610 E 24th St, Los Angeles, CA 90011

Property Description

610 East 24th St is a 4-unit property in Historic South Central, offered at $990,000 with approx. 53% rental upside. Built in 1910, the property includes 3 separate buildings totaling approx. 4,048 SF, on a spacious 9,644 SF corner lot. The unit mix is comprised of (2) 4-bdrm. /2-bath residences and (2) 2-bdrm./1-bath units, giving the property larger floor plans than are typically found in a fourplex. The property has a distinctly residential feel, led by a Craftsman-influenced front residence with gabled rooflines, exposed eaves, a covered front porch, bay window, and fenced yard. The additional buildings are positioned toward the rear of the property, creating greater separation between the four units, while a large central parking area provides substantial off-street parking for residents. Current gross rents total $6,730 per month, ompared with projected rents of $10,300 per month, representing approx. 53% rental upside. Located just south of Downtown Los Angeles, 610 East 24th Street provides convenient access to USC, Exposition Park, the LA Fashion District, and surrounding South Los Angeles neighborhoods. USC is approx. 1.5 miles away, the Fashion District approx. 1.4 miles, and Exposition Park approx. 1.7 miles, placing education, employment, retail, museums, sports, and entertainment within a relatively compact radius. 610 East 24th Street brings together larger residential units, three separate buildings, and a location with convenient access to USC, Exposition Park, and Downtown Los Angeles. With current rents below the projected rents shown in the property's rent roll, there is also a clear path for income to grow over time.