1,200,000. The property spans 4,356 square feet and was sold at a price per square foot of $275.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $1,200,000
• Address: 3010 E. 1st St.
• Market: Boyle Heights

The buyer, Majed Owainat, acquired the property from the sellers, Socorro Varela & Patricia Varela. The sale was facilitated by Dana Coronado from KW Commercial. Dana has been selling mixed-use, commercial, and multifamily properties in Boyle Heights and Northeast LA for over 15 years and specializes in value-add deals. This particular deal was off-market, resulting in escrow closing at 96% of the asking price in less than 30 days. The buyer paid a price per square foot of $275, indicating a potential upside of over 60% in the rents.

Note from Dana Coronado: This Mixed Use property had been in the same family for over 40 years, and the seller was finally ready to cash out. After one unit became vacant, it was the perfect time to sell. To be added to Dana's list of principals or discuss opportunities in the market, you can email her at [email protected] with your name and contact info.