Los Angeles, CA 90003,8307 S Figueroa St
Los Angeles, CA 90003,8307 S Figueroa St
Los Angeles, CA 90003,8307 S Figueroa St
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Shawn Kormondy

Shawn Kormondy

Realtor

+1(323) 638-7567
$2,195,000
Est. payment /mo
18 Beds
10 Baths
7,584 SqFt
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UPDATED:

02/10/2025 10:51 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 7,584 sqft

Price per Sqft $289

MLS Listing ID 24-440387

Bedrooms 18

Year Built 1991

Lot Size 7,499 Sqft

Acres 0.1722

Property Sub-Type Multi-Family

Property Description

We are pleased to present a rare non-RSO investment opportunity with the sale of 8307 S. Figueroa Street, a 9-unit multifamily property nestled in the Vermont Knolls neighborhood of South Los Angeles. Constructed in 1991, this newly painted three-story building offers an expansive 7,584 square feet of rentable space stands on a generous 7,499 square-foot lot zoned LAC2-1VL-CPIO as well as a Tier 2 TOC Bonus. 8307 S. Figueroa features a unit mix of exclusively 2-bedroom units, including eight 2-bedroom/1-bathroom units and one 2-bedroom/1.5-bathroom unit. The property is 100% occupied with an average rent of $2,154 per unit and there is a notable rental upside potential of approximately 25%. Investors will benefit from the ability to raise rents 5% + CPI annually, which is currently 8.9% and capped at 10%. Security and convenience are paramount, with features such as each unit benefiting from individual water heaters and separate metering for gas and electricity, gated controlled access, and an on-site parking lot with 18 dedicated spaces that are exempt from earthquake & seismic retrofitting. For additional income streams, an astute investor can explore converting the parking area into multiple ADU's using SB 1211 (Buyer to verify). This property offers an excellent investment opportunity in a vibrant and densely populated submarket of South Los Angeles, where demand for rental units remains exceptionally high. Prospective buyers are advised to confirm all building records and data to ensure accuracy. Strategically located just north of Manchester Avenue and east of South Vermont Avenue, the property enjoys seamless connectivity to the 10 and 110 Freeways, facilitating convenient access to all corners of Greater Los Angeles. Tenants are also within a short distance to multiple bus stops along Figueroa St. and Manchester Blvd.

Location

State CA

County Los Angeles

Area Metropolitan Southwest

Zoning LAC2

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Ceiling Fan

Equipment None

Exterior

Parking Features Covered Parking, Assigned, Community Garage, Tandem, Gated

Garage Spaces 18.0

Building

Story 3

Level or Stories Three Or More

Others

Special Listing Condition Standard


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TheMLS (CLAW)
Listed by Marcus & Millichap

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agent

Shawn Kormondy

+1(323) 638-7567

Agent | License ID: 01451888

Agent License ID: 01451888

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