2221 Michigan Avenue # M, Los Angeles

$4,300,000

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1 Bed
3 Baths
9,229 Sqft
.14 Acre
0 Garage

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.

Essential Information

MLS® #
24364103
Price
$4,300,000
Bedrooms
1
Bathrooms
3.00
Square Footage
9,229
Acres
0.14
Year Built
1926
Type
Residential Income
Status
Active

Community Information

Address
2221 Michigan Avenue # M
Area
BOYH - Boyle Heights
City
Los Angeles
County
Los Angeles
Zip Code
90033
Senior Community
N

Amenities

Parking
None
Garages
None

Interior

Cooling
Wall/Window Unit(s)
# of Stories
2
Stories
Two

Additional Information

Date Listed
March 1st, 2024
Days on Market
76
Zoning
LAR4

Listing Details

Agent
David Weinberger
Office
Keller Williams Studio City

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Based on information from California Regional Multiple Listing Service, Inc. as of May 16th, 2024 at 9:30pm PDT. 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.