1210 E 68th St, Los Angeles, CA 90001

Property Description

We are pleased to present 1210 E 68thSt, a 5-unit bungalow apartment community located in the Florence neighborhood of South Los Angeles, CA. The property, including a fully permitted ADU built in 2022, is comprised of an excellent unit mix of (2) 2 bed/1 Bath units,(2) 3 bed/1 Bath unit and (1) 1 Bed/1 Bath unit. There are currently five (5) Section 8 tenants in-place offering excellent security of income and collections. The property boasts a current monthly income of $11,729, a 7.74% Cap Rate, and8.88 GRM on current income. Section 8 Voucher Payment Standards (per HACLA) are currently up to $2,407 for1-bedroom units, $3,052 for 2-bedroom units, and $3,915 for3-bedroom units as of 2/2024. The gated property also sits on a 5,390 square feet lot.1210 E 68th St is centrally located just 4 miles from USC and Downtown with convenient access to the 110 freeway and walkability to several schools and local amenities along Central Avenue and Florence Avenue. South Los Angeles has seen significant rent growth over the past several years due to its relative housing affordability and convenient proximity to Downtown Los Angeles, Sofi Stadium, USC, Culver City, and South Bay. Rents in South LA have grown significantly over the past few years with average 2-bedroom market rents reaching $2,300-$2,600and Section 8 Voucher Payment Standards rising up to$3,052. With low vacancy rates, landlord-favored market conditions, and numerous employment options nearby, South LA is poised for significant long-term growth.