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Le Gar Apartments 1596 W 24th St 13 Unit Apartment Building $2,200,000 ($169,231/Unit) 6.03% Cap Rate Los Angeles, CA 90007
Investment Highlights
- The property has approximately 28% in rental upside remaining, offering a clear path to income growth through unit turnover and renovation.
- The state-mandated SB 721 balcony inspection has been completed and cleared.
- A Walk Score of 84, with the Metro E Line and Rapid bus service nearby and quick freeway access, placing Downtown and the Westside within reach.
- A balanced mix of nine one-bedrooms and four two-bedrooms, served by on-site laundry and parking.
- Approximately one mile from USC. The university anchors the local economy, driving demand from faculty, staff, and area workforce — not just students.
- Minutes south, Exposition Park's Coliseum and BMO Stadium will host 2028 Summer Games events, drawing citywide transit and infrastructure investment.
Executive Summary
The SR Group of Marcus & Millichap, as exclusive listing agent, is pleased to present 1596 West 24th Street, a 13-unit apartment community in the Adams-Normandie neighborhood of Los Angeles, near the University of Southern California.
Built in 1964, the property comprises 13 units in a two-story building on an 11,626-square-foot lot. The unit mix is well balanced across nine one-bedrooms and four two-bedrooms. Residents enjoy on-site laundry and parking.
The property has approximately 28% remaining rental upside, providing a clear path for a new owner to grow income through unit turnover and renovation.
The soft-story seismic retrofit is complete, with a City-approved cost-recovery surcharge implemented. In addition, the SB 721 balcony inspection has been completed and cleared.
Adams-Normandie ranks among the city’s more historic, centrally located neighborhoods, defined by its tree-lined streets. The property earns a Walk Score of 84, with the Metro E (Expo) Line and Rapid bus service nearby and freeway access in every direction, placing Koreatown, Downtown, and the Westside within a short drive.
Exposition Park—home to the Los Angeles Memorial Coliseum and BMO Stadium—lies minutes south and will host events during the 2028 Summer Games. Ahead of the Games, Los Angeles is advancing a wave of transit and infrastructure investment across the city, public spending that stands to support property values across the surrounding submarket.
For an investor taking a longer view of the central Los Angeles market, 1596 West 24th Street offers a well-maintained asset with remaining rental upside in a USC-anchored submarket.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Built in 1964, the property comprises 13 units in a two-story building on an 11,626-square-foot lot. The unit mix is well balanced across nine one-bedrooms and four two-bedrooms. Residents enjoy on-site laundry and parking.
The property has approximately 28% remaining rental upside, providing a clear path for a new owner to grow income through unit turnover and renovation.
The soft-story seismic retrofit is complete, with a City-approved cost-recovery surcharge implemented. In addition, the SB 721 balcony inspection has been completed and cleared.
Adams-Normandie ranks among the city’s more historic, centrally located neighborhoods, defined by its tree-lined streets. The property earns a Walk Score of 84, with the Metro E (Expo) Line and Rapid bus service nearby and freeway access in every direction, placing Koreatown, Downtown, and the Westside within a short drive.
Exposition Park—home to the Los Angeles Memorial Coliseum and BMO Stadium—lies minutes south and will host events during the 2028 Summer Games. Ahead of the Games, Los Angeles is advancing a wave of transit and infrastructure investment across the city, public spending that stands to support property values across the surrounding submarket.
For an investor taking a longer view of the central Los Angeles market, 1596 West 24th Street offers a well-maintained asset with remaining rental upside in a USC-anchored submarket.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
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Property Facts
| Price | $2,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $169,231 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 6.03% | Building Size | 10,124 SF |
| Gross Rent Multiplier | 9.24 | No. Stories | 2 |
| No. Units | 13 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.28/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R2-1-HPOZ | ||
| Price | $2,200,000 |
| Price Per Unit | $169,231 |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| Gross Rent Multiplier | 9.24 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 10,124 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.28/1,000 SF |
| Zoning | R2-1-HPOZ |
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | 750 |
| 2+1 | 4 | - | 1,000 |
1 1
Very walkable
80/100
Very drivable
80/100
Strong public transit
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5054-017-025 | Improvements Assessment | $429,047 |
| Land Assessment | $1,103,272 | Total Assessment | $1,532,319 |
Property Taxes
Parcel Number
5054-017-025
Land Assessment
$1,103,272
Improvements Assessment
$429,047
Total Assessment
$1,532,319
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Le Gar Apartments | 1596 W 24th St
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