351 S State, Los Angeles, CA — listing photo 1
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FOR SALE

351 S State

Los Angeles, CA 90033
8,161 Lot Sq Ft
Built 2024
$4,190,000
Price ReducedWas $4,500,000 — $4,190,000 (-$310,000)

Property Overview

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

Home Details

Property type
Residential Income - Triplex
Year built
2024
Lot size
8,161 sq ft
Parking
8 spaces
Garage
8 spaces
Stories
3
Days on market
66
Cumulative days on market
212
MLS status
Active

Features & Amenities

Pool

  • None

Lot

  • Zero To One Unit Acre

Community, Schools & Utilities

Utilities

Heating
Combination,Central,Ductless
Cooling
CentralAir,Ductless
Electric
Standard
Water
Public
Sewer
PublicSewer
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Location & Neighborhood

351 S State

Los Angeles, CA 90033

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Frequently Asked Questions About 351 S State

Property type: Residential Income

The current asking price is $4,190,000. Pricing is subject to change and may vary based on market conditions, negotiations, and property updates. Contact our team to verify current pricing.
Yes. Use the Book Visit action or contact form to request an in-person or virtual tour of 351 S State. Our team will confirm availability and timing.
This property offers the living space reported in the listing. It was built in 2024. Review the listing details and disclosures, then independently verify material features before making a decision.
The property is in Los Angeles, California. Review the map, visit at relevant times of day, and verify schools, commute routes, services, noise, hazards, and local rules for the exact address.
Financing depends on the buyer, lender, property type, condition, appraisal, insurance, and association documents. A qualified lender can confirm available programs and costs for this Los Angeles property.
The MLS currently reports the property as Active. It has been listed for 66 days. Status can change, so verify availability before relying on it.

What clients say

“Reza was the best agent we have ever worked with.”Russell & Susan McQueen

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Listing Agent

Name: Steven Gray
MLS ID: PWSTEGRA

Available property

$4,190,000

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Data provided by California Regional Multiple Listing Service, Inc. ("CRMLS"). Information is for viewer's personal, non-commercial use. All data should be independently verified for accuracy.