Listed by Marcus & Millichap - Los Angeles
$900,000
2440 Wabash Ave
Details
APN 5177-015-003
Property Type Multifamily
Sub Type Apartment Building
Square Footage 2,756
Units 5
Cap Rate 5.91%
NOI $53,214
Occupancy 100%
Pro-Forma Cap Rate 12.29%
Pro-Forma NOI $110,655
Price per SqFt $327
Year Built 1923
Buildings 3
Stories 1
Lot Size (SqFt) 8,066
Zoning LARD3
Investment Type Value Add
Ownership Fee Simple
Multifamily | 5 Units | $180,000/unit
Marketing description
The Azzi Group of Marcus and Millichap is pleased to present the opportunity to acquire 2440 Wabash Ave, a five-unit investment opportunity located in the rapidly evolving 90033 zip code of Los Angeles
Boyle Heights is a historically significant and culturally vibrant neighborhood located just east of Downtown Los Angeles. Known for its deep-rooted Latino heritage, colorful murals, and community-focused spirit, Boyle Heights offers an authentic slice of LA life. The area is undergoing a wave of revitalization, blending tradition with new development, making it an attractive destination for residents and investors alike.
The neighborhood is home to beloved local eateries, traditional panaderías, and iconic taco stands, as well as grassroots art galleries and community theaters. With close proximity to the Arts District, Little Tokyo, and major employment hubs like the USC Medical Center, Boyle Heights provides convenient access to culture, education, and opportunity.
Offering a unique blend of history, diversity, and growth, Boyle Heights stands as one of LA’s most promising urban neighborhoods, where tradition meets transformation.
2440 Wabash Ave offers a prime location at the crossroads of three distinctive Eastside neighborhoods, each celebrated for their cultural depth, historic character, and convenient access to Downtown Los Angeles.
Lincoln Heights is one of LA’s oldest neighborhoods, offering a mix of historic homes, hillside views, and a growing arts scene. Just north of Boyle Heights,
the area has seen steady revitalization and is home to cultural institutions like the Heritage Square Museum and the LA County-USC Medical Center. Its proximity to Downtown LA and major freeways makes it a convenient and increasingly popular choice for families and young professionals.
El Sereno is a quiet, primarily residential neighborhood located northeast of Downtown Los Angeles. Known for its rolling hills, local parks, and a strong sense of community, El Sereno offers a laid-back atmosphere while maintaining easy access to the city’s core. The area features a mix of historic homes and newer developments, making it attractive to families and first time homeowners
Located just across the LA River, the Arts District is a thriving creative hub known for its industrial-chic lofts, contemporary galleries, and trendsetting restaurants. The neighborhood has transformed into a hotspot for LA’s young creatives, offering a dynamic blend of art, culture, and innovation. Its close proximity to Boyle Heights allows residents easy access to one of the city’s most exciting and evolving cultural centers
Investment highlights
- Value-Add Opportunity: With current rents significantly below market, 2440 Wabash Ave offers a compelling opportunity for interior upgrades, operational enhancements, and strategic repositioning to capture immediate rent upside.
- Boyle Heights Location: Situated near Downtown Los Angeles, USC, and major employment centers, the property benefits from strong renter demand and consistent absorption in one of LA’s most stable rental corridors.
- Transit-Oriented Accessibility: Located close to major bus lines, Metro stations, and key freeways, residents enjoy seamless access throughout the city, supporting high occupancy and convenience-driven demand.
- Revitalized Urban Energy: The area continues to experience steady growth, supported by local retail, community amenities, and ongoing neighborhood investment, fostering long-term appreciation and sustained renter interest.
- Proximity to Major Employers: Minutes from USC, Downtown’s expanding tech and creative sectors, and major medical institutions, the location provides access to a deep and stable tenant pool.
- Cultural & Community Appeal: The surrounding community offers a blend of residential stability, improving infrastructure, and growing urban energy, making it attractive to long-term renters seeking value and location.
- Lifestyle Convenience: Walkable access to everyday amenities, public transit, parks, and local services enhances livability and increases the property’s appeal to urban renters seeking both affordability and convenience.
Listing Contacts
Listed by Marcus & Millichap - Los Angeles
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$53,214.00
$4,434.50/mo
Valuation Metrics
0
DSCR
5.91%
Cap Rate
5.91%
ROI
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