Seven-Unit Multifamily
For Sale
$1,825,000
Pending
1023 E 28th, Los Angeles, CA 90011
Three-building portfolio with a mix of 1-, 2-, and 3-bedroom units, featuring newly built, non-rent-controlled homes and a value-add component.
Property Size5,196 SF
Days on Market144
Property Features for 1023 E 28th
General Information
Standard status
Pending
Size
5,196 SF
Property subtype
MULTI_FAMILY
Site & Location
Neighborhood
Historic South-Central
Building Details
Building Size
5,196 SF
Year Built
1962
Listing Agency:
Keller Williams Realty Downey
Listed By:
Robert Stepp · License #CA 01456379
(310) 774-3740
Source:
Milsteinestates
Added: Jun 16
Changed: Nov 2
Last Checked: Nov 4 at 10:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Downey
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Investment Insights
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This seven-unit multifamily asset is arranged across three buildings and offers a unit mix of one 3BD/1BA, four 2BD/1BA, and two 1BD/1BA units. The front portion includes two newly constructed buildings completed in 2026, consisting of a stand-alone 3BD/1BA unit with a private front yard area and two 2BD/1BA units. These newer buildings are designed with long-term operational efficiency, including solar panels servicing both buildings, separately metered utilities, individual water heaters, all-electric systems, and mini-split HVAC in every unit.
The rear building was originally constructed in 1962 and contains the primary value-add component with two 2BD/1BA units and two 1BD/1BA units. Ownership has already renovated one of the 1BD/1BA units with updated finishes, mini-split HVAC, and in-unit washer/dryer, reaching near-market rents. Recent capital improvements to the 1962 building include a new roof and upgraded main and sub electrical panels.
Additional income opportunities include implementing parking income for four existing parking spaces that are currently included in rent, as well as converting an existing storage room into an onsite laundry facility. On the financial side, the offering states a 7.33% current cap rate on existing income, with a projected 9.57% market cap rate upon completing the proven renovation program and adding income streams.
The rear building was originally constructed in 1962 and contains the primary value-add component with two 2BD/1BA units and two 1BD/1BA units. Ownership has already renovated one of the 1BD/1BA units with updated finishes, mini-split HVAC, and in-unit washer/dryer, reaching near-market rents. Recent capital improvements to the 1962 building include a new roof and upgraded main and sub electrical panels.
Additional income opportunities include implementing parking income for four existing parking spaces that are currently included in rent, as well as converting an existing storage room into an onsite laundry facility. On the financial side, the offering states a 7.33% current cap rate on existing income, with a projected 9.57% market cap rate upon completing the proven renovation program and adding income streams.
Key Highlights
- Seven‑unit, three‑building portfolio at 1023 E. 28th St built in 2026, plus a 1962 rear building.
- Unit mix: 1 three‑bedroom/1‑bath, four two‑bedroom/1‑bath, and two one‑bedroom/1‑bath units.
- Two 2026 newly constructed buildings are exempt from California rent control, supporting future rent flexibility.
Property Analytics
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Location Intelligence
Trade Area within ½ mile
1,868
Businesses Nearby
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Business Placement
Demographics for 90011, CA
102,308
Population
25,119
Households
4.1
Avg Household Size
30
Median Age
6%
College-Educated
43%
High-School Grad
4.3 sq mi
ZIP Area
23,793
Density / Sq Mi
$53,781
Median Household Income
$27,889
Median Earnings
$1,497
Median Rent
$575,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-building portfolio with a mix of 1-, 2-, and 3-bedroom units, featuring newly built, non-rent-controlled homes and a value-add component.
Where is this apartment building located?
The property is located at 1023 E 28th Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: Seven‑unit, three‑building portfolio at 1023 E. 28th St built in 2026, plus a 1962 rear building.; Unit mix: 1 three‑bedroom/1‑bath, four two‑bedroom/1‑bath, and two one‑bedroom/1‑bath units.; Two 2026 newly constructed buildings are exempt from California rent control, supporting future rent flexibility.
