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223 N Breed St
Los Angeles, CA 90033
Multifamily Property For Sale
·
32 Units
INVESTMENT HIGHLIGHTS
- Current Rents Below Market Rates
- Seven Units Will be Delivered Vacant at Close of Escrow
- Compelling Price of $3,195,000 Equating to Under $100k per Door ($99,843), GRM 8.92, 6.24% CAP rate, and $264.84 P/SF
- A Remarkable Prospect for Acquisition After 34 Years of the Present Ownership
- The possibility of exceeding 100% rental upside if the new owner converts the property into section 8 housing
- Limited Competition in a High-Density Market
EXECUTIVE SUMMARY
An exceptional opportunity for acquisition after 34 years of current ownership.
Keller Williams Beverly Hills and COMPASS are pleased to present 223 N Breed Street for sale in the highly desirable and sought-after neighborhood of Boyle Heights submarket of Los Angeles. The property offers investors a true value-add opportunity, showcasing a considerable upside potential of approximately 62% in a densely populated market characterized by strong rental demand.
Situated in the vibrant Boyle Heights area of Los Angeles, residents benefit from a central location that provides quick access to Downtown Los Angeles, East Los Angeles, and Monterey Park. Just a few minutes’ drive away is the Arts District, a popular spot in Downtown Los Angeles, featuring a lively array of shops, boutiques, and restaurants in a pedestrian-friendly environment. Commuters will find the property conveniently located near the Mariachi Plaza/Boyle Heights Station on the Metro Gold Line, facilitating easy connections to the E Line and allowing for exploration of the city through the Los Angeles Metro. The Boyle Heights neighborhood is celebrated for its rich dining options, energetic bars, and numerous local attractions.
The property features 8 studio apartments along with 24 efficiency units, each equipped with private bathrooms and providing comfortable living spaces in a sought-after area. Currently, the rental prices at this property are well below market rates, offering investors a substantial upside potential of over 62% through targeted renovations, leasing strategies, and tenant turnover. The Seller has purposefully left 7 units vacant, enabling the new owners to upgrade these units and rent them out at higher market rates, thereby improving both the GOI and NOI. When fully occupied, 223 N. Breed Street offers an outstanding combination of above-market cash flow and significant value-add opportunities in a prime urban location with strong rental demand.
For a complete marketing Offering Memorandum, please reach out to the Listing Agent. Unit sizes are approximate and should be verified. Buyers are responsible for performing their own due diligence concerning the square footage of each unit.
Keller Williams Beverly Hills and COMPASS are pleased to present 223 N Breed Street for sale in the highly desirable and sought-after neighborhood of Boyle Heights submarket of Los Angeles. The property offers investors a true value-add opportunity, showcasing a considerable upside potential of approximately 62% in a densely populated market characterized by strong rental demand.
Situated in the vibrant Boyle Heights area of Los Angeles, residents benefit from a central location that provides quick access to Downtown Los Angeles, East Los Angeles, and Monterey Park. Just a few minutes’ drive away is the Arts District, a popular spot in Downtown Los Angeles, featuring a lively array of shops, boutiques, and restaurants in a pedestrian-friendly environment. Commuters will find the property conveniently located near the Mariachi Plaza/Boyle Heights Station on the Metro Gold Line, facilitating easy connections to the E Line and allowing for exploration of the city through the Los Angeles Metro. The Boyle Heights neighborhood is celebrated for its rich dining options, energetic bars, and numerous local attractions.
The property features 8 studio apartments along with 24 efficiency units, each equipped with private bathrooms and providing comfortable living spaces in a sought-after area. Currently, the rental prices at this property are well below market rates, offering investors a substantial upside potential of over 62% through targeted renovations, leasing strategies, and tenant turnover. The Seller has purposefully left 7 units vacant, enabling the new owners to upgrade these units and rent them out at higher market rates, thereby improving both the GOI and NOI. When fully occupied, 223 N. Breed Street offers an outstanding combination of above-market cash flow and significant value-add opportunities in a prime urban location with strong rental demand.
For a complete marketing Offering Memorandum, please reach out to the Listing Agent. Unit sizes are approximate and should be verified. Buyers are responsible for performing their own due diligence concerning the square footage of each unit.
PROPERTY FACTS In Escrow
| Price Per Unit | $87,344 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.13% | Lot Size | 0.19 AC |
| Gross Rent Multiplier | 8.93 | Building Size | 12,064 SF |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1927 |
| Property Subtype | Apartment | ||
| Zoning | LAR4 - Restricted Density Multiple Dwelling | ||
| Price Per Unit | $87,344 |
| Sale Type | Investment |
| Cap Rate | 7.13% |
| Gross Rent Multiplier | 8.93 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 12,064 SF |
| No. Stories | 2 |
| Year Built | 1927 |
| Zoning | LAR4 - Restricted Density Multiple Dwelling |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Gated
- Online Services
- Walk-Up
- Smoke Detector
PROPERTY TAXES
| Parcel Number | 5183-003-008 | Improvements Assessment | $265,237 |
| Land Assessment | $274,079 | Total Assessment | $539,316 |
PROPERTY TAXES
Parcel Number
5183-003-008
Land Assessment
$274,079
Improvements Assessment
$265,237
Total Assessment
$539,316
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