1023 E 28th, Los Angeles, California 90011, Los Angeles, - bed, bath
ACTIVE$2,199,000
1023 E 28th, Los Angeles, California 90011
0Bed
0Bath
5,196Sqft
7,501Lot
Year Built
1962
Close
-
List price
$2.2M
Original List price
$2.2M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
OC25225401
Home ConditionExcellent
Features
View-
About this home
Investor's Dream – Fully Committed 7-Unit in Prime LA Location! Redeveloped property at 1023 E 28th St featuring 7 total units, with 3 brand-new construction units and 2 fully remodeled units, all with high-quality finishes. Unit mix: (1) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA — an ideal combination for maximizing rent potential and parking available in front and back. This low-maintenance, modern property is built to perform — perfect for investors seeking reliable, immediate cash flow and long-term growth in a rapidly appreciating neighborhood. Value-Add Potential: Opportunity to bring the last two units to full market rent, increasing income and pushing the cap rate to nearly 8%.
Nearby schools
3/10
Twenty-Eighth Street Elementary School
Public,•K-5•0.3mi
4/10
Quincy Jones Elementary School
Public,•K-5•0.3mi
5/10
Twentieth Street Elementary School
Public,•K-5•0.5mi
3/10
Wadsworth Avenue Elementary School
Public,•K-5•0.6mi
4/10
Nevin Avenue Elementary School
Public,•K-5•0.7mi
2/10
Harmony Elementary School
Public,•K-5•0.7mi
5/10
Dolores Huerta Elementary School
Public,•K-5•0.7mi
5/10
San Pedro Street Elementary School
Public,•K-5•0.8mi
/10
Maple Primary Center
Public,•K-1•0.8mi
4/10
Ricardo Lizarraga Elementary School
Public,•K-5•0.8mi
3/10
Trinity Street Elementary School
Public,•K-5•0.8mi
3/10
Sally Ride Elementary: A Smart Academy
Public,•K-5•1.1mi
2/10
Forty-Ninth Street Elementary School
Public,•K-5•1.3mi
5/10
West Vernon Avenue Elementary School
Public,•K-5•1.6mi
4/10
Norwood Street Elementary School
Public,•K-5•1.8mi
5/10
Menlo Avenue Elementary School
Public,•K-5•2.0mi
2/10
Marguerite Poindexter Lamotte Elementary
Public,•K-5•2.1mi
2/10
John W. Mack Elementary School
Public,•K-5•2.2mi
/10
Dr. James Edward Jones Primary Center
Public,•K-2•2.3mi
2/10
Dr. Julian Nava Learning Academies-School Of Business And Technology
Public,•6-8•0.5mi
4/10
John Adams Middle School
Public,•6-8•1.0mi
3/10
George Washington Carver Middle School
Public,•6-8•1.0mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.1mi
2/10
John Muir Middle School
Public,•6-8•2.9mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•3.2mi
3/10
Nava College Preparatory Academy
Public,•9-12•0.6mi
2/10
Thomas Jefferson Senior High School
Public,•9-12•0.6mi
5/10
Santee Education Complex
Public,•9-12•0.8mi
3/10
Manual Arts Senior High School
Public,•9-12•2.1mi
4/10
West Adams Preparatory High School
Public,•9-12•2.5mi
Price History
Date
Event
Price
09/29/25
Listing
$2,199,000
08/01/23
Sold
$678,000
02/26/18
Sold
$735,000
05/10/17
Sold
$630,000
07/22/16
Sold
$550,000
Condition Rating
Excellent
Despite the original build year of 1962, the MLS description explicitly states that the property features '3 brand-new construction units and 2 fully remodeled units, all with high-quality finishes.' The images confirm this, showcasing modern, virtually new interiors. The kitchens feature contemporary light wood cabinetry, white countertops, and new stainless steel appliances (microwave, range). Bathrooms are updated with floating vanities, black hexagonal floor tiles, marble-patterned wall tiles, and modern black fixtures. Throughout the units, there is new laminate wood flooring and recessed lighting, indicating a complete and recent overhaul with no visible signs of wear or deferred maintenance. This aligns perfectly with the 'Excellent' condition criteria.
Pros & Cons
Pros
High Unit Count & Diverse Mix: The property features 7 total units with a strategic mix (1x3BD, 4x2BD, 2x1BD), designed to maximize rental income and appeal to a broad tenant base.
Significant Recent Upgrades: Includes 3 brand-new construction units and 2 fully remodeled units, all with high-quality finishes, which minimizes immediate capital expenditure for a new owner.
Clear Value-Add Potential: Explicit opportunity to increase income by bringing two units to full market rent, projecting a potential cap rate of nearly 8%.
Prime Los Angeles Location: Situated in a 'Prime LA Location' within a 'rapidly appreciating neighborhood' (Downtown L.A. area), suggesting strong tenant demand and long-term appreciation.
Ample Parking Availability: Parking available in both front and back, which is a significant and valuable asset in a dense urban environment like Los Angeles.
Cons
Older Original Construction: The property was originally built in 1962, meaning some underlying infrastructure or non-renovated components may be older and could require future maintenance or upgrades.
Current Below-Market Rents: The stated 'value-add potential' indicates that two units are currently rented below market rates, meaning immediate income is not at its full potential and requires active management to achieve.
Tenant Turnover/Negotiation Required for Value-Add: Achieving the projected cap rate increase relies on bringing existing units to market rent, which may necessitate tenant turnover or lease renegotiations, potentially involving time and costs.