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2614 Griffin Ave 24 Unit Apartment Building $5,319,674 CAD ($221,653 CAD/Unit) 4.57% Cap Rate Los Angeles, CA 90031
Investment Highlights
- All one-bedroom, one-bath units with 19 parking spaces.
- Seismic retrofit completed and new roof installed
- Existing assumable loan with an attractive 3% interest rate.
- Elevator building; easily convertible to senior living units.
- Significant value-add opportunity with over 40% rent upside
- Prime Lincoln Heights location with strong tenant demand. First time on the market in over 20 years.
Executive Summary
Don’t miss this rare opportunity to acquire a stable income-producing property with significant upside. This 24-unit apartment building is located in the prime Lincoln Heights area and consists entirely of one-bedroom, one-bath units in a classic courtyard-style layout. The elevator-served building is easily convertible to senior living use and is situated in a high-demand rental market with a very low vacancy rate.
Major capital improvements have already been completed, including a full seismic retrofit and a recently replaced roof. The property offers a low cost per unit and is first time on market in over 20 years. Existing assumable loan with an attractive 3% interest rate. Approximately 40% rent upside while maintaining in-place stable income, this is an exceptional value-add investment opportunity.
Major capital improvements have already been completed, including a full seismic retrofit and a recently replaced roof. The property offers a low cost per unit and is first time on market in over 20 years. Existing assumable loan with an attractive 3% interest rate. Approximately 40% rent upside while maintaining in-place stable income, this is an exceptional value-add investment opportunity.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$485,634
|
$33.82
|
| Other Income |
$7,516
|
$0.52
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$493,150
|
$34.34
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$245,174
|
$17.07
|
| Net Operating Income |
$247,976
|
$17.27
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $485,634 |
| Annual Per SF | $33.82 |
| Other Income (CAD) | |
|---|---|
| Annual | $7,516 |
| Annual Per SF | $0.52 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $493,150 |
| Annual Per SF | $34.34 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $245,174 |
| Annual Per SF | $17.07 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $247,976 |
| Annual Per SF | $17.27 |
Property Facts
| Price | $5,319,674 CAD | Building Class | C |
| Price Per Unit | $221,653 CAD | Lot Size | 0.31 AC |
| Sale Type | Investment | Building Size | 14,359 SF |
| Cap Rate | 4.57% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.95 | No. Stories | 3 |
| No. Units | 24 | Year Built | 1970 |
| Property Type | Multifamily | Parking Ratio | 1.32/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LARD3 | ||
| Price | $5,319,674 CAD |
| Price Per Unit | $221,653 CAD |
| Sale Type | Investment |
| Cap Rate | 4.57% |
| Gross Rent Multiplier | 10.95 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 14,359 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1970 |
| Parking Ratio | 1.32/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LARD3 |
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 550 - 600 |
1 1
Walk Score®
Very Walkable (89)
Property Taxes
| Parcel Number | 5206-009-017 | Improvements Assessment | $1,135,851 CAD |
| Land Assessment | $1,173,712 CAD | Total Assessment | $2,309,563 CAD |
Property Taxes
Parcel Number
5206-009-017
Land Assessment
$1,173,712 CAD
Improvements Assessment
$1,135,851 CAD
Total Assessment
$2,309,563 CAD
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2614 Griffin Ave
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