2614 Griffin Ave · Los Angeles, CA 90031

$3,880,000

24 bd · 24.0 ba · 14,359 sqft · MultiFamily public records · 140 Days on market

Built 1970 0.31 ac lot $270/sqft · 9% above area Est $3557k · 9% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• Rent growth +3.8/5.0
• Schools +3.6/10.0
• ARV discount +3.4/15.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 24 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Don’t miss this rare opportunity to acquire a stable income-producing property with significant upside. This 24-unit apartment building is located in the prime Lincoln Heights area and consists entirely of one-bedroom, one-bath units in a classic courtyard-style layout. The elevator-served building is easily convertible to senior living use and is situated in a high-demand rental market with a very low vacancy rate. Major capital improvements have already been completed, including a full seismic retrofit and a recently replaced roof. The property offers a low cost per unit and is first time on market in over 20 years. Existing assumable loan with an attractive 3% interest rate. Approximately 40% rent upside while maintaining in-place stable income, this is an exceptional value-add investment opportunity.

Key facts

• Low vacancy rate
• 0.31 acre lot
• Garage

Tags

• 24 UNIT APARTMENT BUILDING
• COURTYARD STYLE LAYOUT
• ELEVATOR SERVED BUILDING
• HIGH DEMAND RENTAL MARKET
• LOW VACANCY RATE
• FULL SEISMIC RETROFIT

What this means for you Summary

Snapshot

• This is a 24 × 1-bed/1-bath units multifamily listed at $3.88M.

Deal economics

• At list price, monthly cash flow is $13k ($153k/yr) — positive. Per door: $530/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($46k rent vs $3.88M).
• Recommended offer: $3.41M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.1%/yr); 128 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $46,313/mo this rent would consume 881% of the median local household income ($63k/yr) (locally 2683% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $27k of loan paydown is wiped out by about $116k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $1.09M cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($3.41M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.22M; list at $3.88M implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,414,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.05%
• DSCR: 1.63
• GRM: 7.0

CMA / ARV

• ARV (median comp): $3,557,306
• List price: $3,880,000
• Delta: 9.07%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.11% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.26×
• Total profit: $280,825
• Equity at exit: $578,521

10-year hold

• IRR: 17.5%
• Equity multiple: 2.58×
• Total profit: $1,713,500
• Equity at exit: $335,471

Cash invested: $1,086,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90031

• Rents YoY: 5.1%
• Active inventory: 128
• Price-to-rent: 167.6×

Monthly cashflow live

• Estimated rent: $46,313 high
• Mortgage (P&I): −$20,347
• Tax from tax record: −$1,901 /mo · $22,816/yr
• Insurance: −$1,617
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,726
• Net cashflow: $12,722

Break-even live

Break-even rent $30,209

Max offer price $3,880,000

Occupancy floor 68%

24-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 24× units	1	1	$46,320
Total (24 units)			$46,313

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $970,000
• Closing costs: $116,400
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $3,880,000 Active 140 DOM
2. 2026-06-17
   days on market $3,880,000 Active 139 DOM
3. 2026-06-16
   days on market $3,880,000 Active 138 DOM
4. 2026-06-15
   days on market $3,880,000 Active 137 DOM
5. 2026-06-13
   days on market $3,880,000 Active 135 DOM
6. 2026-06-09
   days on market $3,880,000 Active 131 DOM
7. 2026-06-08
   days on market $3,880,000 Active 130 DOM
8. 2026-06-07
   days on market $3,880,000 Active 129 DOM
9. 2026-06-04
   days on market $3,880,000 Active 126 DOM
10. 2026-06-03
    days on market $3,880,000 Active 125 DOM
11. 2026-06-02
    days on market $3,880,000 Active 124 DOM
12. 2026-06-01
    days on market $3,880,000 Active 123 DOM
13. 2026-05-31
    days on market $3,880,000 Active 122 DOM
14. 2026-01-29
    listed $3,880,000 Active 821-char remark

    Show marketing remark (821 chars)

    Don’t miss this rare opportunity to acquire a stable income-producing property with significant upside. This 24-unit apartment building is located in the prime Lincoln Heights area and consists entirely of one-bedroom, one-bath units in a classic courtyard-style layout. The elevator-served building is easily convertible to senior living use and is situated in a high-demand rental market with a very low vacancy rate. Major capital improvements have already been completed, including a full seismic retrofit and a recently replaced roof. The property offers a low cost per unit and is first time on market in over 20 years. Existing assumable loan with an attractive 3% interest rate. Approximately 40% rent upside while maintaining in-place stable income, this is an exceptional value-add investment opportunity.

15. 2011-08-09
    historical
16. 2010-10-08
    listed $2,300,000 Active
17. 2009-10-01
    historical
18. 2008-11-05
    listed $2,300,000
19. 2007-11-29
    historical
20. 2007-07-03
    listed $2,480,000
21. 2005-06-16
    soldstatus $1,220,000
22. 1988-03-08
    soldstatus $1,050,000
23. 1987-10-14
    soldstatus $775,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $22,816 · $1,901/mo
• Projected year-2 tax: $29,488 · $2,457/mo
• Expected delta: +$6,672/yr (+$556/mo · 29.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $555,756
• − Mortgage interest: −$217,340
• − Property taxes: −$22,816
• − Insurance: −$19,400
• − Repairs & maintenance: −$44,460
• − Management: −$44,460
• − Depreciation: −$112,873
• Taxable income: $94,406
• Est. tax owed @ 24.0%: −$22,657
• After-tax cash flow: $130,008/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 36,127
• Household income: $63,090
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 2683.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 57% Asian 29% Two or more races 11% White 9% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Italian 1% Slovak 1%
• Foreign-born: 46% · Canada, China, Vietnam
• Languages at home: 26% English-only · Spanish 48% Chinese 14% Other Asian/Pacific 3%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -762.68%
• Current HPI: 523.6412
• Rent YoY: ▲ 5.11%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+400.6% since first listed

10 events — show timeline

• 2026-01-29 Listed $3,880,000 CRMLS
• 2011-08-09 Listing Removed — CRMLS
• 2010-10-08 Listed $2,300,000 CRMLS
• 2009-10-01 Listing Removed — CRMLS
• 2008-11-05 Listed $2,300,000 CRMLS
• 2007-11-29 Listing Removed — CRMLS
• 2007-07-03 Listed $2,480,000 CRMLS
• 2005-06-16 Sold (Public Records) $1,220,000 Public Records
• 1988-03-08 Sold (Public Records) $1,050,000 Public Records
• 1987-10-14 Sold (Public Records) $775,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $22,816 · +1.9% YoY. Source: county tax records.