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2221 Griffin Ave 6 Unit Apartment Building $1,475,000 ($245,833/Unit) 6.85% 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
This excellent multifamily property is centrally located in Lincoln Heights. Featuring two separate buildings, this 6-unit property has 4,644 square feet of rentable area situated on a large 8,014 square foot lot. Built in 1947, the property has a versatile mix of 1, 2, and 3-bedroom units, which are individually metered with on-site parking available for each tenant.
Recent updates to two units include new plumbing, electrical, AC, and washer/dryer hookups. This is an investor friendly property with stabilized income that can also support potential owner occupancy as the 3-bedroom unit is available. The rear building abuts an alleyway which provides a separate, rear lot used for extra parking, storage, and access for the tenants.
Residents enjoy being minutes away from major local destinations, providing convenient access to Chinatown, DTLA, and Dodger Stadium. Nearby eateries are walking distance from 2221 Griffin with local favorites such as Moo's Craft Barbecue, La Monarca Bakery and Cafe, and King Taco located on Broadway. Direct access to the 5, 110, and 2 Freeways with nearby bus transit efficiently connects this neighborhood to all of LA. LARD3-1-HPOZ zoning, located within a Historical Preservation and Opportunity Zone.
Recent updates to two units include new plumbing, electrical, AC, and washer/dryer hookups. This is an investor friendly property with stabilized income that can also support potential owner occupancy as the 3-bedroom unit is available. The rear building abuts an alleyway which provides a separate, rear lot used for extra parking, storage, and access for the tenants.
Residents enjoy being minutes away from major local destinations, providing convenient access to Chinatown, DTLA, and Dodger Stadium. Nearby eateries are walking distance from 2221 Griffin with local favorites such as Moo's Craft Barbecue, La Monarca Bakery and Cafe, and King Taco located on Broadway. Direct access to the 5, 110, and 2 Freeways with nearby bus transit efficiently connects this neighborhood to all of LA. LARD3-1-HPOZ zoning, located within a Historical Preservation and Opportunity Zone.
Data Room Click Here to Access
- Offering Memorandum
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 | $1,475,000 | Apartment Style | Low-Rise |
| Price Per Unit | $245,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 6.85% | Building Size | 4,644 SF |
| Gross Rent Multiplier | 9.63 | 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 | $1,475,000 |
| Price Per Unit | $245,833 |
| Sale Type | Investment |
| Cap Rate | 6.85% |
| Gross Rent Multiplier | 9.63 |
| 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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