221 S Avenue 19, Los Angeles, CA 90031

221 S Avenue 19, Los Angeles, CA 90031

Los Angeles, CA

Property Description

We are pleased to present 221 S Avenue 19 Apartments: an eight (8) +1 partially permitted private suite multifamily investment located in the heart of the Lincoln Heights submarket of Los Angeles. The property also includes Ready-To-Issue Permits for the construction of two ADU units consisting of two Studio units that will be situated near the rear of the large 9,952 SF lot zoned LA-R1.5. These three, single story, wood frame stucco buildings were built in 1923, 1924, and 1925 and consist of 4,130 SF of living area with eight (8) on-site parking spaces. In addition to the 4,130 SF of living area, the ADU additions will add an additional 800 SF of living area to the property when completed. The front Two Bedroom unit was recently subdivided into one(1) Studio suite unit and (1) 1 Bedroom / 1 Bathroom unit with partial permits from the city of Los Angeles (Buyer to verify and complete all due diligence as to the legality of said partial permit | Ask Listing Agent for details regarding this new private suite and permits in place). The property currently features seven (7) One Bedroom | One Bathroom units, one (1) Two Bedroom | one Bathroom unit, and one (1) Studio Suite style unit (Buyer to verify and complete all due diligence as to the legality of said permit). The 2 Bedroom unit has undergone extensive renovations in addition to the new added Studio Suite. The additional 1 bedroom units have undergone extensive rehab including, but not limited to: completely redone bathrooms and showers, upgraded living rooms, new kitchens featuring brand new appliances, laminate flooring, new windows, all new paint, etc. Further, these have been updated with new plumbing and upgraded electrical systems. A new owner will benefit from the immediate upside that will be provided by completing the RTI ready ADUs to the property. All of the heavy lifting and costs associated with the City of Los Angeles and been completed, and a new owner can potentially break ground shortly after the close of escrow. An investor will also benefit from the property’s low annual expenses: no trash expense, separate gas and electric meters, and drought tolerant landscaping providing strong current and future cash flow.

Property Features

  • Sale Price: $2,350,000
  • Area Size: 4,130 Sq. Ft.
  • Land Area: 9,953 Sq. Ft.
  • Year Built: 1923, 1924, & 1925
  • Listing Date: 10/13/2023
  • Units: 8 + 1 Pvt Suite
  • Current GRM: 12.46
  • Current Cap Rate: 5.38%
  • Price Per Unit: $293,750
  • Market GRM: 8.08
  • Market Cap Rate: 9.67%
  • Current NOI: $126,500

Lyon Stahl Investment Real Estate

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