Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

24

Building size

14,359 sqft

Lot size

13,455 sqft

Year built

1970

Stories

3

Garage spaces

0

Heating

Wall Furnace

Cooling

Wall/Window Unit(s)

Pool

None

View

None

Status

Active

Days on market

214

MLS #

238028013

About this property

Don’t miss this rare opportunity to acquire a stable income-producing property with significant upside. This 24-unit apartment building is located in the prime Lincoln Heights area and consists entirely of one-bedroom, one-bath units in a classic courtyard-style layout. The elevator-served building is easily convertible to senior living use and is situated in a high-demand rental market with a very low vacancy rate. Major capital improvements have already been completed, including a full seismic retrofit and a recently replaced roof. The property offers a low cost per unit and is first time on market in over 20 years. Existing assumable loan with an attractive 3% interest rate. Approximately 40% rent upside while maintaining in-place stable income, this is an exceptional value-add investment opportunity.

Location

2614 Griffin Avenue

Los Angeles, Los Angeles, CA, 90031