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    The Largest CRE Database in the US with Over 1 Million Listings

    1927-1933 Griffin Ave Los Angeles, CA 90031

    Sponsored
    For Sale
    $2,525,000

    15-Unit Apartment Building, Value-Add Potential

    Property size:
    6,764 SF

    Description

    Added:
    Jan 29, 2025
    Days on Market:
    378
    This 15-unit apartment building presents a compelling value-add opportunity in Los Angeles's vibrant Lincoln Heights neighborhood. The property comprises three separate buildings totaling 6,764 square feet on a 0.23-acre lot. The unit mix includes eight one-bedroom units and seven studios, offering a diverse rental base. Currently boasting 100% occupancy, the property offers significant upside potential, estimated at 66% or more in rental income. Individual gas and electricity meters for each unit simplify management, and on-site laundry adds convenience for residents. Eight garage spaces offer additional income potential or the possibility of creating accessory dwelling units (ADU's, buyer to verify). The property's central location, near Downtown LA, Highland Park, the Arts District, and Dodger Stadium, ensures strong rental demand and future appreciation. Its efficient layout and size allow for easy management without the need for an on-site manager. The property is listed for $2,525,000 and is offered as a 1031 exchange opportunity. Lincoln Heights' proximity to the USC Health Sciences Campus and its blend of affordability and trendy amenities contribute to its growing popularity and strong rental market. The neighborhood also features historic landmarks like the San Antonio Winery and Lincoln Park, adding to its appeal. This property is an excellent addition to any investment portfolio.

    Property Features for 1927-1933 Griffin Ave

    General Information

    Sale Condition
    1031-exchange
    Property type
    Multifamily properties
    Square Feet
    6,764 SF
    Price / Square Foot
    $373
    Class
    C
    Elevators
    N/A
    Lot Size
    10,019 SF
    Occupancy
    100%

    Building Details

    Year Built
    1946
    Buildings
    1
    Stories
    2
    Units
    15

    We can help!

    Listing Contact
    Justin Mccardle

    Learn more

    HighLights

    • 15‑unit apartment building in Los Angeles' Lincoln Heights neighborhood.
    • $2,525,000 asking price; 66%+ potential rent increase.
    • Convenient location near DTLA, USC Health Sciences Campus, and Dodger Stadium.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    City
    Los Angeles
    State
    California

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    FAQs

    What type of property is this?
    Multifamily property - 15-Unit Apartment Building, Value-Add Potential
    Where is this multifamily property located?
    The property is located at 1927-1933 Griffin Ave Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $2,525,000.
    What are key features of this property?
    This property features: 15-unit apartment building in Los Angeles' Lincoln Heights neighborhood.; $2,525,000 asking price; 66%+ potential rent increase.; Convenient location near DTLA, USC Health Sciences Campus, and Dodger Stadium.
    (909) 486-2069
    Request Owner's contact information
    1927-1933 Griffin Ave Los Angeles, CA 90031
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    Los Angeles, CA 90031
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1927-1933 Griffin Ave Los Angeles, CA 90031
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    We can help!
    Listing Contact
    Justin Mccardle
    (909) 486-2069
    Learn more
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