Michigan Heights Apartments | 2202-2208 Michigan Ave
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Michigan Heights Apartments 2202-2208 Michigan Ave
28 Unit Apartment Building $7,650,000 ($273,214/Unit) 5.58% Cap Rate Los Angeles, CA 90033
Investment Highlights
- Meticulously Renovated Property with ±$500,000 Spent on Recent Capital Improvements
- Excellent Location | Only One-Block from Highly Amenitized Retail Corridors on Cesar Chavez Blvd and Soto Street
- 7.10% Pro Forma CAP Rate & ±19% Rental Upside
- Preferred Unit Mix Consisting of Mostly Large 2-Bedroom Units
- NOT Subject to Los Angeles’ Rent Stabilization Ordinance - Higher Allowable Rent Increases under the Provisions of AB 1482
- Centrally Located with Convenient Access to I-10, I-5, I-60 & 101 Freeways with a Multitude of Amenities Nearby
Executive Summary
CBRE, Inc., as exclusive advisor, is proud to present an exceptional opportunity to acquire a well-maintained, 28-unit apartment complex at 2202 Michigan Avenue. This ±22,154 SF building sits on a ±22,386 SF lot and is situated between N Chicago Street and N Soto Street on Michigan Avenue.
This vibrant location positions your investment at the heart of it all. Residents enjoy convenient access to Downtown Los Angeles, the L.A. Live entertainment complex, USC Health Sciences Campus, Dodger Stadium, and much more. Major freeways (10, 5, 60, and 101) are minutes away, along with a vibrant mix of shopping centers, restaurants, museums, and retailers. The property also sits one-block away from highly amenitized retail corrididors on Ceasar Chavez Boulevard and Soto Street. This prime location isn’t just about convenience; it’s about capitalizing on a booming market. Los Angeles, the entertainment capital, experiences high demand for quality rentals. The property sits amidst a thriving working class with a steady need for well-maintained housing and easy access to major employers. 2202 Michigan Avenue offers the perfect blend of value and income potential. This well-maintained property features desirable amenities like lush landscaping, controlled entry gate, on-site parking, laundry facilities, pet-friendly dog run, and BBQ communal area. Individual units boast security doors, kitchens with dishwashers and stainless steel appliances, air conditioning, ceiling fans, and vertical blinds. With low vacancy rates and consistent rental income, 2202 Michigan Avenue is a secure long-term investment ideal for any investor seeking a strong return. This opportunity caters to a wide range – first-time purchasers, seasoned investors, and those seeking a 1031 exchange – providing a win-win scenario.
This vibrant location positions your investment at the heart of it all. Residents enjoy convenient access to Downtown Los Angeles, the L.A. Live entertainment complex, USC Health Sciences Campus, Dodger Stadium, and much more. Major freeways (10, 5, 60, and 101) are minutes away, along with a vibrant mix of shopping centers, restaurants, museums, and retailers. The property also sits one-block away from highly amenitized retail corrididors on Ceasar Chavez Boulevard and Soto Street. This prime location isn’t just about convenience; it’s about capitalizing on a booming market. Los Angeles, the entertainment capital, experiences high demand for quality rentals. The property sits amidst a thriving working class with a steady need for well-maintained housing and easy access to major employers. 2202 Michigan Avenue offers the perfect blend of value and income potential. This well-maintained property features desirable amenities like lush landscaping, controlled entry gate, on-site parking, laundry facilities, pet-friendly dog run, and BBQ communal area. Individual units boast security doors, kitchens with dishwashers and stainless steel appliances, air conditioning, ceiling fans, and vertical blinds. With low vacancy rates and consistent rental income, 2202 Michigan Avenue is a secure long-term investment ideal for any investor seeking a strong return. This opportunity caters to a wide range – first-time purchasers, seasoned investors, and those seeking a 1031 exchange – providing a win-win scenario.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$638,845
|
$28.84
|
| Other Income |
$28,078
|
$1.27
|
| Vacancy Loss |
$20,008
|
$0.90
|
| Effective Gross Income |
$646,915
|
$29.20
|
| Taxes |
$95,018
|
$4.29
|
| Operating Expenses |
$125,383
|
$5.66
|
| Total Expenses |
$220,401
|
$9.95
|
| Net Operating Income |
$426,514
|
$19.25
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $638,845 |
| Annual Per SF | $28.84 |
| Other Income | |
|---|---|
| Annual | $28,078 |
| Annual Per SF | $1.27 |
| Vacancy Loss | |
|---|---|
| Annual | $20,008 |
| Annual Per SF | $0.90 |
| Effective Gross Income | |
|---|---|
| Annual | $646,915 |
| Annual Per SF | $29.20 |
| Taxes | |
|---|---|
| Annual | $95,018 |
| Annual Per SF | $4.29 |
| Operating Expenses | |
|---|---|
| Annual | $125,383 |
| Annual Per SF | $5.66 |
| Total Expenses | |
|---|---|
| Annual | $220,401 |
| Annual Per SF | $9.95 |
| Net Operating Income | |
|---|---|
| Annual | $426,514 |
| Annual Per SF | $19.25 |
Property Facts
| Price | $7,650,000 | Apartment Style | Low Rise |
| Price Per Unit | $273,214 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Cap Rate | 5.58% | Building Size | 22,154 SF |
| Gross Rent Multiplier | 11.97 | Average Occupancy | 96% |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1985 |
| Property Subtype | Apartment | Parking Ratio | 1.17/1,000 SF |
| Price | $7,650,000 |
| Price Per Unit | $273,214 |
| Sale Type | Investment |
| Cap Rate | 5.58% |
| Gross Rent Multiplier | 11.97 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 22,154 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 1.17/1,000 SF |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $1,465 | 450 |
| 2+1 | 25 | $1,904 | 885 |
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Walk Score ®
Walker's Paradise (92)
Transit Score ®
Excellent Transit (73)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 5183-005-051 | Total Assessment | $6,630,000 (2024) |
| Land Assessment | $4,080,000 (2024) | Annual Taxes | $95,018 ($4.29/SF) |
| Improvements Assessment | $2,550,000 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5183-005-051
Land Assessment
$4,080,000 (2024)
Improvements Assessment
$2,550,000 (2024)
Total Assessment
$6,630,000 (2024)
Annual Taxes
$95,018 ($4.29/SF)
Tax Year
2023
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Michigan Heights Apartments | 2202-2208 Michigan Ave
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