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2614 Griffin Ave 24 Unit Apartment Building $3,880,000 ($161,667/Unit) 4.57% Cap Rate Los Angeles, CA 90031
Investment Highlights
- All one-bedroom, one-bath units with 19 parking spaces.
- Seismic retrofit completed and new roof installed
- Existing assumable loan with an attractive 3% interest rate.
- Elevator building; easily convertible to senior living units.
- Significant value-add opportunity with over 40% rent upside
- Prime Lincoln Heights location with strong tenant demand. First time on the market in over 20 years.
Executive Summary
Don’t miss this rare opportunity to acquire a stable income-producing property with significant upside. This 24-unit apartment building is located in the prime Lincoln Heights area and consists entirely of one-bedroom, one-bath units in a classic courtyard-style layout. The elevator-served building is easily convertible to senior living use and is situated in a high-demand rental market with a very low vacancy rate.
Major capital improvements have already been completed, including a full seismic retrofit and a recently replaced roof. The property offers a low cost per unit and is first time on market in over 20 years. Existing assumable loan with an attractive 3% interest rate. Approximately 40% rent upside while maintaining in-place stable income, this is an exceptional value-add investment opportunity.
Major capital improvements have already been completed, including a full seismic retrofit and a recently replaced roof. The property offers a low cost per unit and is first time on market in over 20 years. Existing assumable loan with an attractive 3% interest rate. Approximately 40% rent upside while maintaining in-place stable income, this is an exceptional value-add investment opportunity.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$354,206
|
$24.67
|
| Other Income |
$5,482
|
$0.38
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$359,688
|
$25.05
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$178,822
|
$12.45
|
| Net Operating Income |
$180,866
|
$12.60
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $354,206 |
| Annual Per SF | $24.67 |
| Other Income | |
|---|---|
| Annual | $5,482 |
| Annual Per SF | $0.38 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $359,688 |
| Annual Per SF | $25.05 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $178,822 |
| Annual Per SF | $12.45 |
| Net Operating Income | |
|---|---|
| Annual | $180,866 |
| Annual Per SF | $12.60 |
Property Facts
| Price | $3,880,000 | Building Class | C |
| Price Per Unit | $161,667 | Lot Size | 0.31 AC |
| Sale Type | Investment | Building Size | 14,359 SF |
| Cap Rate | 4.57% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.95 | No. Stories | 3 |
| No. Units | 24 | Year Built | 1970 |
| Property Type | Multifamily | Parking Ratio | 1.32/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LARD3 | ||
| Price | $3,880,000 |
| Price Per Unit | $161,667 |
| Sale Type | Investment |
| Cap Rate | 4.57% |
| Gross Rent Multiplier | 10.95 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 14,359 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1970 |
| Parking Ratio | 1.32/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LARD3 |
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 550 - 600 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Good public transit
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5206-009-017 | Improvements Assessment | $836,341 |
| Land Assessment | $864,218 | Total Assessment | $1,700,559 |
Property Taxes
Parcel Number
5206-009-017
Land Assessment
$864,218
Improvements Assessment
$836,341
Total Assessment
$1,700,559
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2614 Griffin Ave
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