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351 S State, Los Angeles, CA 90033

$4,190,000 Approx. USD 0 beds, 0 baths

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Berkshire Hathaway HomeServices California Properties 11828 Rancho Bernardo Rd, Ste 210
San Diego, CA 92128 888-995-7575

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Listing Agent

Steven Gray | steven@stevenwgray.com
Lic#: 02194905
Broker: Courtesy of eXp Realty of Greater Los Angeles
Phone: 888-652-1314

Agent Remarks

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

Listing Details

Property type: Triplex (Multi-Family)

Status: Active

MLS# PW26156984

List price is $4,190,000 Reduced by $310,000 on 9/22/2026

Price: $4,190,000

Beds: 0

Baths: 0

None fireplaces

Built in 2024

0.19 acres

Lot size: 0.1874

County: Los Angeles

Lot description: ZeroToOneUnitAcre

Heating/cooling: Central Air,Ductless

Heating description: Combination,Central,Ductless

MLS area: BOYH - Boyle Heights

Last Updated: 9/22/2026

Days On Market (DOM): 115

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This listing belongs to the BOYH - Boyle Heights MLS area

Lat/Long: 34.043676, -118.218788.
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