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9.99 GRM on Current Rents 2202-2208 Michigan Ave 28 Unit Apartment Building $7,400,000 ($264,286/Unit) 6.28% Cap Rate Los Angeles, CA 90033
Investment Highlights
- Highest Cash Flowing, Post 1980 Apartment Building Available in LA - Offered at 9.99 GRM on Currents
- $500K Spent on Capital Improvements Inc. Unit Renovations, Landscaping & Common Areas
- Strong ADU Potential with Garage Conversions
- Built in 1985 - Not Subject to LA Rent Control or Soft-Story Seismic Requirements
- Attractive Unit Mix - 86% Two-Bedroom Units
- Dynamic Up-and-Coming Boyle Heights Location, One Block from Retail Corridor
Executive Summary
Michigan Heights Apartments is a well-maintained, 28-unit apartment complex located at 2202-2208 Michigan Avenue, in dynamic Boyle Heights, one block from amenity-rich retail corridors on E. Cesar Chavez Avenue and Soto Street.
The property comprises (24) two-bedroom/one bath units and (4) studio units. Units are bright with hardwood floors throughout, stainless steel appliances, and modern kitchens and bathrooms.
Appealing features include attractive landscaping, secure gated access, on-site laundry facilities, designated parking, and community BBQ areas.
Approximately $500K has been invested in capital improvements including new windows, upgraded electrical systems, new roofing on half of the building, and interior renovations.
Michigan Heights is well-located in one of LA's most unique and vibrant communities. Known for its deep cultural roots, Boyle Heights has received increased attention in recent years for its Michelin-recognized chefs, celebrated eateries, and a thriving artistic community.
The property comprises (24) two-bedroom/one bath units and (4) studio units. Units are bright with hardwood floors throughout, stainless steel appliances, and modern kitchens and bathrooms.
Appealing features include attractive landscaping, secure gated access, on-site laundry facilities, designated parking, and community BBQ areas.
Approximately $500K has been invested in capital improvements including new windows, upgraded electrical systems, new roofing on half of the building, and interior renovations.
Michigan Heights is well-located in one of LA's most unique and vibrant communities. Known for its deep cultural roots, Boyle Heights has received increased attention in recent years for its Michelin-recognized chefs, celebrated eateries, and a thriving artistic community.
Property Facts
| Price | $7,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $264,286 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Cap Rate | 6.28% | Building Size | 22,154 SF |
| Gross Rent Multiplier | 9.99 | Average Occupancy | 96% |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1985 |
| Property Subtype | Apartment | Parking Ratio | 0.9/1,000 SF |
| Zoning | LARD1.5 - Restricted Density Multiple Dwelling | ||
| Price | $7,400,000 |
| Price Per Unit | $264,286 |
| Sale Type | Investment |
| Cap Rate | 6.28% |
| Gross Rent Multiplier | 9.99 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 22,154 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 0.9/1,000 SF |
| Zoning | LARD1.5 - Restricted Density Multiple Dwelling |
Amenities
Unit Amenities
- Kitchen
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Gated
- Grill
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 500 |
| 2+1 | 24 | - | 800 |
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Very walkable
80/100
Moderately drivable
70/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5183-005-051 | Improvements Assessment | $2,601,000 |
| Land Assessment | $4,161,600 | Total Assessment | $6,762,600 |
Property Taxes
Parcel Number
5183-005-051
Land Assessment
$4,161,600
Improvements Assessment
$2,601,000
Total Assessment
$6,762,600
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9.99 GRM on Current Rents | 2202-2208 Michigan Ave