2614 Griffin Ave - Apartments FOR SALE


Los Angeles, CA 90031- Montecito Heights
$3,880,000 USD
626-589-5008
2614 Griffin Ave, Los Angeles, CA for Sale
$3,880,000 USD
Apartments - FOR SALE
1/16
null | 4.57% Cap Rate

2614 Griffin Ave
Los Angeles, CA 90031
Montecito Heights


HIGHLIGHTS

  • All one-bedroom, one-bath units with 19 parking spaces. Seismic retrofit completed
  • Elevator building; easily convertible to senior living units. • Seismic retrofit completed
  • Seismic retrofit completed and new roof installed
  • Significant value-add opportunity with over 40% rent upside
  • Prime Lincoln Heights location with strong tenant demand.
  • First time on the market in over 20 years.

OVERVIEW

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. With approximately 40% rent upside while maintaining in-place stable income, this is an exceptional value-add investment opportunity.

FOR SALE DETAILS

PRICE

$3,880,000 USD

PRICE/SF

$270 USD /SF

# OF UNITS

24

PRICE/UNIT

$161,667

CAP RATE

4.57%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1970

PARKING SPACES

19

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,504 SF

ZONING

LARD3

APN/PARCEL ID

5206-009-017

ASK ABOUT THIS PROPERTY

Andy DengDengo Investment, Inc.More Info
626-589-5008

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Andy DengDengo Investment, Inc.More Info
626-589-5008

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