2202-2208 Michigan Ave - Apartments FOR SALE


Los Angeles, CA 90033- Boyle Heights
$7,400,000 USD
310-463-2916
2202-2208 Michigan Ave, Los Angeles, CA for Sale
$7,400,000 USD
Apartments - FOR SALE
1/88
null | 6.28% Cap Rate

2202-2208 Michigan Ave
Los Angeles, CA 90033
Boyle Heights


HIGHLIGHTS

  • Highest Cash Flowing, Post 1980 Apartment Building Available in LA - Offered at 9.99 GRM on Currents
  • Built in 1985 - Not Subject to LA Rent Control or Soft-Story Seismic Requirements
  • $500K Spent on Capital Improvements Inc. Unit Renovations, Landscaping & Common Areas
  • Attractive Unit Mix - 86% Two-Bedroom Units
  • Strong ADU Potential with Garage Conversions
  • Dynamic Up-and-Coming Boyle Heights Location, One Block from Retail Corridor

OVERVIEW

Michigan Heights Apartments is a well-maintained, 28-unit apartment complex located at 2202-2208 Michigan Avenue, in dynamic Boyle Heights, one block from amenity-rich retail corridors on E. Cesar Chavez Avenue and Soto Street. The property comprises (24) two-bedroom/one bath units and (4) studio units. Units are bright with hardwood floors throughout, stainless steel appliances, and modern kitchens and bathrooms. Appealing features include attractive landscaping, secure gated access, on-site laundry facilities, designated parking, and community BBQ areas. Approximately $500K has been invested in capital improvements including new windows, upgraded electrical systems, new roofing on half of the building, and interior renovations. Michigan Heights is well-located in one of LA's most unique and vibrant communities. Known for its deep cultural roots, Boyle Heights has received increased attention in recent years for its Michelin-recognized chefs, celebrated eateries, and a thriving artistic community.

FOR SALE DETAILS

PRICE

$7,400,000 USD

PRICE/SF

$334 USD /SF

# OF UNITS

28

PRICE/UNIT

$264,286

CAP RATE

6.28%

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

9.99 GRM on Current Rents

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1985

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.51 AC

LAND SF

22,386 SF

ZONING

LARD1.5

APN/PARCEL ID

5183-005-051

ASK ABOUT THIS PROPERTY

Robert SteppStepp Commercial - KWPEMore Info
310-463-2916

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Robert SteppStepp Commercial - KWPEMore Info
310-463-2916

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.