Marcus & Millichap presents 2218 Eastlake Avenue, a six-unit multifamily investment opportunity located in the heart of Lincoln Heights, one of Los Angeles' most historic and rapidly evolving neighborhoods. With 5,495 square-feet of livable space spanning a 9,893-square-foot lot, the property features an ideal unit mix of four (4) two-bedroom… Read More and two (2) three-bedroom units. With current rents offering approximately 41% upside potential, investors have a compelling opportunity to significantly increase cash flow as units turn over. Additionally, a structure located along the alley currently used for storage presents the potential for conversion to one or more Accessory Dwelling Units (ADUs), creating an opportunity for immediate value-add and increased rental income. Situated near the USC Health Sciences Campus, 2218 Eastlake Avenue is strategically positioned between two transformative mixed-use developments, benefiting from the ongoing revitalization of Lincoln Heights. To the south, The Brine at 3016 N. Main Street offers 97 affordable and permanent supportive housing units, along with 28,000 square feet of ground-floor commercial space designed to serve the local community. To the north, Avenue 34 at 141 N. Avenue 34 is a five-acre, transit-oriented development featuring 468 residential units - 66 of which are designated as very low-income and 16,000 square feet of retail space, all within walking distance of the Metro A Line's Heritage Square Station. With its prime location, significant rental upside, and proximity to major developments, 2218 Eastlake Avenue presents a rare opportunity to invest in a neighborhood poised for substantial growth and long-term value appreciation. Read Less
Property listed by Marcus & Millichap, Sevak Keshishian 818-212-2700
Listing Snapshot
Days Online
1
Last Updated
Property Type
Other
Beds
14
Square Ft.
5,495
Lot Size
0.23 Acres
Year Built
1938
MLS Number
25540729
30 Days Snapshot Of 90031
$984k
-35%
(avg) sold price
7
+75%
homes sold
70
+20%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Disposal, Refrigerator, Washer
Building
Built in 1938, Building area total: 5,495, Levels: Two, Living area: 5495, 2 stories, 3 buildings
Garage
5 spaces
Heating
None
Income
Gross income: $94,620, Net operating income: $56,302
Lot
0.2271 acres, 9,893 square feet, Size: 9,893
Parking
5 open parking spaces, 10 totals parking, Covered, Uncovered
Pool
None
Property
Zoning: LARD3
Spa
None
Tenant Pays
Electricity, Gas
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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