10 Unit Spanish Courtyard Bungalows in Lincoln Heights

$1,395,000

2328 Johnston St, LA 90031 

# of Units: 10

GRM (Pro Forma): 7.11

CAP Rate (Pro Forma): 10.94%

Price/SF: $238

Building SF: 5,870

Lot SF: 9,944

Zoning: LARD3 - HPOZ

Year Built: 1924 & 1927

Description​​​

Amazing opportunity to purchase a 10 unit Spanish Courtyard Bungalow property in Lincoln Heights. Located near the Post Office in Lincoln Heights one block from Broadway, the subject property is centrally located and very walkable. There is no on-site parking but most needs are within walking distance plus the location has 11 bus lines running through it making it very transit-friendly.  There are three separate buildings totaling 5,870 SF and a total of ten (10) units with a unit mix of 8(1Br+1Ba), 1(Studio +1Ba), 1(1.5 Br+1 Ba). There is partial copper plumbing, owners have maintained the property but have made no major renovations. However, the bungalow-style units afford the new owners ease when it comes to repairing and remodeling the units individually. This is a "value add" deal perfect for a Buyer who is looking to repositions a building, either gradually or all at once. Extremely low $/unit and $/SF, with over 50% rental upside!

Location

One block from Griffin and Broadway the subject property is centrally located and very walkable. Daily errands can be accomplished by foot due to the property's proximity to grocery stores, pharmacies, banks, and more. Lincoln Heights is a small neighborhood four miles east of DTLA. Due to its location, the neighborhood draws renters from various employment centers and universities: Keck USC Medical Center, White Memorial Hospital, DTLA, Cal State LA, FIDM, etc. This neighborhood continues to see growth, like 181 N Ave 21 the site of a six-story mixed-use development featuring 102 apartments, 100- key hotel, and 5,000 SF of retail space.  

Property Highlights

  • Very Walkable Location Near Broadway

    • 90 Walk Score​

    • Pharmacy, Grocery Stores, Restaurants, and Banks all within a 1.5-mile radius.

  • Large 9,944 SF Lot

  • Current GRM 16.64

  • Three Separate Buildings

    • Building 1 2,400 SF (Appx 600 SF Each)​

    • Building 2 990 SF (Appx 495 SF Each)

    • Building 3 2,480 SF (Appx 620 SF Each)

  • Low Price Per SF- $238/SF

  • Desirable Spanish Courtyard Bungalows

    • Easy to Repair & Remodel Individually​

  • Tier 2 TOC + HPOZ

  • Partial Copper Plumbing

  • 54% Rental Upside

  • Near Gates Elementary & Sacred Heart Schools 

Please Send Me More Infomation On This Listing

Thanks for submitting!