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2221 Griffin Ave 6 Unit Apartment Building $1,550,000 ($258,333/Unit) 6.45% Cap Rate Los Angeles, CA 90031
Investment Highlights
- Strategic Lincoln Heights Location: Situated in one of Los Angeles' fastest-growing submarkets, minutes from DTLA and the USC Health Sciences Campus.
- Expansive 8,000+ SF Lot (LARD3-HPOZ): A generous 0.18-acre lot provides ample on-site parking for tenants.
- Immediate Cash Flow: Strong rents with one vacancy allowing for immediate upside.
- Diverse Multi-Family Unit Mix: Features a six-unit composition consisting of (3) 1-Bedroom/1-Bath, (2) 2-Bedroom/1-Bath, and (1) 3-Bedroom/1.5-Bath.
- Superior Connectivity: Exceptional access to the 110 and 5 Freeways and major employment hubs in Central LA and DTLA.
- Property Characteristics: Features two buildings with 3 units each individually metered for gas and electricity.
Executive Summary
2221 Griffin contains a varying unit mix of 1's and 2's, and a spacious 3 bedroom front unit with its own yard space. Each unit has its own dedicated parking space, individually metered, and the majority of units have in unit laundry. The property consists of two buildings, and is 83% leased with one vacancy. The current GRM is 10.12 and the current CAP Rate is 6.45%. Commanding strong rent and low expenses, this property provides sound financials for multifamily investors looking for a cash flowing asset in Lincoln Heights. Please do not disturb the tenants. Please reach out to request a showing.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$153,108
|
$32.97
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,593
|
$0.99
|
| Effective Gross Income |
$148,515
|
$31.98
|
| Taxes |
-
|
-
|
| Operating Expenses |
$48,472
|
$10.44
|
| Total Expenses |
$48,472
|
$10.44
|
| Net Operating Income |
$100,043
|
$21.54
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $153,108 |
| Annual Per SF | $32.97 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,593 |
| Annual Per SF | $0.99 |
| Effective Gross Income | |
|---|---|
| Annual | $148,515 |
| Annual Per SF | $31.98 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | $48,472 |
| Annual Per SF | $10.44 |
| Total Expenses | |
|---|---|
| Annual | $48,472 |
| Annual Per SF | $10.44 |
| Net Operating Income | |
|---|---|
| Annual | $100,043 |
| Annual Per SF | $21.54 |
Property Facts
| Price | $1,550,000 | Apartment Style | Low-Rise |
| Price Per Unit | $258,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 6.45% | Building Size | 4,644 SF |
| Gross Rent Multiplier | 10.12 | No. Stories | 2 |
| No. Units | 6 | Year Built | 1947 |
| Property Type | Multifamily | Parking Ratio | 2.15/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | LARD3-HPOZ - Multi-Family - Historical Preservation Opportunity Zone | ||
| Price | $1,550,000 |
| Price Per Unit | $258,333 |
| Sale Type | Investment |
| Cap Rate | 6.45% |
| Gross Rent Multiplier | 10.12 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 4,644 SF |
| No. Stories | 2 |
| Year Built | 1947 |
| Parking Ratio | 2.15/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LARD3-HPOZ - Multi-Family - Historical Preservation Opportunity Zone |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Tub/Shower
Site Amenities
- Fenced Lot
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 2 | - | - |
| 3+1.5 | 1 | - | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5204-019-017 | Total Assessment | $887,842 |
| Land Assessment | $621,491 | Annual Taxes | $0 ($0.00/SF) |
| Improvements Assessment | $266,351 | Tax Year | 2025 |
Property Taxes
Parcel Number
5204-019-017
Land Assessment
$621,491
Improvements Assessment
$266,351
Total Assessment
$887,842
Annual Taxes
$0 ($0.00/SF)
Tax Year
2025
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2221 Griffin Ave
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