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$ 1,395,000
Est. payment /mo
Price Dropped by $155K
3346 Martin Luther King Jr BLVD Lynwood, CA 90262
12 Beds
8 Baths
4,000 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,000 sqft
Price per Sqft $348
MLS Listing ID 26855073
Bedrooms 12
HOA Y/N No
Year Built 1983
Lot Size 8,712 Sqft
Property Description
RARE AB 1482 RENT CONTROL OPPORTUNITY NOT SUBJECT TO LARSO. Built in 1983, this well-maintained fourplex offers investors a rare opportunity to acquire a multifamily asset outside of Los Angeles' local RSO, while remaining subject to California's AB 1482 statewide rent control. The property currently offers approximately 50% upside in rents, creating significant immediate value-add potential. At market rents, the property is projected to generate an 8.70% pro forma cap rate and 9.38 GRM at the reduced asking price of $1,395,000.The property consists of four spacious 3-bedroom/2-bath units of approximately 1,000 SF each, a highly desirable unit mix with strong rental appeal. Each unit features in-unit washer/dryer hookups, a private garage, and an additional covered carport space, providing a total of eight parking spaces. Situated on an expansive 8,710 SF LAR3-zoned lot, the property may offer additional value-add opportunities, including potential ADU development or future expansion, subject to buyer verification. Current pricing equates to just $348,750 per unit and $349 per SF, with a 5.14% current cap rate and 14.07 GRM. Conveniently located near shopping, schools, parks, public transportation, and major freeways, 3346 Martin Luther King Jr. Blvd. combines strong current income with substantial rental upside and compelling long-term value-add potential. Ideally located with convenient access to shopping, schools, parks, public transportation, and major freeways, this turnkey asset presents an outstanding opportunity for investors seeking stable income with long-term appreciation potential.
Location
State CA
County Los Angeles
Area Rm - Lynwood
Zoning LYR3*
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Gas Range
Exterior
Parking Features Detached Carport, Door-Single, Garage
Garage Spaces 4.0
Garage Description 4.0
Community Features Gated
View Y/N No
View None
Total Parking Spaces 8
Building
Entry Level Two,Multi/Split
Architectural Style Mid-Century Modern
Level or Stories Two, Multi/Split
New Construction No
Others
Senior Community No
Tax ID 6191001025
Security Features Gated Community
Special Listing Condition Standard
Listed by Michael Shadgou Coldwell Banker Realty #02116859