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Map
$4,300,000
●
Multifamily -
For Sale
2221 Michigan Ave #M
Los Angeles, CA 90033
2 Beds
0 Bath
9229 Sqft
$21,114
Estimated Monthly
About This Property
28 UNITS CURRENTLY VACANT! OPTION TO PURCHASE AS A PORTFOLIO (90
UNITS TOTAL). 2221 Michigan Ave presents an exceptional opportunity
for investors in the heart of Boyle Heights. This well-maintained
two-story apartment building, constructed in 1926, encompasses
9,229 square feet and comprises 32 units on a 6,053-square-foot
lot. The unit mix consists of (24) Bachelors, (6) Studios, and (2)
one bedroom + one bathroom units, catering to a diverse range of
tenants. With 28 vacancies currently available, you can seize the
opportunity to implement a value-add strategy and elevate the
property to its full potential. By undertaking targeted renovations
of individual units and common areas, you can position the asset to
command premium market rental rates, offering flexibility for
short-term and long-term tenancy arrangements. Participation in
programs like the Section 8 Housing initiative through entities
such as HACLA or PATH further enhances the property's appeal.
Strategically located in the vibrant Boyle Heights neighborhood,
just west of downtown Los Angeles, 2221 Michigan Ave benefits from
its central location. The area boasts a dense population and a
strong working-class community. Residents enjoy convenient access
to amenities such as MacArthur Park, popular taco trucks, and
efficient public transportation options, including bus and metro
lines. Major employers such as Kaiser Permanente, Bank of America,
and the Los Angeles County Department of Public Health are nearby.
This property represents an exceptional investment opportunity in a
dynamic and rapidly evolving neighborhood, offering immediate
rental income potential and long-term value appreciation. **Buyer
to verify Bed/Bath count and unit type. * 2221 Michigan Ave. can be
purchased with 323 N Soto St & 1818 N. Broadway as a portfolio.
The manager has listed the unit size as 9229 square feet.
The manager has listed the unit size as 9229 square feet.
Unit Size
9,229Ft²
Days on Market
92 days
Land Size
0.14 acres
Price per sqft
$466
Property Type
Multifamily
Property Taxes
-
HOA Dues
-
Year Built
1926
Listed By
Last updated: 18 days ago (CLAWCA #364103)
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
Mar 1, 2024 | Listed by Keller Williams Realty Studio City | $4,300,000 | |
Listed by Keller Williams Realty Studio City |
Property Highlights
Air Conditioning
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|
Building Info
2221 Michigan Avenue
2221 Michigan Avenue, Los Angeles, CA 90033
- 1 Unit for Sale