2809 Pasadena, Los Angeles, CA 90031

Property Description

Rare 20-unit multifamily investment in Lincoln Heights, Northeast Los Angeles, offered at $190,000 per unit and $266 per square foot. Two-story, 1962-built wood frame and stucco; 14,281 SF of building area on a 16,775 SF lot. Unit mix is eighteen one-bedroom/one-bath, one two-bedroom/one-bath and one studio — all twenty leased. Ownership has completed a building-wide capital program, leaving limited near-term capital exposure: soft-story seismic retrofit completed under the City's mandatory program, full roof replacement across both sections (2024 and 2025), electrical subpanels replaced in all twenty units, new central water heater, replaced main water service line, driveway resurfacing and full exterior repaint. Twenty on-site parking spaces — a full 1.0 per unit, uncommon for 1962-vintage product in this submarket — plus a common laundry room and gated access. Approximately 20% in embedded rent upside as units turn and are renovated. In-place rents average $1,505 against $1,809 at market. Zoned RD3-1 within the Lincoln Heights HPOZ. ZIMAS designates the parcel Transit Oriented Communities Tier 3, Transit Priority Area and federal Opportunity Zone. Twenty legal units on a lot current zoning would permit approximately five — density that cannot be replicated. Six-minute walk to the Metro A Line at Lincoln/Cypress, immediate access to the I-5 and SR-110, 2.4 miles to the Downtown Los Angeles Civic Center. Property is subject to the City of Los Angeles Rent Stabilization Ordinance. Offering memorandum, rent roll and operating statements available to qualified buyers upon execution of a confidentiality agreement; contact listing agent. Listing agent has ownership interest in the property. Buyer to verify all information.