2221 Griffin Ave - Apartments FOR SALE


Los Angeles, CA 90031- Lincoln Heights
$1,475,000 USD
626-808-1031
2221 Griffin Ave, Los Angeles, CA for Sale
$1,475,000 USD
Apartments - FOR SALE
1/9
null | 6.73% Cap Rate

2221 Griffin Ave
Los Angeles, CA 90031
Lincoln Heights


HIGHLIGHTS

  • Strategic Lincoln Heights Location: Situated in one of Los Angeles' fastest-growing submarkets, minutes from DTLA and the USC Health Sciences Campus.
  • Diverse Multi-Family Unit Mix: Features a six-unit composition consisting of (3) 1-Bedroom/1-Bath, (2) 2-Bedroom/1-Bath, and (1) 3-Bedroom/1.5-Bath.
  • Expansive 8,000+ SF Lot (LARD3-HPOZ): A generous 0.18-acre lot provides ample on-site parking for tenants.
  • Superior Connectivity: Exceptional access to the 110 and 5 Freeways and major employment hubs in Central LA and DTLA.
  • Immediate Cash Flow: Strong rents with one vacancy allowing for immediate upside.
  • Property Characteristics: Features two buildings with 3 units each individually metered for gas and electricity.

OVERVIEW

This excellent multifamily property is centrally located in Lincoln Heights. Featuring two separate buildings, this 6-unit property has 4,644 square feet of rentable area situated on a large 8,014 square foot lot. Built in 1947, the property has a versatile mix of 1, 2, and 3-bedroom units, which are individually metered with on-site parking available for each tenant. Recent updates to two units include new plumbing, electrical, AC, and washer/dryer hookups. This is an investor friendly property with stabilized income that can also support potential owner occupancy as the 3-bedroom unit is available. The rear building abuts an alleyway which provides a separate, rear lot used for extra parking, storage, and access for the tenants. Residents enjoy being minutes away from major local destinations, providing convenient access to Chinatown, DTLA, and Dodger Stadium. Nearby eateries are walking distance from 2221 Griffin with local favorites such as Moo's Craft Barbecue, La Monarca Bakery and Cafe, and King Taco located on Broadway. Direct access to the 5, 110, and 2 Freeways with nearby bus transit efficiently connects this neighborhood to all of LA. LARD3-1-HPOZ zoning, located within a Historical Preservation and Opportunity Zone.

FOR SALE DETAILS

PRICE

$1,475,000 USD

PRICE/SF

$318 USD /SF

# OF UNITS

6

PRICE/UNIT

$245,833

CAP RATE

6.73%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1947

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,841 SF

ZONING

LARD3-HPOZ

APN/PARCEL ID

5204-019-017

ASK ABOUT THIS PROPERTY

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626-808-1031

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Jonathan HasbunPivot CommercialMore Info
626-808-1031

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