Listing ID: 18361112
Price: $29,975,000
Address: 812 E 28TH Street
City: Los Angeles (City)
State: California
Postal Code: 90011
SqFt: 10,315
Acres: 0.344
County: Los Angeles
The Griffith Apartments present a very unique opportunity for a new investor. Since its construction in 1987, the property has been held as affordable housing for the community. The 30-year restriction has recently burned off, allowing the existing covenants with the city and state to now be removed from the property. A new owner will be allowed to reposition the asset and increase to market rental rates, which are substantially higher than the current rents at the property today. The floor plans at the building are all two bedroom, one bathroom units with a current average rent of only $1,102 per month. Based on how the market is performing today, we are projecting market rents of $2,100 per month for these unit types that average over 900 square feet each. This equates to an upside potential of nearly 91% from today's levels. ** This propety is being sold as part of a portfolio with 845 E. 28th St. Los Angeles, CA.**

Primary Features

County: Los Angeles
IDX City Name: Los Angeles
IDX County Name: Los Angeles
photo Count: 9
Property Type: Rental Income
Year Built: 1987
Zoning: LARD2

Financial Details

Assessed Improvement Value: 714797
Assessed Land Value: 123680
Expense Total Annual: 72121
Gross Operating Income: 171050
Gross Rent Multiplier: 17.01
Net Operating Income: 98929
Original List Price: 3350000
Special Conditions: Standard Sale
Unit Monthly Rent01: 1400
Unit Monthly Rent02: 588
Unit Monthly Rent03: 893
Unit Monthly Rent04: 834
Unit Monthly Rent05: 1500
Unit Monthly Rent07: 1600
Unit Monthly Rent08: 1500
Unit Monthly Rent09: 877
Unit Monthly Rent10: 1530
Unit Monthly Rent11: 1622
Unit Projected Total Monthly Rent01: 2300
Unit Projected Total Monthly Rent02: 2300
Unit Projected Total Monthly Rent03: 2300
Unit Projected Total Monthly Rent04: 2300
Unit Projected Total Monthly Rent05: 2300
Unit Projected Total Monthly Rent06: 2300
Unit Projected Total Monthly Rent07: 2300
Unit Projected Total Monthly Rent08: 2300
Unit Projected Total Monthly Rent09: 2300
Unit Projected Total Monthly Rent10: 2300
Unit Projected Total Monthly Rent11: 2300
Unit Total Monthly Rent01: 1400
Unit Total Monthly Rent02: 588
Unit Total Monthly Rent03: 893
Unit Total Monthly Rent04: 834
Unit Total Monthly Rent05: 1500
Unit Total Monthly Rent07: 1600
Unit Total Monthly Rent08: 1500
Unit Total Monthly Rent09: 877
Unit Total Monthly Rent10: 1530
Unit Total Monthly Rent11: 1622


Adjusted Gross Income: 173928
BathsTotal: 11
BedroomsTotal: 22
Legal Disclosures: Take Property As Is
List Agent License Number: 01320460
ListingStatus: Active
Number Of Buildings: 2
Square Footage Source: Public Records
Units Total In Complex: 11

Location Information

Area: Downtown L.A. (C42)

Interior Features

Cooling Type: Other
Heating Type: Other
Interior Features: Other
Total Floors: 3
Unit Furnished01: Unfurnished
Unit Furnished02: Unfurnished
Unit Furnished03: Unfurnished
Unit Furnished04: Unfurnished
Unit Furnished05: Unfurnished
Unit Furnished06: Unfurnished
Unit Furnished07: Unfurnished
Unit Furnished08: Unfurnished
Unit Furnished09: Unfurnished
Unit Furnished10: Unfurnished
Unit Furnished11: Unfurnished
Unit Furnished12: Partially
Unit Furnished13: Partially
Unit Number Of Bath01: 2
Unit Number Of Bath02: 2
Unit Number Of Bath03: 2
Unit Number Of Bath04: 2
Unit Number Of Bath05: 2
Unit Number Of Bath06: 2
Unit Number Of Bath07: 2
Unit Number Of Bath08: 2
Unit Number Of Bath09: 2
Unit Number Of Bath10: 2
Unit Number Of Bath11: 2
Unit Number Of Bed01: 2
Unit Number Of Bed02: 2
Unit Number Of Bed03: 2
Unit Number Of Bed04: 2
Unit Number Of Bed05: 2
Unit Number Of Bed06: 2
Unit Number Of Bed07: 2
Unit Number Of Bed08: 2
Unit Number Of Bed09: 2
Unit Number Of Bed10: 2
Unit Number Of Bed11: 2

External Features

Lot Size Source: Vendor Enhanced
Lot Size SqFt: 15002
Parking Features: Gated
Parking Spaces Total: 14
Pool: no

Zoning Info

Listing courtesy of David Harrington (01320460) from Matthews Real Estate Investment Services.
Based on information from CARETS as of Sunday, July 21st, 2019 03:37:01 PM. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Contact - Listing ID 18361112

Josh Goldstein

2115 Main Street
Santa Monica, CA 90405
Phone: 424-226-8069

Data services provided by IDX Broker