Newly Constructed Multifamily
For Sale
$4,500,000
351 S State, Los Angeles, CA 90033
MULTI_FAMILY - Los Angeles, CA
Lot Size0.19 Acres
Days on Market16
Property Features for 351 S State
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
7
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 2, Bathroom 6, Bedroom 2, Bathroom 5, Bedroom 5, Bedroom 7, Bathroom 1, Bathroom 7, Bathroom 3, Bathroom 4, Bedroom 4, Laundry Room, Bedroom 6, Bedroom 1, Bedroom 3
Parking
8
Lot features
0-1 Unit/ Acre
Directions
turn north on state st from east 4th st
Subdivision
BOYH - Boyle Heights
Standard status
Active
APN
5174019047
Lot size
0.19 Acres
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central, Ductless (Heating)
Cooling system
Central Air, Ductless
Water source
Public
Building Details
Year built
2024
Floors in Building
3
Number of units
6
Listing Agency:
eXp Realty of Greater Los Angeles
(888) 652-1314
Listed By:
Steven Gray · License #02194905
(213) 570-9275
Added: Jul 15
Changed: Jul 28
Last Checked: Jul 30 at 11:06PM
MLS# PW26156984
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
351 S State Street is a newly constructed income-producing multifamily asset completed in 2024. The property is reported as stabilized, with full occupancy targeted for 2025 and rental income generated under a secured corporate/master lease structure. A buyer also retains the option to take the property delivered vacant, creating flexibility for alternative leasing or repositioning.
The property is located in Boyle Heights, Los Angeles (90033). The offering includes stated rents in place of $25,000 per month under the current lease arrangement.
Reported financials include annual gross income of $300,000, NOI of $261,768, GRM of 15%, and a cap rate of 5.82%, with operating expenses listed at $38,232.
The property is located in Boyle Heights, Los Angeles (90033). The offering includes stated rents in place of $25,000 per month under the current lease arrangement.
Reported financials include annual gross income of $300,000, NOI of $261,768, GRM of 15%, and a cap rate of 5.82%, with operating expenses listed at $38,232.
Key Highlights
- Newly constructed 2024 income‑producing multifamily asset at 351 S State Street, completed in 2024 and reaching full occupancy in 2025
- Currently generating $25,000/month rental income under a master lease with a corporate tenant (secured in‑place)
- Annual gross income of $300,000 with NOI listed as $261,768 and operating expenses listed as $38,232
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,264
Businesses Nearby
Explore this area
Business Placement
Demographics for 90033, CA
46,081
Population
13,874
Households
3.3
Avg Household Size
32
Median Age
14%
College-Educated
54%
High-School Grad
3.3 sq mi
ZIP Area
13,964
Density / Sq Mi
$56,001
Median Household Income
$29,600
Median Earnings
$1,391
Median Rent
$669,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly constructed multifamily property completed in 2024 and stabilized under a corporate/master lease structure.
Where is this apartment building located?
The property is located at 351 S State Los Angeles, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Newly constructed 2024 income‑producing multifamily asset at 351 S State Street, completed in 2024 and reaching full occupancy in 2025; Currently generating $25,000/month rental income under a master lease with a corporate tenant (secured in‑place); Annual gross income of $300,000 with NOI listed as $261,768 and operating expenses listed as $38,232
