1023 E 28th
Los Angeles, CA, 90011
$1,825,000
Original list price: $1,849,000
MLS: PW26132375
Beds
—
Baths
—
Sq Ft
5,196
Lot
0.17 ac
Year Built
1962
MLS #
PW26132375
Days on Market
68
Listed
Jun 18, 2026
Description
1023 E. 28th Street is a seven-unit asset consisting of three buildings with (1) 3BD/1BA, (4) 2BD/1BA, and (2) 1BD/1BA units. This asset presents a strong opportunity to acquire a high-yield, partially repositioned property with substantial remaining rental upside in one of the most rapidly evolving pockets of South Los Angeles. The property combines newly constructed, non-rent- controlled units with an existing value-add component, creating a compelling blend of stable in-place cash flow, operational efficiency, and future NOI growth potential. The front portion of the property includes two newly constructed buildings completed in 2026 and exempt from California rent control, offering investors long-term operational flexibility and unrestricted future rent growth potential. These buildings include a stand-alone 3BD/1BA unit with private front yard space and two 2BD/1BA units. The newly constructed buildings were intentionally designed for long-term operational efficiency and reduced maintenance costs, featuring solar panels servicing both buildings, separately metered utilities, individual water heaters, all-electric systems, and MiniSplit HVAC systems in every unit. The rear four-unit building, originally constructed in 1962, consists of (2) 2BD/1BA units and (2) 1BD/1BA units and offers the primary value-add opportunity at the property. Ownership has already demonstrated the achievable rental upside by fully renovating one of the 1BD/1BA units with updated finishes, MiniSplit HVAC, and in-unit washer/dryer, allowing the unit to achieve near-market rents. The remaining classic units provide a clear path for a new owner to continue the renovation program and substantially increase income. Additional upside opportunities include implementing parking income for the four existing parking spaces, which are currently included in rent, as well as converting an existing storage room into an onsite laundry facility to create supplemental ancillary income. Recent capital improvements to the 1962 building include a new roof and upgraded main and sub electrical panels, helping reduce near- term capital expenditure requirements. Offered at a 7.29% current cap rate on existing income, the property has the potential to achieve a projected 9.51% market cap rate through the completion of the proven renovation program and implementation of additional income streams.
Location
Los Angeles, Los Angeles County, CA 90011
Open on Google Maps ↗Listed by: Robert Stepp · Keller Williams Realty Downey
Listing information is provided courtesy of the Greater Antelope Valley Association of Realtors (GAVAR) and California Regional MLS (CRMLS). Information is deemed reliable but not guaranteed accurate by the MLS or by Mike Watson. All data, including square footage, lot size, room count, permits, and school assignment, should be independently verified. Properties shown may be listed by brokerages other than Keller Williams Realty. Listings are subject to prior sale, change, or withdrawal without notice.
Payment estimate
$14,258
/ month (est.)
Principal, interest, taxes, and insurance + PMI. Down payment: $182,500 · Loan: $1,642,500
Average 30-yr fixed rate 7.40% as of Oct 15, 2026 (Freddie Mac PMMS). Adjust to your quote.
- Principal & Interest
- $11,372
- Property tax (1.25%)
- $1,901
- Homeowners insurance
- $300
- Mortgage insurance
- $684
Login required. The full tool supports FHA / VA / USDA, PMI by credit tier, lender fees, and total cash to close — with your inputs here carried over.
Today's Rates
As of Oct 15, 2026
- 30-year fixed
- 7.40%
- 15-year fixed
- 6.71%
Source: Freddie Mac Primary Mortgage Market Survey (PMMS). Updated weekly.
About the area · Mike Watson
About the Antelope Valley
The Antelope Valley spans Lancaster, Palmdale, Quartz Hill, Rosamond, Lake Los Angeles, California City, Edwards AFB, and the Plant 42 aerospace corridor. Mike Watson is a lifelong AV resident and the #1 producing individual Realtor in the region by transaction count. Every active listing on this site is paired with a free market analysis tailored to the specific street, honest financing guidance (FHA, VA, USDA, CalHFA, conventional, and assumable loans where the financing supports it), and side-by-side comparisons against the rest of the active inventory in your target ZIP.
Financing Options
FHA Financing — 3.5% Down＋
First-time and repeat buyers can purchase this Los Angeles home with as little as 3.5% down using an FHA loan — roughly $63,875 down. FHA loans feature flexible credit guidelines and government-backed rates, making homeownership accessible for buyers who haven't saved a large down payment. Seller concessions up to 6% of the purchase price are also allowed.
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