5 Units, 14.85 GRM, 5% CAP
The Johnston Apartments is a remarkable mixture of apartments units and a single family house, situated on 2 parcels, side-by-side, in the Lincoln Heights area of Los Angeles.
The total lot equates to 9,916 square feet, with 5 residential income units. The single family house, 2331 Johnston, was built in 1993, consisting of 1,856 square feet with 3 bedrooms and 3 bathrooms that yields $2,495 income per month. This house is NOT subjected to rent control, since it sits on a separate APN.
The 4 unit complex, 2333 Johnston is subject to rent control, and consists of a stand-alone 3 bedroom 1 bathroom structure in front, along with 3 units located in the back that consist of a 3 bedroom 2 bathroom unit on the bottom, and two 1 bedroom 1 bathroom units on top. The fourplex yields $5,894.48 per month and has a total square footage of 3,336 SF.
Total annual gross income for both properties is $100,674. Low expenses and easy management make the Johnston Apartments a desirable investment in a neighborhood that’s consistently gentrifying, with various shops and eatery spots all across Broadway street.
© Baboudjian Properties, Inc.