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Listed by Justin McCardle • Growth Investment Group Pasade
$2,100,000
Est. payment /mo
6,764 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 6,764 sqft
Price per Sqft $310
MLS Listing ID AR-26172939
Year Built 1946
Lot Size 9,902 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
Take a look at this this unique opportunity positioned in the heart of Lincoln Heights. One of Los Angeles' fastest-evolving urban neighborhoods, this 15-unit apartment community presents investors with an exceptional opportunity to acquire a well-located multifamily asset in a high-demand rental corridor. Situated just minutes from Downtown Los Angeles, the property benefits from strong tenant demand driven by its proximity to major employment centers, transportation hubs, educational institutions, and ongoing neighborhood revitalization. This building offers investors the opportunity to capitalize in a submarket experiencing increasing investment activity and redevelopment.
The Griffin apartments have a nice unit mix with 8-1 bedrooms units, and 7 studios situated in 3 separate buildings with an estimated 48% upside in rent. The rear building is located above garages which presents the opportunity to earn additional garage income or take advantage of the plans to build 3- ADU's the existing ownership has! The properties attractive layout and size create for an ease of management as well as no on-site manager. All units are individually metered for Gas/ Electricity, and the property has onsite laundry. With Lincoln Heights' proximity to DTLA, it allows for tremendous upside in rents and appreciation. This building has an attractive price per unit, and substantial upside, will be a great addition to any portfolio! Whether operated as a stable income-producing asset or repositioned through strategic unit upgrades, the property presents significant potential for revenue enhancement and long-term appreciation.
Lincoln Heights continues to attract residents seeking affordable alternatives to Downtown, Echo Park, and Highland Park while remaining connected to the region's economic core. The property's central location provides convenient access to the I-5, I-10, 101, and 110 freeways, as well as Metro transit services, creating a compelling advantage for commuters and working professionals.
The Griffin apartments have a nice unit mix with 8-1 bedrooms units, and 7 studios situated in 3 separate buildings with an estimated 48% upside in rent. The rear building is located above garages which presents the opportunity to earn additional garage income or take advantage of the plans to build 3- ADU's the existing ownership has! The properties attractive layout and size create for an ease of management as well as no on-site manager. All units are individually metered for Gas/ Electricity, and the property has onsite laundry. With Lincoln Heights' proximity to DTLA, it allows for tremendous upside in rents and appreciation. This building has an attractive price per unit, and substantial upside, will be a great addition to any portfolio! Whether operated as a stable income-producing asset or repositioned through strategic unit upgrades, the property presents significant potential for revenue enhancement and long-term appreciation.
Lincoln Heights continues to attract residents seeking affordable alternatives to Downtown, Echo Park, and Highland Park while remaining connected to the region's economic core. The property's central location provides convenient access to the I-5, I-10, 101, and 110 freeways, as well as Metro transit services, creating a compelling advantage for commuters and working professionals.
Location
State CA
County Los Angeles
Area 677 - Lincoln Heights
Interior
Laundry Common Area
Exterior
Parking Features Driveway - Combination, None
Garage Spaces 8.0
Pool None
Community Features Lake, Urban
Building
Lot Description Lot 6500-9999
Sewer Public Sewer
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John R Thompson
Broker/Owner | License ID: 01200900
Broker/Owner License ID: 01200900