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$ 845,000
Est. payment /mo
Active
515 E 21st Street Los Angeles, CA 90011
5 Beds
2,154 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type OTHER
Listing Status Active
Purchase Type For Sale
Square Footage 2,154 sqft
Price per Sqft $392
MLS Listing ID CL26666433
Bedrooms 5
HOA Y/N No
Year Built 1913
Lot Size 6,357 Sqft
Acres 0.15
Property Sub-Type OTHER
Property Description
This rare 3-unit apartment community offers a unique investment opportunity featuring three separate structures on a single lot, providing enhanced privacy, flexibility, and strong tenant appeal. Strategically located just minutes from Downtown Los Angeles, the property benefits from proximity to major employment centers, entertainment venues, and top educational institutions, making it highly desirable in today's rental market. The property boasts a well-balanced unit mix consisting of a spacious three-bedroom unit and additional one-bedroom bungalow-style units. The standout feature is the large, fully remodeled three-bedroom residence, which includes a dedicated living room and dining area ideal for families or tenants seeking more functional living space. This unit, along with one of the one-bedroom units, has been extensively renovated down to the studs, offering modern interiors and high-end finishes that significantly enhance rental appeal. The remodeled units feature recessed lighting, new hardwood flooring, stainless steel appliances, updated electrical systems, and upgraded plumbing. These improvements not only elevate the overall aesthetic but also reduce future maintenance costs for ownership. The modern upgrades position the property competitively within the market, allowing for premium rents and attracting quality tenants. The presence of three separate structures creates a bungalow-style living environment, which is increasingly sought after by renters looking for privacy and a more residential feel compared to traditional apartment buildings. This layout can contribute to lower tenant turnover and increased long-term occupancy. From an investment perspective, the property is offered at an attractive 6.32% cap rate, providing strong in-place cash flow. With two units already fully renovated, new ownership can benefit from immediate rental income at improved market rates while potentially enhancing the remaining unit to further increase overall returns. The property also includes five on-site parking spaces, a valuable amenity in a densely populated urban area like Los Angeles. Ample parking enhances tenant convenience and adds to the overall desirability of the asset, particularly for larger households occupying the three-bedroom unit. Location remains one of the strongest attributes of this offering. The property is situated just minutes from iconic destinations such as Crypto Arena and is in close proximity to the University of Southern Ca
Location
State CA
County Los Angeles
Zoning LARD2
Interior
Heating None
Fireplace No
Exterior
Total Parking Spaces 5
Building
New Construction No
Others
Tax ID 5127017004
© 2026 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Listed by Sean Namigohar • Lyon Stahl Investment Real Estate, Inc.
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