2531 Folsom St, Los Angeles, CA 90033

Jan 19

Written By Jake Glaser

2023 Construction 4-Plex in Boyle Heights

Download Offering Memorandum

$2,118,000

$529,500/Unit

$385.79/SF

6.16% Cap Rate

12.26 GRM

Property Highlights

New construction fourplex in Boyle Heights built 2023
Strong unit mix comprised of four 3BR / 3.5BA units
Fully occupied with market rate tenants providing strong cash flow to investors
Units average over 1,300 SF each and have in-unit W/Ds
Separately metered for gas, electric, and water
Each unit has two parking spaces with electric gates
Solar panels on the roof are fully paid off and lower tenant utility responsibility through a rebate program
Very low expense-load property
Near major freeway entrances providing immediate access to DTLA, East LA, and more
Close to Dodger Stadium, Crypto Arena, and LA Live
Property is rent controlled under LA RSO

The Opportunity

The Glaser Group is pleased to present 2531 Folsom Street, a newly built 2023 construction 4-Plex in the heart of Boyle Heights. The 5,490 SF property consists of two separate duplex structures, each with two townhome style units. Each of the four huge townhome units is comprised of 3 bedrooms and 3.5 bathrooms, and the units average 1,373 square feet each. Plus each bedroom has its own en-suite bathroom. Tenants pay for all of their own utilities with four separate gas, water & electric meters, and there are fully paid off solar panels on the roofs. Tenants also subscribe to a solar rebate program, vastly lowering their monthly utility expenses.

Each of the units has been thoughtfully designed with designer finishes, high-end fixtures, LVP flooring & stainless steel appliances. Every unit also includes a laundry closet on the upstairs landing with washer/dryer hookups. There are a total of eight uncovered parking spaces, with six in the back and two in the front, providing two parking spaces for each unit. The parking areas are secured by electric gates as well. The property is currently fully occupied, and it is subject to LA City rent control under RSO.

Offered at an attractive 6.16% cap rate and only $385/SF, 2531 Folsom presents an extremely attractive offering for multifamily investors looking for Day 1 cash flow from a newly built asset.

2531 Folsom Street is conveniently located just a couple of blocks North of Cesar Chavez Ave, with plenty of walkable restaurants, grocery stores, bars and entertainment like the Paramount Theater. 2531 Folsom is also close to Dodger Stadium, Crypto Arena, and LA Live, and the property is near several major freeway entrances providing immediate access to DTLA, East LA, and more.