Foreclosure
$4,190,000
31 bd · 31 ba · · 8,163 sqft lot
351 S State St, Los Angeles, CA 90033
Multi-family · Built 2024 ·
$25,662/mo est. payment
- Garage
- 8 cars
- Stories
- 3
Flood factor 1/10
About this home
351 S State Street is a newly constructed, income-producing multifamily asset located in the heart of Boyle Heights, one of Los Angeles' most dynamic and rapidly evolving neighborhoods. Completed in 2024 and reaching full occupancy in 2025, the property is currently stabilized and generating $25,000 per month in rental income under a corporate lease structure, offering immediate and reliable cash flow. The property is ideally suited for corporate housing, workforce housing, or student housing, with flexible exit optionality. A future owner may elect to maintain the existing corporate lease for stable income or take delivery vacant, allowing for repositioning or alternative leasing strategies. RENTS IN PLACE: The asset is currently stabilized and generating $25,000 per month in secured income under a master lease with a corporate tenant, providing immediate and predictable cash flow. A buyer also retains the option to take the property delivered vacant, allowing for repositioning, alternative leasing strategies, or owner-specific operational plans. Annual Gross Income: $300,000 NOI: $261,768 GRM: 15% CAP In-place: 5.82% Operating Expenses: $38, 232
Facts and features
Bedrooms
- Bedrooms: 31
Bathrooms
- Total Bathrooms: 31
- Full Bathrooms: 31
Appliances
- Laundry Features: Inside
Heating and Cooling
- Cooling Features: Central Air, Ductless
- Heating Features: Combination, Ductless, Central
- Heating: Yes
Land Info
- Additional Parcels: No
- Land Lease: No
- Lot Description: 0-1 Unit/Acre
- Lot Size Acres: 0.1874
- Lot Size Source: Seller
- Lot Size Square Feet: 8161
Garage and Parking
- Garage Spaces: 8
- Parking Total: 8
Multi-Unit Info
- Number of Buildings: 3
- Number of Units: 6
- Bedrooms in Unit-1: 6
- Bedrooms in Unit-2: 1
- Total Bathrooms in Unit-1: 6
- Total Bathrooms in Unit-2: 1
- Full Bathrooms in Unit-1: 6
- Full Bathrooms in Unit-2: 1
Rental Info
- Gross Income: 300000
- Gross Scheduled Income: 300000
- Rent Control: No
Schools
- 6
Second Street Elementary School
elementary · K-6 · 0.1 mi
- 6
Hollenbeck Middle School
middle · 6-8 · 0.6 mi
St. Mary Catholic Elementary School
elementary · 0.2 mi
- 9
Math, Science, & Technology Magnet Academy At Roosevelt High
high · 9-12 · 0.6 mi
- 4
Theodore Roosevelt Senior High
high · 9-12 · 0.6 mi
- 4
Puente Charter School
elementary · K-5 · 0.2 mi
Price history
- Sep 22, 2026 · Price Changed$4,190,000
- Jul 18, 2026 · Listed$4,500,000
- Jun 29, 2026 · Listing Removed—
- Feb 2, 2026 · Listed$5,000,000
- Jun 23, 2017 · Sold$470,000
- Dec 31, 2015 · Sold$470,000
- Nov 23, 2015 · Relisted$449,900
- Oct 28, 2015 · Listing Removed$449,900
Tax history
- 2025$9,752 tax · $799,352 assessed
- 2024$9,674 tax · $783,679 assessed
- 2023$9,569 tax · $753,249 assessed
- 2022$9,136 tax · $738,480 assessed
- 2021$6,779 tax · $533,043 assessed
- 2020$6,842 tax · $527,578 assessed
- 2019$6,585 tax · $517,234 assessed
- 2018$6,424 tax · $507,093 assessed
Where it is
Listed by Steven W. Gray · eXp Realty of Greater Los Ange · CRMLS
