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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 1,825,000

Est. payment | -/mo

7,501 Sqft Lot

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$ 1,825,000

Est. payment | -/mo

Save

7,501 Sqft Lot

Key Details

Property Type Single Family Home, Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

MLS Listing ID PW26132375

HOA Y/N No

Year Built 1962

Lot Size 7,501 Sqft

Property Sub-Type Mixed Use

Property Description

1023 E. 28th Street is a seven-unit asset consisting of three buildings with (1) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA units.
This asset presents a strong opportunity to acquire a high-yield, partially repositioned property with substantial remaining rental upside in one of the most rapidly evolving pockets of South Los Angeles. The property combines newly constructed, non-rent- controlled units with an existing value-add component, creating a compelling blend of stable in-place cash flow, operational efficiency, and future NOI growth potential. The front portion of the property includes two newly constructed buildings completed in 2026 and exempt from California rent control, offering investors long-term operational flexibility and unrestricted future rent growth potential. These buildings include a stand-alone 3BD/1BA unit with private front yard space and two 2BD/1BA units. The newly constructed buildings were intentionally designed for long-term operational efficiency and reduced maintenance costs, featuring solar panels servicing both buildings, separately metered utilities, individual water heaters, all-electric systems, and MiniSplit HVAC systems in every unit. The rear four-unit building, originally constructed in 1962, consists of (2) 2BD/1BA units and (2) 1BD/1BA units and offers the primary
value-add opportunity at the property. Ownership has already demonstrated the achievable rental upside by fully renovating one of the 1BD/1BA units with updated finishes, MiniSplit HVAC, and in-unit washer/dryer, allowing the unit to achieve near-market rents. The remaining classic units provide a clear path for a new owner to continue the renovation program and substantially increase income. Additional upside opportunities include implementing parking income for the four existing parking spaces, which are currently included in rent, as well as converting an existing storage room into an onsite laundry facility to create supplemental ancillary income. Recent capital improvements to the 1962 building include a new roof and upgraded main and sub electrical panels, helping reduce near- term capital expenditure requirements. Offered at a 7.29% current cap rate on existing income, the property has the potential to achieve a projected 9.51% market cap rate through the completion of the proven renovation program and implementation of additional income streams.

Location

State CA

County Los Angeles

Area C42 - Downtown L.A.

Interior

Fireplace No

Laundry Inside

Exterior

Pool None

Community Features Sidewalks

Total Parking Spaces 4

Private Pool No

Building

Lot Description 6-10 Units/Acre

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 5128023030

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Robert Stepp Keller Williams Realty Downey 310-463-2916, DRE #01456379

NEARBY SCHOOL & BUSINESS

+1(619) 302-3010

matt@homecrave.com

San Diego, CA 92124

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1023 E 28th Los Angeles, CA 90011