845 E 28TH Street

    Los Angeles (City), CA 90011
    • $3,250,000
    • STATUS: Active
    • ON SITE: 136 days
    • ID#: 18361126
    $3,250,000
    • 0
      BEDS
    • 0.34
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 10,315
      SQFT
    • $315
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1987
    County:

    School Ratings & Info

    Description

    The Griffith Apartments present a very unique opportunity for a new investor. Since its construction in 1987, the property has been held as affordable housing for the community. The 30-year restriction has recently burned off, allowing the existing covenants with the city and state to now be removed from the property. A new owner will be allowed to reposition the asset and increase to market rental rates, which are substantially higher than the current rents at the property today. The floor plans at the building are all two bedroom, one bathroom units with a current average rent of only $1,102 per month. Based on how the market is performing today, we are projecting market rents of $2,100 per month for these unit types that average over 900 square feet each. This equates to an upside potential of nearly 91% from today's levels.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-17T00:33:29.53. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.mainstreetgroup.com/homes/85287645

    845 E 28TH Street Los Angeles (City), CA 90011

    • Price: $3,250,000
    • Status: Active
    • ID#: 18361126
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.34
    Acres
    10,315
    SQFT
    $315
    $/SQFT
    1987
    Built
    Neighborhood:
    C42 - Downtown L.A.
    County:
    Los Angeles
    Area:
    C42 - Downtown L.A.
    Property Description
    The Griffith Apartments present a very unique opportunity for a new investor. Since its construction in 1987, the property has been held as affordable housing for the community. The 30-year restriction has recently burned off, allowing the existing covenants with the city and state to now be removed from the property. A new owner will be allowed to reposition the asset and increase to market rental rates, which are substantially higher than the current rents at the property today. The floor plans at the building are all two bedroom, one bathroom units with a current average rent of only $1,102 per month. Based on how the market is performing today, we are projecting market rents of $2,100 per month for these unit types that average over 900 square feet each. This equates to an upside potential of nearly 91% from today's levels.
    Exterior Features

    Lot Size Units Square Feet

    Interior Features

    Cooling See Remarks Cooling YN Yes Laundry Features See Remarks

    Property Features

    Gross Multiplier 25.02 Gross Operating Income 126073.00 Improvements Amount 657859 Land Value 475558 Laundry YN Yes Net Operating Income 52595.00 Special Listing Conditions Standard Total Expenses 73478.00 Zoning Lard2

    Listing provided courtesy of David Harrington of Matthews Real Estate Investmen.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-17T00:33:29.53. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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    8577 Haven Ave, Suite 100
    Rancho Cucamonga CA, 91730