List Price: $1.85M

Listing Status: Active

Days on Market: 0

0 Bedrooms · 0 Bathrooms

Property Type: ResidentialIncome

Year Built: 1962

Lot Size: 7,501 sq ft

Private Pool: Yes

MLS Number: PW26132375

About This Property

1023 E. 28th Street is a seven-unit asset consisting of three buildings with (1) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA units. This asset presents a strong opportunity to acquire a high-yield, partially repositioned property with substantial remaining rental upside. The property combines newly constructed, non-rent- controlled units with an existing value-add component, creating a compelling blend of stable in-place cash flow, operational efficiency, and future NOI growth potential. The property includes two newly constructed buildings completed in 2026 and exempt from California rent control, offering investors long-term operational flexibility and unrestricted future rent growth potential. These buildings include a stand-alone 3BD/1BA unit with private front yard space and two 2BD/1BA units. The newly constructed buildings were intentionally designed for long-term operational efficiency and reduced maintenance costs, featuring solar panels servicing both buildings, separately metered utilities, individual water heaters, all-electric systems, and MiniSplit HVAC systems in every unit. The rear four-unit building consists of (2) 2BD/1BA units and (2) 1BD/1BA units and offers the primary value-add opportunity at the property. Ownership has already demonstrated the achievable rental upside by fully renovating one of the 1BD/1BA units with updated finishes, MiniSplit HVAC, and in-unit washer/dryer, allowing the unit to achieve near-market rents. The remaining classic units provide a clear path for a new owner to continue the renovation program and substantially increase income. Additional upside opportunities include implementing parking income for the 4 existing parking spaces, which are currently included in rent, as well as converting an existing storage room into an onsite laundry facility to create supplemental ancillary income. Recent capital improvements to the 1962 building include a new roof and upgraded main and sub electrical panels, helping reduce near- term capital expenditure requirements. Offered at a 7.33% current cap rate on existing income, the property has the potential to achieve a projected 9.57% market cap rate through the completion of the proven renovation program. The combination of non-rent-controlled new construction, demonstrated rental upside, and strong in-place cash flow positions, as an attractive opportunity for investors seeking both current yield and long-term appreciation potential in a rapidly improving submarket.