928 Record AveLos Angeles, CA 90023

Property Details for 928 Record Ave

Year built

1956

Property size (Sq ft)

7,200 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a three-unit apartment building ideally situated in East Los Angeles, CA. Built in 1956, this property boasts a desirable unit mix: two two-bedroom/one-bathroom units and one three-bedroom/one-bathroom unit, all recently renovated with hardwood floors, updated countertops, appliances, and in-unit washer/dryers. The two-bedroom units include spacious dens. The 7,200 square foot lot features a gated and secure property with five parking spaces, including two garage spaces with potential for conversion into Accessory Dwelling Units (ADUs) under SB1211, nearly doubling the unit count. The property offers a strong initial cash flow, with a 6.59% cap rate and a pro-forma cap rate of 7.00%. The current Net Operating Income (NOI) is $85,635, with a pro-forma NOI of $90,873. The asking price is $1,299,000, or $433,000 per unit. This stabilized investment qualifies for 30-year fixed residential financing. Conveniently located near freeways, public transportation, schools, and numerous amenities including restaurants and retail options, this property offers an excellent return on investment. The property is zoned LCR4YY and has a lot size of 7,200 square feet. The net rentable square footage is 2,550 square feet. Recent upgrades include new plumbing, water heaters, and electrical panels. The property is fully occupied.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0232

Longitude

-118.183

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