1535 W 224th Street

About this home

PACKAGE SALE — Both properties must close concurrently. 1541 W 224th St, (MLS# PW26112441) must be purchased together with 1535 W 224th St (MLS# PW26108833). 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 $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.