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507 E Avenue 28, Los Angeles, California 90031, Los Angeles, 90031 - 6 bed, 5 bath

507 E Avenue 28, Los Angeles, California 90031 home-pic-0
ACTIVE$1,199,900
507 E Avenue 28, Los Angeles, California 90031
6Beds
5Baths
3,186Sqft
6,473Lot
Year Built
1988
Close
-
List price
$1.2M
Original List price
$1.34M
Price/Sqft
$377
HOA
-
Days on market
-
Sold On
-
MLS number
TR25149021
Home ConditionGood
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.20M(69th), sqft - 3186(69th), beds - 6(77th), baths - 5(85th).

Motivated seller – bring all offers. Now offered at $1,199,900 ! Outstanding Value in Lincoln Heights! Generating an estimated $102,000 annual rental income with a projected 7%+ Net CAP Rate, this is a rare high cash-flow opportunity with modern upgrades and excellent rental upside. Why settle for one when you can own two? For the price of a single home in Highland Park or Mt. Washington, own two fully remodeled, detached homes on one lot ,each with separate addresses, private entrances, separate meters, and outdoor spaces , -delivered 100% vacant and ready for immediate occupancy or rental. Ideal for both investors and owner-occupants, this versatile Lincoln Heights duplex offers projected gross rental income of approximately $8,800/month (rear unit: $4,600, front unit: $4,200), delivering strong cash flow in a centrally located neighborhood. The front home (2BR + den / 2BA, approx. 1,206 sqft, built in 1895) features a flexible bonus room that could serve as a third bedroom or office, plus a private-entry bedroom ideal for a potential studio suite. The rear home (3BR / 2.75BA, approx. 1,980 sqft, built in 1988) boasts high ceilings, an open layout, granite kitchen, spacious living areas, and a primary suite with en-suite bath. A 2-car attached garage adds convenience and value. Located near DTLA, Keck USC, Highland Park, and Silver Lake. Showings available now. Don’t miss this well-positioned, high cash-flow property in a rapidly growing neighborhood

Nearby schools

2/10
Hillside Elementary School
Public,•K-5•0.4mi
4/10
Loreto Street Elementary School
Public,•K-5•0.6mi
4/10
Gates Street Elementary School
Public,•K-5•0.7mi
4/10
Huntington Drive Elementary School
Public,•K-6•0.9mi
4/10
Griffin Avenue Elementary School
Public,•K-5•0.9mi
3/10
Albion Street Elementary School
Public,•K-6•1.1mi
6/10
Multnomah Street Elementary School
Public,•K-5•1.2mi
2/10
Murchison Street Elementary School
Public,•K-6•1.7mi
3/10
Ann Street Elementary School
Public,•K-6•1.7mi
4/10
Bridge Street Elementary School
Public,•K-5•2.1mi
5/10
Glen Alta Elementary School
Public,•K-8•0.5mi
5/10
Florence Nightingale Middle School
Public,•6-8•0.7mi
5/10
El Sereno Middle School
Public,•6-8•1.7mi
6/10
Hollenbeck Middle School
Public,•6-8•3.1mi
5/10
Abraham Lincoln Senior High School
Public,•9-12•0.6mi
4/10
Woodrow Wilson Senior High School
Public,•9-12•1.4mi
3/10
Theodore Roosevelt Senior High
Public,•9-12•2.9mi
5/10
STEM Academy of Boyle Heights HS
Public,•9-12•3.1mi

Price History

Date
Event
Price
09/12/25
Sold
$1,130,000
08/02/25
$1,199,900
07/02/25
$1,339,000
09/12/23
Sold
$1,000,000
09/08/21
Sold
$940,000
Condition Rating
Good
The property consists of two fully remodeled homes with modern upgrades, including a granite kitchen in the rear unit. While the original build years are 1895 and 1988, the description explicitly states 'fully remodeled' and 'modern upgrades,' indicating extensive renovations that make both units move-in ready. The exterior image shows a well-maintained facade with updated windows and a modern AC unit, supporting the claim of recent improvements. Without specific renovation dates or interior photos to confirm all components are 'virtually new' within the last 5 years, a 'Good' rating is appropriate, signifying a property that is in excellent, move-in ready condition with no immediate renovation required.
Pros & Cons

Pros

Exceptional Income Potential: The property boasts a projected $102,000 annual rental income with a 7%+ Net CAP Rate, offering a rare high cash-flow opportunity for investors.
Two Detached, Remodeled Homes: Features two fully remodeled, detached homes on one lot, providing superior privacy and flexibility compared to a traditional duplex.
Versatile Occupancy Options: Ideal for both investors seeking strong returns and owner-occupants looking for multi-generational living or supplemental rental income.
Independent Units with Separate Utilities: Each home has separate addresses, private entrances, separate meters, and outdoor spaces, maximizing rental appeal and tenant independence.
Prime Central Location: Strategically located in Lincoln Heights, near DTLA, Keck USC, Highland Park, and Silver Lake, in a rapidly growing neighborhood.

Cons

Age Discrepancy of Units: The property consists of two units built in vastly different eras (1895 and 1988), which may lead to varied maintenance needs and potential challenges in managing distinct property characteristics.
Lack of Explicit Cooling System: Despite extensive remodeling, the property description does not explicitly mention the presence of central air conditioning or other cooling systems, a crucial amenity in Los Angeles.
Mixed Local School Ratings: While numerous schools are nearby, some elementary and high schools in the immediate vicinity have lower ratings, which could be a consideration for owner-occupants with school-aged children.

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