1009 E 29th St, Los Angeles, CA 90011

1009 E 29th St, Los Angeles, CA 90011

Los Angeles, CA
$798,000

Property Description

1009 E 29th St is a five unit apartment complex located in Los Angeles. Constructed in 1923 and sitting on a large 7,739 SF Lot Zoned LAR3 Tier (1) in a high density area with new development projects. Property consists of separate Bungalow- Style 1 Bedroom / 1 Bath units totaling 2,808 SF. The property line is fully fenced on all 4 sides including the gated entrance with back and front access. The property has ample space to park 1 car per unit. This investment has over 50% of upside in rental income and presents a tremendous value-add opportunity. All units are separately metered for gas and electricity. Tenants are all on month to month leases, subject to LA City rent control. 1009 E 29TH Street is ideally developed in the Historic South Central District, one of the most highly sought-after neighborhoods in the city for new investment and urban redevelopment. Property will be sold as-is and with tenants in place.

Property Features

  • Sale Price: $798,000
  • Area Size: 2,808 SF
  • Land Area: 7,739 SF
  • Year Built: 1923
  • Listing Date: May 2, 2022
  • Units: 5
  • Current GRM: 16.11
  • Current Cap Rate: 3.69%
  • Market GRM: 7.82
  • Market Cap Rate: 9.81%

Lyon Stahl Investment Real Estate

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