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Listed by: Steven Gray (213) 570-9275 DRE #02194905 | eXp Realty of Greater Los Angeles (888) 652-1314
$4,190,000
Monthly Est:$20,855
7 Beds
7 Baths
10,137sqft
351 S State, Los Angeles, CA 90033
$4,190,000
$20,855/moEst:
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Triplex
Built in 2024
$-- HOA
8,161 sqft lot
$413/sq.ft
Description
351 S State Street is a newly constructed, income-producing multifamily asset located in the heart of Boyle Heights, one of Los Angeles’ most dynamic and rapidly evolving neighborhoods. Completed in 2024 and reaching full occupancy in 2025, the property is currently stabilized and generating $25,000 per month in rental income under a corporate lease structure, offering immediate and reliable cash flow.
The property is ideally suited for corporate housing, workforce housing, or student housing, with flexible exit optionality. A future owner may elect to maintain the existing corporate lease for stable income or take delivery vacant, allowing for repositioning or alternative leasing strategies.
RENTS IN PLACE: The asset is currently stabilized and generating $25,000 per month in secured income under a master lease with a corporate tenant, providing immediate and predictable cash flow. A buyer also retains the option to take the property delivered vacant, allowing for repositioning, alternative leasing strategies, or owner-specific operational plans.
Annual Gross Income: $300,000
NOI: $261,768
GRM: 15%
CAP In-place: 5.82%
Operating Expenses: $38, 232
- Houzeo last checked: 12 hours ago
- Listing updated: September 22, 2026 at 1:36 pm
- Source: California Regional MLS-CA | MLS#: PW26156984
Property Details
Status
Active
Type
Multi Family
No. of Stories
3
County
City
Neighborhood
Year Built
2024
HOA Fees
-
Finished Area
10,137 sqft
Lot Size
8,161 sqft lot
Basement Area
- sqft
MLS Name
California Regional MLS
MLS Number
PW26156984
MLS Status
Active
Days on Market
108
Cumulative Days on Market
212
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Location
Facts & Features
Rooms
Bedrooms & bathrooms
Bedrooms: 7
Bathrooms: 7
Interior
Cooling
Central Air, Ductless
Sewer
Public Sewer
Heating
Combination, Central, Ductless
Utilities & Energy
Laundry Features
Inside
Pool Features
None
Water Source
Public
Utilities
Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Fireplace Features
None
Electric
Standard
Other Features
Community Features
Street Lights, Sidewalks, Urban
Lot Features
Zero To One Unit Acre
Price History
| Date | Event | Price |
|---|---|---|
07/18/2026 Source: | Listed for Sale | $4,500,000 +7.40% $444/sqft |
07/18/2026 Source: | Price Decreased | $4,190,000 -16.20% $413/sqft |
02/02/2026 Source: | Off Market | $5,000,000 $493/sqft |
02/02/2026 Source: | Listed for Sale | $5,000,000 $493/sqft |
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Based on information from California Regional Multiple Listing Service, Inc. as of Nov 02, 2026, 02:15PM and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This website may not include listings or property addresses of sellers who have directed their listing brokers to withhold their listing or their property address from display on the Internet. © 2026 California Regional Multiple Listing Service. All Rights Reserved.
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