On and Off-Market

Cash-Cow Turnkey 2024-built 32-bed/34-bath 5.1 to 6.6 CAP Proforma $6,000,000

Turnkey 2024-built 32-bed/32-bath co-living asset. 1814 W 36th St, Los Angeles, CA 90018, just minutes from USC & West Adams! Fully stabilized, cash-flowing, and professionally managed.

Asking: $6,000,000
Current Gross: $37,100/mo | Pro Forma: $48,000/mo Each room leased separately with en-suite baths, in-unit laundry, furnished kitchens, & all new systems. Tenants pay utilities. Prime for student housing or urban co-living!

Listed by Steven W Gray | Listing ID PW25080767

Offering Memorandum

4 Unit Income Property New 2B/2B ADU $1,500,000

Cash-Cow Turnkey 2024-built 32-bed/34-bath 5.1 to 6.6 CAP Proforma $6,000,000

Investment Opportunity - 4-unit income property - 5150 Ithaca Ave, Los Angeles, CA 90032

Updated 4-unit income property with a newly constructed 2B/2B ADU and a remodeled 2nd unit. This is a prime opportunity priced to sell at $1,500,000, offering strong cash flow potential.

Listed by Steven Gray at $1,500,000

MLS#: PW25059012

Offering Memorandum

OFF MARKET - 6 Unit Townhome Style | New Construction - $3,400,000

Cash-Cow Turnkey 2024-built 32-bed/34-bath 5.1 to 6.6 CAP Proforma $6,000,000

OFF MARKET - 6 Unit Townhome Style | New Construction - $3,400,000

354 N Breed St, Los Angeles, CA 90033

New Construction | High-Cash Flow | Turnkey Multi-Unit Investment

This brand-new 2024 construction in Boyle Heights offers six modern units across three buildings, generating $21,099.50/month in projected rental income. Featuring designer finishes, in-unit laundry, gated parking, and premium tenant appeal, this property is a top-tier cash-flowing asset in a high-growth area.

Offering Memorandum

Triplex with RTI for 20 Unit Development - $1,700,000

Mixed-Use with RTI for 14 Unit Development - $1,200,000

OFF MARKET - 6 Unit Townhome Style | New Construction - $3,400,000

Triplex with Major Upside for Investors!

8016 Western Ave, Los Angeles, CA 90047

Delivered Vacant at Close
RTI and plans at Close

Rental income now with future potential to develop up to 20 units at 8016 Western Ave, Los Angeles, CA 90047—a prime opportunity for long-term growth and value appreciation.

Offering Memorandum

Mixed-Use with RTI for 14 Unit Development - $1,200,000

Prime Mixed-Use Investment near USC!

4512 Vermont Ave, Los Angeles, CA 90037

Delivered Vacant at Close
RTI and plans at Close

A commercial/residential income property with major upside potential at 4512 Vermont Ave, Los Angeles, CA 90037—perfect for investors looking to maximize returns in a high-demand area.

Offering Memorandum

The Firm

Real Estate Solutions for the Next Generation of Housing

Sterling Gray Realty Group is a forward-thinking real estate firm specializing in the sales, marketing, and lease-up of new multifamily developments across Los Angeles County. With a sharp focus on emerging housing trends, the firm brings unparalleled expertise in the delivery and positioning of ED1 (Executive Directive 1) developments and affordable housing communities.

From concept to closing, Sterling Gray Realty Group partners with developers to bring their newest investment and residential projects to market. The firm’s comprehensive services include new development lease-ups, neighborhood and community sales strategies, and full-scale launch campaigns for both market-rate and affordable housing assets. Their tailored approach ensures each development reaches its target demographic while maximizing value and long-term viability.

Beyond transactions, Sterling Gray Realty Group plays a pivotal role in shaping LA’s housing landscape. They actively collaborate with local nonprofits and government entities, providing clients with strategic guidance on exit strategies, long-term hold planning, and operational continuity. Whether supporting a long-term investment or positioning a property for sale, the firm’s deep market knowledge and mission-driven approach offer developers a trusted partner in sustainable, impactful housing delivery.

Sterling Gray Realty Group isn’t just building deals—they’re helping build Los Angeles

Brokered by eXp Realty of Greater Los Angeles

DRE 02194905

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Recent Sales

Check out some of our recent sales below. We have helped numerous clients buy and sell properties in the area, and we are confident that we can do the same for you. Contact us today to learn more about how we can help you achieve your real estate goals.

Listings

Strategic Overview - The Subsidized Housing Model

Unlocking Investment Opportunities: How Steven Gray and His Team Strategically Select, Research, and Acquire Value-Add Investment Properties for the Subsidized Housing Model

In the ever-evolving world of real estate, value-add investment properties have become a powerful tool for investors seeking both financial returns and community impact. At our firm, led by real estate veteran Steven W. Gray, we specialize in identifying and acquiring properties that are not only ripe for value-add opportunities but are also perfectly suited for The Subsidized Housing Model. With over a decade of experience working with low-income and homeless populations, Steven and his team bring a unique blend of market insight, social responsibility, and strategic expertise to every deal.

Our Approach: Strategic Selection and Market Research

At Sterling Gray Realty Group, the foundation of our work with investors and developers lies in a strategic selection process grounded in extensive market research. We begin by assessing the needs and goals of each investor—whether they’re looking to maximize cash flow, diversify their portfolio, or generate long-term passive income.

Our team focuses on identifying properties with strong potential for value-add strategies, particularly in C or B level properties with 4+ units. These properties offer room for rent increases through strategic improvements, but don’t require excessive upfront capital for luxury enhancements. Ideal opportunities are those where the rent potential is constrained by outdated management or deferred maintenance, but can be unlocked through well-planned renovations.

Additionally, we take into account the specifics of the local market—from rent control laws to the availability of subsidized housing programs. In markets where rent control is prevalent, we target properties with at least 25% vacancy, as this allows for immediate opportunities to reposition units at market rates. Our extensive knowledge of local subsidized housing resources, including Section 8 and other government programs, gives us a distinct advantage when evaluating properties that will benefit from stable, long-term tenant income through subsidies.

Deal Evaluation and Acquisition: Finding the Perfect Fit for Subsidized Housing

Our deal evaluation process goes beyond just identifying potential properties. We analyze each property based on its location, condition, and the overall market environment to determine how well it aligns with our subsidized housing model. We look for:

Properties that conform to local habitability standards: These don’t need to be perfect or luxurious. Investors don’t need to worry about high-end amenities or parking, but the properties must meet local codes and provide a safe, livable environment.
Proximity to public transit and local resources: For subsidized housing to work, access to public transportation, shopping, schools, and other resources is key. Our market research zeroes in on properties that offer tenants easy access to these essentials, ensuring higher occupancy rates and tenant satisfaction.
Properties with room for operational and rent improvements: Many of the properties we target for value-add strategies are underperforming in terms of rent potential due to outdated management practices. Through hands-on property management and strategic renovations, we help investors increase rents while remaining compliant with rent control or subsidized housing guidelines.

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The Model in the Pandemic

Steven Gray’s Subsidized Housing Model was created with the goal of bridging the gap between the real estate industry and the agencies working to end homelessness in The firm’s community. Since its inception, the program's founder and author, Steven W. Gray, and his team of trauma-informed consultants have held hundreds of educational seminars for both real estate professionals as well as nonprofit organizations seeking the knowledge and strategies required to engage and successfully build relationships resulting in housing placements.

The Model was designed around the collaboration between real estate owners, developers, and investors, and over 60 major nonprofit organizations and government agencies in both California and Arizona.

Between 2018 and 2024, the model has helped several real estate portfolios implement the model, resulting in over 2,000 successful placements, and has educated hundreds of real estate owners and professionals to develop a clear understanding of homeless services.

The model provides multi-faceted assistance to the community affected by poverty and homelessness through the provision of quality permanent housing, day-to-day support, ongoing case management, service linkages, crisis intervention, and subsidization or absorption of unpaid rental costs due to financial hardship.

While most traditional multifamily portfolios suffered an extreme loss of rental revenue in 2020 due to the global pandemic, the firm’s clients who had adopted Steven Gray’s Subsidized Housing Model enjoyed steady rental revenues through subsidized and affordable housing programs put in place by The Model.

Partnerships are a key element of the model, maintaining ongoing collaborative partnerships with organizations including the Housing Authority of the City of Los Angeles (HACLA), LA Family Housing, Brilliant Corners, the Salvation Army, Mental Health America of Los Angeles, and more. Through these partnerships, the model creates a referral stream to connect the developments with people who are transitioning out of homelessness, and provides them with permanent homes and steady occupancy for the assets.

The model takes this collaboration beyond the conventional service provider and landlord relationship; Strategic staff work closely with partner organizations’ staff (Case Managers, Housing Navigators, Housing Stabilizers) along with the new tenants themselves to understand their unique background, needs, strengths, and barriers.

This intercommunication continues after a tenant has moved in, and thereafter, The Model's staff assume an increasing role in supporting the tenant’s day-to-day and long-term service needs while the stabilization period of the partner organization’s program is maintained.

Tailored to Investors’ Goals: Success with the Subsidized Ho

What truly sets Steven Gray and his team apart is their customized approach. Every investor has different goals—some may prioritize short-term cash flow, while others are looking for a steady long-term asset. At Steven Gray's firm, we work closely with each client to ensure that the properties we acquire not only meet the financial metrics of a good deal but also align with the investor’s broader objectives. For those looking to invest in subsidized housing, our team brings the added expertise of navigating local housing programs and subsidies. By leveraging our extensive experience in working with low-income housing initiatives, we help investors secure long-term, stable rental income through partnerships with local housing authorities and nonprofits. These programs not only provide tenants but also contribute to reducing vacancies and maintaining high occupancy rates.
With a proven track record of over 2000 units acquired/developed/operated and managed for subsidized housing during the COVID-19 pandemic, the firm offers unmatched expertise in bringing value-add and subsidized housing investments to life. Our work with investors goes beyond just identifying properties—we’re your partners in making every investment a success.
If you’re an investor or developer looking for a value-add opportunity in multi-family real estate, particularly one that offers both strong returns and community impact, then Steven W. Gray and his team are the partners you need. We combine in-depth market research, strategic deal evaluation, and a deep commitment to affordable housing, all while keeping your goals as an investor at the forefront of every decision. Unlock the potential of subsidized housing—partner with Steven Gray today to take your real estate investments to the next level.