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$ 6,450,000
Est. payment | /mo
52 Beds
31 Baths
20,188 SqFt
$ 6,450,000
Est. payment | /mo
52 Beds
31 Baths
20,188 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 20,188 sqft
Price per Sqft $319
MLS Listing ID 26844469
Bedrooms 52
HOA Y/N No
Year Built 1988
Lot Size 0.575 Acres
Property Description
We are pleased to present the opportunity to acquire 3401-3405 N. Figueroa Street, a rare mixed use asset located in the highly sought after Cypress Park neighborhood of Los Angeles. Offered for sale for the first time since its development, the property consists of a 26 unit apartment community and two commercial spaces situated across two separate parcels, providing investors with operational flexibility and future value enhancement potential. The asset is being offered at $248,077 per unit and $319 per square foot, representing an attractive 10.37 GRM and 5.47% capitalization rate on current operations. Constructed in 1988, the residential component features an attractive unit mix of one (1) 1 Bedroom/1 Bathroom unit, twenty two (22) 2 Bedroom/1 Bathroom units, two (2) 2 Bedroom/2 Bathroom units, and one (1) 3 Bedroom/2 Bathroom unit. The commercial component includes a restaurant space and an additional commercial suite that is currently vacant, creating an immediate lease up opportunity for a new owner. The property contains approximately 20,188 rentable square feet on a 25,045 square foot LARD2 zoned lot and benefits from two separate APNs, offering potential ownership, financing, or disposition flexibility. Additionally, the asset provides 52 parking spaces, giving each residential unit one tandem parking space. A key investment highlight is the property's 1980s construction, exempting the residential units from the City of Los Angeles Rent Stabilization Ordinance (RSO). Instead, the property is subject only to California's statewide rent control regulations under AB 1482, allowing ownership to increase rents annually by up to 5% plus CPI, subject to state guidelines. Combined with approximately 27% rental upside, a desirable unit mix, and diversified mixed use income, the offering presents an attractive opportunity for investors seeking long term growth and stable cash flow. Ideally located along the N. Figueroa Street corridor, the property is adjacent to Florence Nightingale Middle School and near a growing collection of restaurants, cafes, retail destinations, and neighborhood amenities. Cypress Park continues to experience strong demand driven by ongoing revitalization, limited supply, and increasing interest from both residents and businesses, making opportunities of this scale and quality increasingly rare.
Location
State CA
County Los Angeles
Area Cypk - Cypress Park
Zoning LARD2
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Fireplaces Type None
Fireplace No
Appliance Refrigerator
Laundry None
Exterior
Parking Features Garage, Tandem
Pool None
View Y/N Yes
View City Lights
Roof Type Mansard
Total Parking Spaces 52
Private Pool No
Building
Story 3
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5446004002
Special Listing Condition Standard
Listed by Amir Sameyah Lyon Stahl Investment Real Estate, Inc. #02015965
NEARBY SCHOOL & BUSINESS