8.18% Cap Rate at Lease Up! 608 N Breed St presents a rare opportunity to acquire a 4-unit multifamily property in prime Boyle Heights, offered at $995,000, reflecting an 8.18% current cap rate and an 8.58 GRM. Two of the four units will be delivered tenant ready, creating immediate flexibility for a new owner to renovate, reposition, and capture higher rents. The property also features a highly desirable 4 Bed/1 Bath front house, making it an excellent option for an owner-user looking to live in a spacious home while generating rental income from the remaining units. Residential financing is available, further expanding the pool of potential buyers.
Originally built in 1923, the property consists of approximately 3,330 SF of rentable building area on a generous 8,250 SF lot, approximately $299/SF. The unit mix includes (1) 1+1, (2) 2+1, and (1) 4+1 units, along with four on-site parking spaces. With two tenant ready units, a large lot, functional unit mix, and strong owner-user component, the property offers a unique combination of immediate flexibility and long-term rental upside. Pro forma rents reflect a 13.66% increase in scheduled income, providing a clear path to improving cash flow.
Situated in the heart of Boyle Heights, 608 N Breed St benefits from convenient access to Downtown Los Angeles, major employment centers, retail, dining, and public transportation. The property’s location makes this a compelling opportunity for an investor or owner-user looking to acquire a well-located multifamily property with room to add value.