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
Additional Features
- Combination
- Ductless
- Central
- 0-1 Unit/Acre
- Three Or More
- Parking spaces: 8.00
- Listing Status: Active
- Listing Agent: Steven Gray
(lic# 02194905)
of Pacific West
- Listing Office: eXp Realty of Greater Los Angeles
(lic# 02188471)
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Based on information from CRISNet MLS as of 6th August 2026 at 1:31am. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
