1535 W 224th Street
Property Description
PACKAGE SALE - Both properties must close concurrently. Combined asking price: $1,800,000. 1541 W 224th St, (MLS# PW26112719) must be purchased together with 1535 W 224th St (MLS# PW26112707). Do not disturb tenants. 5-unit, two-parcel value-add opportunity in Harbor Gateway. Two adjacent lots totaling 14,402 sq ft zoned LARD2, each on its own APN. 1541 W 224th St is a 3-unit triplex (6 BR / 3 BA, 2,558 sq ft); 1535 W 224th St is a 2-unit duplex (4 BR / 2 BA, 1,596 sq ft). Both built 1961, well-maintained. RESIDENTIAL FINANCING: Each parcel is priced independently under $1,000,000 and qualifies for conventional residential financing on its own APN - no commercial loan required. Lower down payment, better rates, and access to a significantly larger lender pool. ADU POTENTIAL: Combined 14,402 sq ft LARD2 zoning supports multiple additional dwelling units under CA state law. Harbor Gateway ADU rents currently range from $2,300 to $2,600/mo, with each additional unit delivering meaningful income and asset value growth. RENT UPSIDE: Current blended rent averages $1,740/mo per unit against market rents of approximately $2,300/mo. Rents governed by LA City RSO - currently 3% annually for 2026 - providing steady, compounding income growth as units turn. At stabilized market rents: pro forma gross income approximately $141,600/yr and pro forma NOI exceeding $99,500/yr, no ADUs required. MULTIPLE EXIT STRATEGIES: Hold as a stabilized combined portfolio. Develop ADUs to maximize NOI and asset value. Sell parcels individually once stabilized - each independently financeable. Phased development across two lots. PROPERTY CONDITION: Several units have received interior upgrades, including bathroom remodels, kitchen improvements (new cabinetry and quartz countertops), subfloor plumbing, and new flooring throughout. Four of five tenants have occupied 10+ years - stable cash flow from day one. Direct 110 Fwy access. Minutes to the Port of LA, South Bay employment corridor, and Downtown Los Angeles. Short distance from Harbor-UCLA Medical Center - site of LA County's largest-ever healthcare capital project, a $1.7 billion replacement and expansion currently under construction.
Broker Details
ClearThink Homes (714) 794-5278
MLS ID: PWGUTGIL State License Number: 02022002
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $799,888 |
| No. of Units: | 2 |
| Year Built: | 1961 |
| Lot Size: | 1,596.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $399,944 |
| Number of Bedrooms: | 4 |
| Number of Bathrooms: | 2 |
ID: 3yd-MRMLSCA-PW26112707
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