812 E 28TH STREET, LOS ANGELES CA 90011

  • 10,315 sq.ft.
  • 15,002 sq.ft. lot
offered at $29,975,000
MLS#:18361112
Status: Active Under Contract // Property Type:
County: Los Angeles // Year Built: 1987

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.**

Listing Courtesy of David Harrington, Matthews Real Estate Investmen

FOR MORE INFORMATION, PLEASE CONTACT AGENT:
  • raj qsar
    CEO | Owner |
    CalBRE# 01744847
    • cell 714.412.5019
    • office 949.612.2535
    email Raj

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