1,596 SqFt
1,596 SqFt
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
Square Footage 1,596 sqft
Price per Sqft $501
MLS Listing ID PW-26108833
Style Cottage
Year Built 1961
Lot Size 7,200 Sqft
Property Sub-Type Duplex
Source California Regional Multiple Listing Service (CRMLS)
Property Description
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 $2,300–$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.
LOCATION: 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.
Location
State CA
County Los Angeles
Area 122 - Harbor Gateway
Zoning LARD2
Interior
Interior Features Ceiling Fan(s)
Heating Combination
Flooring Vinyl
Laundry Dryer Included, In Kitchen, Stackable, Washer Hookup, Washer Included
Exterior
Exterior Feature Awning(s)
Parking Features Paved, Private, Side by Side, Uncovered, Asphalt, Assigned, Driveway
Pool None
Community Features Curbs, Sidewalks, Storm Drains, Street Lights
Utilities Available Sewer Connected, Water Connected, Cable Connected, Electricity Connected, Natural Gas Connected
View Y/N No
View None
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
Nearby Locations
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Lic# 01770909 | 01834114