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812 E 28TH Street, Los Angeles, CA 90011

Property Details

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812 E 28TH Street
Los Angeles, CA 90011

Unavailable: $29,975,000

Property Type: Commercial Apartments
MLS#: 18361112

  • Building Size: 10315 SF
  • Lot Size: 15002 SF
  • Number of Units: 11
  • Number of Stories: 3
  • Year Built: 1987
  • Days on market: 294
  • Net Operating Income: $98,929
  • Gross Scheduled Income: $171,050
  • Rent Control: No
  • GRM: 17.01
  • Contact Listing Agent Direct:
  • David Harrington, Matthews Real Estate Investmen


Property Description

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.**


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812 E 28TH Street, Los Angeles, CA 90011

Based on information from California Regional Multiple Listing Service, Inc. as of March 25, 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

Listing provided by: David Harrington, Matthews Real Estate Investmen

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