2241 Crenshaw Blvd - Apartments FOR SALE


Los Angeles, CA 90016- Mid-City
$2,150,000 USD
818-741-8010
2241 Crenshaw Blvd, Los Angeles, CA for Sale
$2,150,000 USD
Apartments - FOR SALE
1/8
null | 6.01% Cap Rate

2241 Crenshaw Blvd
Los Angeles, CA 90016
Mid-City


HIGHLIGHTS

  • Prime Mid-City / West Adams Location Along the Crenshaw Corridor
  • Attractive Unit Mix of 2 Studios, 5 One-Bedrooms, and 1 Two-Bedroom Unit
  • 7 of 8 Units Are Currently Vacant and Unrenovated
  • Roughly 6,000 SF of Open Land in the Gated Private Backyard
  • Double the Unit Count by Adding up to 8 Detached, Fully Non-Rent-Controlled ADU Units in the Rear
  • Large Two-Bedroom Unit with Potential Conversion to a Three-Bedroom

OVERVIEW

Equity Union Commercial is pleased to present 2241 Crenshaw Blvd, an 8-unit multifamily investment opportunity in the heart of Los Angeles' Mid-City/West Adams submarket. Built in 1927, the property features a well-balanced unit mix of 2 studios, 5 one-bedrooms, and 1 two-bedroom unit, with 7 of the 8 units currently vacant — giving a new owner the ability to bring units online at market rents from day one rather than working through existing tenancies. This property qualifies for up to 8 detached, fully non-rent-controlled ADUs under SB 1211, with roughly 6,000 SF of open backyard space (approximately 60' x 100') available for development. The site also carries meaningful development upside: it is zoned LAR3 with a TOC Tier 3 designation, supporting up to a 70% density bonus and the potential to build up to 31 units by-right. Combined, these entitlements offer a rare opportunity to double the unit count on one of the last remaining large-lot opportunities along this corridor. The property sits along the Crenshaw corridor at the border of Mid-City and West Adams. The location offers convenient access to the Metro E (Expo) Line, the I-10 Freeway, and everyday retail and dining along Crenshaw & Washington, including Starbucks, Planet Fitness, CVS, Ross, and Five Guys — all within close proximity to Johnnie L. Cochran Jr. Middle School.

FOR SALE DETAILS

PRICE

$2,150,000 USD

PRICE/SF

$456 USD /SF

# OF UNITS

8

PRICE/UNIT

$268,750

CAP RATE

6.01%

% LEASED

12%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1927

PARKING SPACES

16

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,810 SF

ZONING

R3, Los Angeles

APN/PARCEL ID

5061-021-038

ASK ABOUT THIS PROPERTY

Josh YeagerEquity Union CommercialMore Info
818-741-8010

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

Josh YeagerEquity Union CommercialMore Info
818-741-8010

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