3220 W 2nd St - Multi-Family FOR SALE


Los Angeles, CA 90004- Koreatown
$1,480,000 USD
718-406-3128
3220 W 2nd St, Los Angeles, CA for Sale
$1,480,000 USD
Multi-Family - FOR SALE
1/7
null | 6.02% Cap Rate

3220 W 2nd St
Los Angeles, CA 90004
Koreatown


HIGHLIGHTS

  • Below Replacement Cost at $185/SF
  • Well-Balanced Unit Mix with Larger Units
  • Two Separate Structures on a Large Corner Lot
  • Six Individual Garages with Ample Parking
  • Separately Metered Utilities for Operational Efficiency

OVERVIEW

Offered at approximately $185 per square foot, far below today's replacement cost, this multifamily asset presents a rare opportunity to acquire in the Los Angeles market with a built-in value cushion while still benefiting from meaningful upside. The property features a well-balanced unit mix of two spacious 2-bedroom/2-bath units and four 1-bedroom/1-bath units, appealing to a broad tenant base ranging from small families and roommates to young professionals, supporting both strong retention and consistent demand. Situated on a large corner lot, the asset is comprised of two separate structures, creating a low-density, open layout with abundant natural light, improved airflow, and enhanced curb appeal. One structure includes townhouse-style units, further elevating tenant appeal for those seeking a more private, residential feel. Each unit enjoys its own private exterior entrance, reinforcing the property's home-like atmosphere, while six individual garages at the rear provide highly sought-after secure parking. Operational efficiency is enhanced by separately metered utilities, allowing tenants to cover their own usage and reducing expenses for ownership. With approximately 22% rental upside, investors have a clear path to increase income through strategic renovations, modernized interiors, and improved curb appeal. Complementing these fundamentals, the property showcases classic vintage architecture, including a pitched roof and raised foundation, offering timeless character that can be thoughtfully preserved while upgrading to meet today's rental expectations.

FOR SALE DETAILS

PRICE

$1,480,000 USD

PRICE/SF

$185 USD /SF

# OF UNITS

6

PRICE/UNIT

$246,667

CAP RATE

6.02%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1929

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

5501-019-023

ASK ABOUT THIS PROPERTY

Sam LiberowMarcus & MillichapMore Info
718-406-3128

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Sam LiberowMarcus & MillichapMore Info
718-406-3128

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