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2709 W Pico Boulevard, Los Angeles, California 90006, Los Angeles, 90006 - bed, bath

2709 W Pico Boulevard, Los Angeles, California 90006 home-pic-0
ACTIVE$5,150,000
2709 W Pico Boulevard, Los Angeles, California 90006
0Bed
0Bath
35,892Sqft
14,259Lot
Year Built
1924
Close
-
List price
$5.15M
Original List price
$5.3M
Price/Sqft
$143
HOA
-
Days on market
-
Sold On
-
MLS number
SB25223715
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros.

2709 Pico Blvd is a 43-unit mixed use building located in the Pico Union neighborhood. This massive 35,982 sqft building is offered at only $119k/unit and $143/sqft. The property is currently operating at a 7.66% CAP and 7.56 GRM. There is still over 55%+ upside available once the property is stabilized. The property is separately metered for gas and electric. The building is comprised of (36) apartment units and (7) commercial spaces - it is broken down in to (4) 1Bed+1Bath, (32) Studio+1Bath, (2) restaurants, (2) retail, (1) discount store, (1) salon and (1) upholstery store. There are (4) studio/1-bath units that are currently vacant, offering immediate upside in rental income. 1262 Fedora St is conveniently located just minutes from Downtown Los Angeles, with easy access to the 10 and 110 freeways. There are many shops, restaurants and amenities nearby, making this an ideal location for renters.

Price History

Date
Event
Price
11/06/25
Price Change
$5,150,000-2.8%
09/23/25
Listing
$5,300,000
Condition Rating
Poor
Built in 1924, this mixed-use property is nearly 100 years old. The residential units, as depicted in the images, are in very poor condition. The kitchens feature extremely outdated black appliances, worn cabinets, and old tile flooring. Bathrooms are equally dated with basic, worn fixtures and surfaces. General living areas show worn carpets, old linoleum, and peeling paint. The property requires substantial repairs and rehabilitation to bring the residential units to a livable and desirable standard, aligning with the 'poor' condition criteria.
Pros & Cons

Pros

Significant Upside Potential: The property offers over 55% upside once stabilized, with 4 currently vacant studio units providing immediate rental income potential for a new owner.
Strong Current Financial Performance: Operating at an attractive 7.66% CAP rate and 7.56 GRM, indicating solid cash flow even before stabilization.
Strategic & Amenity-Rich Location: Conveniently located minutes from Downtown Los Angeles with easy access to major freeways (10 and 110), surrounded by numerous shops, restaurants, and amenities, enhancing tenant appeal.
Diverse Mixed-Use Income Streams: Comprised of 36 apartment units and 7 commercial spaces (restaurants, retail, etc.), providing diversified revenue and reduced reliance on a single tenant type.
Competitive Per-Unit/Per-Square-Foot Pricing: Offered at an attractive $119k per unit and $143 per square foot, which is highly competitive for a mixed-use property of this scale in the Los Angeles market.

Cons

Age of Building: Built in 1924, the property is nearly 100 years old, which may imply significant deferred maintenance, capital expenditure requirements, and potential for outdated systems.
High Concentration of Studio Units: A majority of the residential units (32 out of 36) are studios, which could limit tenant diversity and potentially restrict rental income growth compared to properties with a more varied unit mix.
Requires Stabilization Effort: The stated '55%+ upside available once the property is stabilized' indicates that significant active management, investment, and lease-up efforts are required to reach full income potential, which may not suit passive investors.

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