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2028 E 3Rd St, Los Angeles, CA 90033
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2028 E 3Rd St Los Angeles, CA 90033

$1,575,000 Sold Price as of 04/29/2024
  • 14 Beds
  • 6 Baths
  • 5,033 Sq.Ft.
Sold
$1,575,000 Sold Price as of 04/29/2024 Refinance Your Mortgage
Map preview of 2028 E 3Rd St, Los Angeles, CA 90033

Property Overview: 2028 E 3Rd St Los Angeles, CA has 14 bedrooms, 6 bathrooms, 5,033 living square feet and 6,303 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Property will be delivered 100% Vacant by Close of Escrow! 8.8% Cap Rate! One of the best in Los Angeles County! 2028 E 3rd St is a meticulously remodeled 5 Unit Apartment in the heart of Los Angeles. Boasting an excellent unit mx with (2) 2-Bed/1-Bath, (2) 3-Bed/1-Bath and (1) 4-Bed/2-Bath units, each unit has been renovated with contemporary fixtures, new flooring, modern bathrooms, and in unit laundry hookups. This 4-Bed/2-Bath unit comes as a detached residence with private alley access and it's own two car garage. The offering comes with endless opportunity, highlighted by this garage that can be converted into an ADU (Buyer to Verify). This offering presents an investor the opportunity to acquire a fully tenant-ready Asset in Boyle Heights operating at a 8.80% Cap Rate and 8.16 GRM. Offered at only $316/Sq. Ft, this turn-key apartment is fit for any investor to add a cash cow to their apartment portfolio. Boyle Heights is a quickly growing neighborhood in Los Angeles adjacent to Downtown Los Angeles. A vibrant and culturally diverse neighborhood known for its rich history, tight-knit community, and eclectic mix of cuisines, Boyle Heights offers a dynamic blend of residential charm, thriving local businesses, and a vibrant arts scene. With a close proximity to the train line stop and walking distance to Hollenbeck Park, and restaurants, bars and nightlife.

Listed by Aaron Jacobson | BRE #02100737 | Lyon Stahl Investment Real Estate, Inc.
Co-listed by Cameron Samimi | BRE #02035763 | Lyon Stahl Investment Real Estate, Inc.
Last checked: 10 minutes ago | Last updated: April 30th, 2024 | Source CRMLS | DOM: 30

Home details

Lot Sq. Ft
6,303
HOA Dues
$0/mo
Year built
1925
Garage
2 Car
Property Type:
Apartment
Status
Sold
MLS#
SB24016974
City
Los Angeles
County
Los Angeles
Time on Site
243 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 5
  • Total # of Buildings: 2
  • # of Electric Meters: 5
  • # of Gas Meters: 5
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $3,495
  • Pro Forma/Market Rent: $3,915
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $3,495
  • Pro Forma/Market Rent: $3,915
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $2,650
  • Pro Forma/Market Rent: $3,052
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $2,650
  • Pro Forma/Market Rent: $3,052
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 4
  • # of Baths: 2
  • Garage Spaces: 2
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $3,995
  • Pro Forma/Market Rent: $4,320
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 8.8%
  • Gross Rent Multiplier: 8.16
  • Gross Scheduled Income: $195,420
  • Net Operating Income: $140,317
  • Gross Operating Income: $185,649
Annual Expense Breakdown
  • Total Operating Expense: $45,333
  • Electric: $2,000
  • Gas/Fuel: $2,000
  • New Taxes: $19,938
  • Trash: $0
  • Gardener: $1,200
  • Insurance: $5,174
  • Maintenance: $3,250
  • Professional Management: $9,771
  • Water/Sewer: $2,000

Property Details for 2028 E 3Rd St

Interior Features
Laundry Information
  • Has Laundry
  • Gas & Electric Dryer Hookup, Individual Room, Inside, Washer Hookup
Fireplace Information
  • Has Fireplace
  • Family Room
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 2
  • # of Parking Spaces: 2
Lot Information
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 5
  • Parcel Number: 5183012021
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: South of 1st, West of Soto
Neighborhood Information
  • Community Features: Biking, Curbs, Hiking, Park, Sidewalks, Urban
View more facts & features

Local Los Angeles Agent

Sale History for 2028 E 3Rd St

Last sold for $1,575,000 on April 29th, 2024

  • April, 2024

  • Apr 29, 2024

    Date

    Sold

    CRMLS: SB24016974

    $1,575,000

    Price

  • Jan 29, 2024

    Date

    Active

    CRMLS: SB24016974

    $1,595,000

    Price

  • September, 2023

  • Sep 29, 2023

    Date

    Sold

    CRMLS: SB23086645

    $950,000

    Price

  • May 22, 2023

    Date

    Active

    CRMLS: SB23086645

    $1,175,000

    Price

  • Listing provided courtesy of CRMLS

    2028 E 3rd St is an excellent investment opportunity in the thriving neighborhood of Boyle Heights. This massive 5,033 Sq. Ft Building comes with an exceptional unit mix of (2) 1-Bed/1-Bath, (2) 2-Bed/1- Bath, and (1) Detached 3-Bed/2-Bath house. A few blocks from the famous Mariachi Plaza, Metro Gold Line and across the river from Los Angeles' Arts District, 2028 E 3rd will come with Two units delivered tenant-ready! This offering presents an investor with the opportunity to acquire a strong cap rate of 5.82% and 11.10 GRM. Offered at only $218/Sq. Ft, this value add apartment has over 40% in rental upside. Once fully stabilized, this 5 unit apartment will operate at a 9.43% cap rate and a GRM of 7.85. Boyle Heights is a quickly growing neighborhood in Los Angeles adjacent to Downtown Los Angeles. A vibrant and culturally diverse neighborhood known for its rich history, tight-knit community, and eclectic mix of cuisines, Boyle Heights offers a dynamic blend of residential charm, thriving local businesses, and a vibrant arts scene.

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Tax History for 2028 E 3Rd St

Assessed Value (2020): $271,889
Year Land Value Improved Value Assessed Value
2020 $100,511 $171,378 $271,889

Home Value Compared to the Market

This property vs the competition

2028 E 3Rd St sold on April 29, 2024 for 42.41% higher than the current median sold price for the city of Los Angeles which is $1,120,000. The median sold price per/sqft for Los Angeles is $724 and this home is sold at $316.91 per/sqft which puts the price per square foot 56.23% lower than the current median sale per square foot for the city of Los Angeles.

About 2028 E 3Rd St

Detailed summary of property

2028 E 3Rd St is a apartment that recently sold in Los Angeles, CA 90033. This apartment offered 14 bedrooms, 6 bathrooms, roughly 5,033 living square feet, and sits on an approximately 6,303 square foot lot. 2028 E 3Rd St was first listed on ArdentRealEstateGroup.com on January 29, 2024. The homeowner sold the property for $1,575,000. Home in Los Angeles are selling for a median price of $1,120,000 and a median price per square foot of $724. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 42.41% higher than the current median priced home. Local homes that are currently for sale include 945 record Ave, 2833 Huron St and 3408 N Figueroa St. While the average home in Los Angeles, CA is selling in 106 days, 2028 E 3Rd St has a days on market of 30 days. There are currently 4139 homes for sale in the Los Angeles real estate market and 2834 of them are single family homes while 1183 of them are condos and 115 are townhomes. For more information on this home for sale at 2028 E 3Rd St Los Angeles, CA 90033 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 2028 E 3Rd St

Public county record property details
Beds
9
Baths
5
Year built
1895
Sq. Ft.
5,033
Lot Size
6,302
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
2
APN
5183-012-021

The source for these homes facts are from public records.

90033 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$749,000
Median List Price/Sq.Ft.
$444
Median Sold Price
$660,000
Median Sold Price/Sq.Ft.
$700
Total Inventory
7
Median Sale to List Price %
96.35%
Avg Days on Market
30
Loan Type
Conventional (40%), FHA (0%), VA (0%), Cash (20%), Other (40%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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