7404 Figueroa St Los Angeles, CA 90003

This exceptional multifamily investment property, located at 7404 S Figueroa St, Los Angeles, CA 90003, presents a unique blend of immediate cash flow and significant long-term development potential. Currently operating as a six-unit apartment building (three buildings total, 4,269 square feet) with a strong 6.22% cap rate and a net operating income (NOI) of $113,466, the property offers a solid return on investment from day one. Each unit features two bedrooms and one bathroom, and utilities are individually metered for gas and electric. The property boasts a 11,600 square foot lot, priced at $157 per square foot of land value, and is zoned LAC2-1VL. A pro-forma analysis projects a 6.96% cap rate and a NOI of $127,009. Importantly, the property enjoys a convenient location with easy access to the 110 Freeway and benefits from no trash expenses for the owner. The true potential lies in the redevelopment opportunity. Based on a comparable sale of an identical neighboring property in September 2023 ($3,910,039), the site has the potential to be developed into a 157-unit, 100% affordable apartment building (buyer to verify entitlements). This translates to a price per buildable unit of $11,624. The asking price for this exceptional property is $1,825,000, or $304,167 per unit. This is a rare chance to acquire a cash-flowing asset with substantial upside potential in a rapidly developing area of Los Angeles.