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

3010 East 1st Street
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This Mixed-use property located in CA was sold for $1,200,000 about 2 years ago. The broker of the deal was Dana Coronado

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.

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Deals
  • Location
    3010 East 1st Street, Los Angeles, CA 900633010 East 1st Street, Los Angeles, CA 90063
  • Sale Price
    $1,200,000$1,200,000
    $275 PPSF$275 PPSF
  • Area
    4,356 SF4,356 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    1 Broker, 1 Agency1 Broker, 1 Agency

Agent

Dana Coronado

Dana Coronado

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Sold$21.3M

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Equity Union Real Estate

Equity Union Real Estate

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Volume$78.4M

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Deal Summary

SALE IMAGE: Dana Coronado DATE: 01/06/2022 ADDRESS: 3010 E. 1st St. MARKET: Boyle Heights ASSET TYPE: Mixed-use BUYER: Majed Owainat SELLER: Socorro Varela & Patricia Varela BROKER: Dana Coronado (@DanaCoronadoIncomePropertiesLA) - KW Commercial SALE PRICE: $1,200,000 SF: 4,356 ~ PPSF: $275 NOTE FROM BROKER: This Mixed Use property had been in the same family for over 40 years, & the Seller was finally ready to cash out. After one unit became vacant, it was the perfect time to sell. This was an off market deal with escrow closing at 96% of the asking price & in less than 30 days to a cash Buyer who paid 13.16 GRM & $275/SF with over 60% upside left in the rents. Dana has been selling mixed use, commercial & multifamily property in Boyle Heights & Northeast LA for over 15 years & especially loves selling value add deals, often before they hit the market. To be added to her list of principals or discuss opportunities in the market, email her at [email protected] with your name & contact info.

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3010 East 1st Street

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