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10,137 sqft

$4,190,000

351 S State, Los Angeles CA, 90033

Price per sqft$413.34
Built in2024
Property size10,137 sqft
Property typeMulti-family
Listed by Steven Gray CA DRE# 02194905 with eXp Realty of Greater Los Angeles 213-570-9275

Overview

Active

Listed Jul 18, 2026

Updated 2 weeks ago

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

$27,876/mo

Est. mortgage payment based on a $4,190,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
PW26156984

Interior Features

Cooling
Yes
Heating
Yes
Basement
No

Exterior Features

Lot Size
0.19 Acres

Other Property Details

Garage
Yes
55+/Senior Community
No
MLS provider logo

Listed by Steven Gray CA DRE# 02194905 with eXp Realty of Greater Los Angeles 213-570-9275

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 9/23/2026. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2026 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 9/23/2026 at 6:39 AM UTC Last Checked: 6:39 AM UTC

 

 

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