2028 E 3rd St, Los Angeles, CA 90033

2028 E 3rd St, Los Angeles, CA 90033

Los Angeles, CA

Property Description

2028 E 3rd St is an excellent investment opportunity in the thriving neighborhood of Boyle Heights. This massive 5,033 Sq. Ft Building comes with an exceptional unit mix of (2) 1-Bed/1-Bath, (2) 2-Bed/1- Bath, and (1) Detached 3-Bed/2-Bath house. A few blocks from the famous Mariachi Plaza, Metro Gold Line and across the river from Los Angeles’ Arts District, 2028 E 3rd will come with Two units delivered tenant-ready by Close of Escrow! This offering presents an investor with the opportunity to acquire a strong cap rate of 5.37% and 11.86 GRM. Offered at only $233/Sq. Ft, this value add apartment has over 40% in rental upside. Once fully stabilized, this 5 unit apartment will operate at an 8.76% cap rate and a GRM of 8.39. Boyle Heights is a quickly growing neighborhood in Los Angeles, adjacent to Downtown Los Angeles. A vibrant and culturally diverse neighborhood known for its rich history, tight-knit community, and eclectic mix of cuisines, Boyle Heights offers a dynamic blend of residential charm, thriving local businesses, and a vibrant arts scene.

Property Features

  • Sale Price: $950,000
  • Area Size: 5,033 Sq. Ft.
  • Land Area: 6,303 Sq. Ft.
  • Year Built: 1925
  • Listing Date: 5/22/2023
  • Closing Date: 9/29/2023
  • Units: 5
  • Current GRM: 11.10
  • Current Cap Rate: 5.82%
  • Price Per Unit: $220,000
  • Market GRM: 7.85
  • Market Cap Rate: 9.43%
  • Current NOI: $63,985