House + 4Plex in South Central

$850,000

933 E. 28th St

# of Units: 5

Building SF: 4,417

Lot SF: 7,494

Zoning: LARD2

Price/SF: $192

GRM/Pro Forma GRM: 7.20/5.44

CAP Rate/Pro Forma CAP: 9.45%/13.79%

Year Built: 1916

Description

Offered is a value add South Central property consisting of a vacant 1,500 SF house and quadruplex with 1 vacant unit. The house is in need of a full gut renovation and reconfiguration, ideal for a Jr. ADU conversion. The vacant unit in the 4plex is also in need of remodeling. Once rented, the owner will have 2 (or 3!) units at market rent, with significant upside in the legacy tenants. Located on a corner lot with 2 curb cuts, there are 11 open parking spaces currently leased by the tenants on separate parking leases. The property will be sold with a recently passed SCEP Inspection, which is always appreciated by Buyers. At under $200/SF and operating with all 2-4 bedroom units, this is an incredible deal at an affordable price point with huge upside.

Location

Located directly across from the YMCA and a church, and minutes from the USC and the vibrant Exposition Park district, home to famous venues including BMO Stadium and Los Angeles Memorial Coliseum. Residents and tenants also benefit from immediate access to major cultural institutions such as the Natural History Museum of Los Angeles County and the California Science Center. This is a compelling value-add opportunity in a high-demand rental submarket, with multiple pathways for income growth through renovation, repositioning, and future development.

Property Highlights

Units are very large throughout:
The detached 2 story 4Br+ 2.5ba home is a whopping 1,537 SF and has it’s own yard space!
The fourplex units are a total of 2,880 SF, and all 2 and 3 bedroom units. They average 720 SF.
2 vacant units need remodeling, plus there is potential for the Buyer to convert part of the SFR into a Jr ADU (Buyer to verify).
Vacant house requires a full gut renovation and reconfiguration, offering an investor the opportunity to choose their desired design and finishings, and reposition the property to maximize long-term income.
It may possible to fence off the home from the 4plex, creating more of a single family feel, and potentially higher rent.
Over $4,190/mo in current rental income - not including vacant units. Existing tenants are stable and paying.
11 open parking spaces currently leased to tenants on separate parking leases, which are generally not subject to rent control (buyer to verify).
Just passed SCEP (Systematic Code Enforcement Program) in September 2026!
Located just west of Central Ave and south of the 10 Freeway, near the USC and Exposition Park, providing access to major employment, education, and entertainment.
Minutes from BMO Stadium and the Los Angeles Memorial Coliseum, as well as the Natural History Museum of Los Angeles County, California Science Center and the new Lucas Museum of Narrative Art!