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$ 2,250,000
Est. payment /mo
Active
8307 S Figueroa ST Los Angeles, CA 90003
18 Beds
10 Baths
7,584 SqFt
UPDATED:
01/14/2025 08:21 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,584 sqft
Price per Sqft $296
MLS Listing ID 24440387
Bedrooms 18
HOA Y/N No
Year Built 1991
Lot Size 7,501 Sqft
Property Description
We are pleased to present a rare non-RSO investment opportunity with the sale of 8307 S. Figueroa Street, a 9-unit multifamily property nestled in the Vermont Knolls neighborhood of South Los Angeles. Constructed in 1991, this newly painted three-story building offers an expansive 7,584 square feet of rentable space stands on a generous 7,499 square-foot lot zoned LAC2-1VL-CPIO as well as a Tier 2 TOC Bonus. 8307 S. Figueroa features a unit mix of exclusively 2-bedroom units, including eight 2-bedroom/1-bathroom units and one 2-bedroom/1.5-bathroom unit. The property is 100% occupied with an average rent of $2,154 per unit and there is a notable rental upside potential of approximately 25%. Investors will benefit from the ability to raise rents 5% + CPI annually, which is currently 8.9% and capped at 10%. Security and convenience are paramount, with features such as each unit benefiting from individual water heaters and separate metering for gas and electricity, gated controlled access, and an on-site parking lot with 18 dedicated spaces that are exempt from earthquake & seismic retrofitting. This property offers an excellent investment opportunity in a vibrant and densely populated submarket of South Los Angeles, where demand for rental units remains exceptionally high. Prospective buyers are advised to confirm all building records and data to ensure accuracy. Strategically located just north of Manchester Avenue and east of South Vermont Avenue, the property enjoys seamless connectivity to the 10 and 110 Freeways, facilitating convenient access to all corners of Greater Los Angeles. Tenants are also within a short distance to multiple bus stops along Figueroa St. and Manchester Blvd.
Location
State CA
County Los Angeles
Area C36 - Metropolitan Southwest
Zoning LAC2
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features Assigned, Covered, Garage, Gated, Community Structure, Tandem
Total Parking Spaces 18
Building
Story 3
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 6032020002
Special Listing Condition Standard
Listed by Sevak Keshishian • Marcus & Millichap