Seven-Unit Multifamily Investment

1023 E 28TH ST, Los Angeles, CA 90011

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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.

Type:Multifamily

Property size:

5,196 SF

Price / SF:

$355/SF

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.
All‑electric new construction with MiniSplit HVAC in every unit, separately metered utilities, individual water heaters, and solar panels servicing both buildings.
Value‑add rear building (4 units) includes proven renovation upside: a renovated 1BD/1BA achieved near‑market rents.
Recent improvements to the 1962 building: new roof and upgraded main and sub electrical panels; additional income potential from 4 parking spaces and converting storage to laundry.

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Listing Contact

Robert Stepp

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For Sale

Contact for pricing

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.

Type:Multifamily

Property size:

5,196 SF

Price / SF:

$355/SF

Added:: Jun 11, 2026
Days on Market:: 11
Last Refresh:: Jun 20 at 8:51 am

Property Features for 1023 E 28TH ST

General Information

Standard status: Active
Size: 5,196 SF
Property subtype: Multifamily

Building Details

Year Built: 2026

We can help!

Listing Contact

Robert Stepp

Listing agent Robert Stepp License #CA 01456379

Listing office Stepp Commercial

Listing date Jun 11, 2026

Source Crexi

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 Stepp Commercial

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.
All‑electric new construction with MiniSplit HVAC in every unit, separately metered utilities, individual water heaters, and solar panels servicing both buildings.
Value‑add rear building (4 units) includes proven renovation upside: a renovated 1BD/1BA achieved near‑market rents.
Recent improvements to the 1962 building: new roof and upgraded main and sub electrical panels; additional income potential from 4 parking spaces and converting storage to laundry.

Overview

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.

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Local Demand

City: Los Angeles
County: Los Angeles
State: California
Longitude: -118.2565951
Latitude: 34.0173135

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For sale
Apartment buildings
CA
Los Angeles
90011
1023 E 28TH ST

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 ST Los Angeles, CA.

What is the asking price?

The asking price for this property is $1,849,000.

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.