515 E 21st St , Los Angeles, CA 90011
$790,000
Est. Payment: $3,989.27/mo
6 Bed
4 Bath
2154 Sqft
Status: active | Days on site: 111
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VCR-C15903466 - VCR-C159091383,VCR-C159052275

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House Description

This rare 3-unit apartment community offers a unique investment opportunity featuring three separate structures on a single lot, providing enhanced privacy, flexibility, and strong tenant appeal. Strategically located just minutes from Downtown Los Angeles, the property benefits from proximity to major employment centers, entertainment venues, and top educational institutions, making it highly desirable in today's rental market. The property boasts a well-balanced unit mix consisting of a spacious three-bedroom unit and additional one-bedroom bungalow-style units. The standout feature is the large, fully remodeled three-bedroom residence, which includes a dedicated living room and dining area ideal for families or tenants seeking more functional living space. This unit, along with one of the one-bedroom units, has been extensively renovated down to the studs, offering modern interiors and high-end finishes that significantly enhance rental appeal. The remodeled units feature recessed lighting, new hardwood flooring, stainless steel appliances, updated electrical systems, and upgraded plumbing. These improvements not only elevate the overall aesthetic but also reduce future maintenance costs for ownership. The modern upgrades position the property competitively within the market, allowing for premium rents and attracting quality tenants. The presence of three separate structures creates a bungalow-style living environment, which is increasingly sought after by renters looking for privacy and a more residential feel compared to traditional apartment buildings. This layout can contribute to lower tenant turnover and increased long-term occupancy. From an investment perspective, the property is offered at an attractive 6.8% cap rate, providing strong in-place cash flow. With two units already fully renovated, new ownership can benefit from immediate rental income at improved market rates while potentially enhancing the remaining unit to further increase overall returns. The property also includes five on-site parking spaces, a valuable amenity in a densely populated urban area like Los Angeles. Ample parking enhances tenant convenience and adds to the overall desirability of the asset, particularly for larger households occupying the three-bedroom unit. Location remains one of the strongest attributes of this offering. The property is situated just minutes from iconic destinations such as Crypto Arena and is in close proximity to the University of Southern California campus. This prime positioning ensures consistent rental demand from students, professionals, and families who value accessibility to both work and leisure destinations. Additionally, the surrounding area continues to experience ongoing growth and revitalization, further strengthening the long-term investment outlook. Easy access to major transportation routes, dining, entertainment, and cultural attractions makes this location highly attractive for a wide range of tenants. Overall, this property presents a compelling combination of modern upgrades, strong cash flow, and an excellent location. The mix of renovated and value-add components, along with the unique bungalow-style layout, provides investors with both immediate income and future upside potential. With its proximity to Downtown Los Angeles and major landmarks, this asset stands out as a rare opportunity in a competitive market.

Highlights

Listed by Sean Namigohar , 310-909-2393 Lyon Stahl Investment Real Estate, Inc. , 310-425-9838. CRMLS/Multi-Regional MLS mls logo

Property Type

Multi-Family

Lot/Acreage
0.15

Year Built

1913

County

Los Angeles

Area

C42 - Downtown L.A.

Listing ID

26666433

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:6
  • Bathrooms:4
  • Full Bathrooms:0

Exterior Features

Lot:No Land Lease
Garage Capacity:5
Zoning:LARD2
Others:2+ Total Units
Parking Features:Driveway
Principal Interest
$3,989
Taxes
$504

Home Price

$790,000

Loan Details

30 yrs
6.487%

Down Payment

20%
$158,000
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$3,989.27

Principal

Taxes

Principal Taxes HOA Total
Monthly $3,989.27 $503.63 $0.00 $4,492.89
Yearly $47,871.22 $6,043.50 $0.00 $53,914.72
Total $1,436,136.55 $181,305.00 $0.00 $1,617,441.55

Today's Rates

30 Year

6.49%

20 Year

6.28%

15 Year

5.8%

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Market insight data is pulled from the same city as the listing being viewed (Los Angeles, CA).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Based on information from California Regional Multiple Listing Service, Inc. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. All properties are subject to prior sale, change or withdrawal.

IDX service by Blueroof 360

Data last updated: 2026-08-10T08:37:42.000Z

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