351 S State,Los Angeles, CA 90033
Los Angeles, CA 90033
Description
351 S State Street is a newly constructed, income-producing multifamily asset located in the heart of Boyle Heights, one of Los Angeles' most dynamic and rapidly evolving neighborhoods. Completed in 2024 and reaching full occupancy in 2025, the property is currently stabilized and generating $25,000 per month in rental income under a corporate lease structure, offering immediate and reliable cash flow. The property is ideally suited for corporate housing, workforce housing, or student housing, with flexible exit optionality. A future owner may elect to maintain the existing corporate lease for stable income or take delivery vacant, allowing for repositioning or alternative leasing strategies. RENTS IN PLACE: The asset is currently stabilized and generating $25,000 per month in secured income under a master lease with a corporate tenant, providing immediate and predictable cash flow. A buyer also retains the option to take the property delivered vacant, allowing for repositioning, alternative leasing strategies, or owner-specific operational plans. Annual Gross Income: $300,000 NOI: $261,768 GRM: 15% CAP In-place: 5.82% Operating Expenses: $38, 232
Details
| MLS # | PW26156984 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 2024 |
| Days On Site | 90 |
| Listing Provided By | eXp Realty of Greater Los Angeles | Steven Gray |
Features
| SQ Feet | 10,137 |
|---|---|
| Garage | 8 |
| Story(s) | 3 |
| Units | 6 |
| Building(s) | 3 |
| Acreage | 0.19 |
Interior
| Cooling | Central Air, Ductless |
|---|---|
| Heating | Combination, Central, Ductless |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Fireplace Yes / No | No |
Exterior
| Lot Features | Zero To One Unit Acre |
|---|
Parking
| Garage Yes / No | Yes |
|---|
Utilities
| Utilities | Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected |
|---|---|
| Electric | Standard |
| Sewer | Public Sewer |
Location
| Community Features | Street Lights, Sidewalks, Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90033 |
| Area | BOYH Boyle Heights |
| Listing VS Median (in 90033) | |
Price: $4,190,000 low | high Med: $1,000,000 sqft: 10,137 low | high Med: 2,423 $ / sqft: $413 low | high Med: $413 On site: 90 low | high Med: 161.5 | |
Market Activity 90033
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90033 |
| Area | BOYH Boyle Heights |
| Listing VS Median (in 90033) | |
Price: $4,190,000 low | high Med: $1,000,000 sqft: 10,137 low | high Med: 2,423 $ / sqft: $413 low | high Med: $413 On site: 90 low | high Med: 161.5 | |