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16505-16511 S Denver Ave 16 Unit Apartment Building $3,200,000 ($200,000/Unit) 5.77% Cap Rate Gardena, CA 90248
Investment Highlights
- 12 Units are Non-Rent Controlled (AB 1482) and 4 Units are Rent Controlled (L.A. RSO)
- Gated Building with Total of 24 Parking Spaces | Roof Replaced in 2018 on 12-Unit Structure | Both Buildings Contain Copper Plumbing
- Large Lot & Ample Parking Areas Present Desirable Opportunity to Add ADUs
- Large 12,831-SF Corner Lot | 12-Unit Building was Built in 1988 | Newer Windows, Newer Doors & 6 Units Recently Upgraded
- New Water Line & Newer Sewer Line (2021/2022) | Property Passed SB 721 Balcony Inspection
- 5.77% Cap Rate & 10.91 GRM | 7.13% Pro-Forma Cap Rate & 9.41 Pro-Forma GRM
Executive Summary
ASSET
16-unit apartment located in Gardena P.O. One of the buildings, consisting of 12-units of all 1-bedroom/1-bathroom units, was built in 1988 and is not subject to LA City Rent Control (AB 1482 only). The other 4-unit structure was built in 1965 and is subject to LA City Rent Control and includes one 2-bedroom/1-bathroom and three 1-bedroom/1-bathroom units. The asset contains a unit mix of (1) 2-bedroom/1-bathroom unit and (15) 1-bedroom/1-bathroom units. Situated on a large 12,831-SF corner lot, the property features newer windows, newer doors, on-site laundry facility, 24 parking spaces and 6 of the units have been recently upgraded. The roof of the 12-unit building was replaced in 2018. Both buildings contain copper plumber and there is a new main water line and newer sewer line (2021/2022). The property has passed the SB721 balcony inspection. Furthermore, the large lot and ample parking areas present a desirable opportunity to ADUs.
LOCATION
16511 S. Denver Avenue is located in Gardena P.O., south of Gardena Boulevard and approximately a half mile from Artesia Boulevard. The asset is in close proximity Pacific Square Shopping Center, Gardena Market Place and to the many retail shops, restaurants, entertainment, and shopping centers of the area.
FINANCIALS
This 9,528-SF apartment presents stable in-place rents as well as legitimate rental upside. The asset contains a current cap rate of 5.77% and current GRM of 10.91 and a pro-forma cap rate of 7.13% and pro-forma GRM of 9.41.
16-unit apartment located in Gardena P.O. One of the buildings, consisting of 12-units of all 1-bedroom/1-bathroom units, was built in 1988 and is not subject to LA City Rent Control (AB 1482 only). The other 4-unit structure was built in 1965 and is subject to LA City Rent Control and includes one 2-bedroom/1-bathroom and three 1-bedroom/1-bathroom units. The asset contains a unit mix of (1) 2-bedroom/1-bathroom unit and (15) 1-bedroom/1-bathroom units. Situated on a large 12,831-SF corner lot, the property features newer windows, newer doors, on-site laundry facility, 24 parking spaces and 6 of the units have been recently upgraded. The roof of the 12-unit building was replaced in 2018. Both buildings contain copper plumber and there is a new main water line and newer sewer line (2021/2022). The property has passed the SB721 balcony inspection. Furthermore, the large lot and ample parking areas present a desirable opportunity to ADUs.
LOCATION
16511 S. Denver Avenue is located in Gardena P.O., south of Gardena Boulevard and approximately a half mile from Artesia Boulevard. The asset is in close proximity Pacific Square Shopping Center, Gardena Market Place and to the many retail shops, restaurants, entertainment, and shopping centers of the area.
FINANCIALS
This 9,528-SF apartment presents stable in-place rents as well as legitimate rental upside. The asset contains a current cap rate of 5.77% and current GRM of 10.91 and a pro-forma cap rate of 7.13% and pro-forma GRM of 9.41.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$293,292
|
$30.78
|
| Other Income |
$3,600
|
$0.38
|
| Vacancy Loss |
$8,906
|
$0.93
|
| Effective Gross Income |
$287,986
|
$30.23
|
| Taxes |
$40,000
|
$4.20
|
| Operating Expenses |
$63,320
|
$6.65
|
| Total Expenses |
$103,320
|
$10.84
|
| Net Operating Income |
$184,666
|
$19.38
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $293,292 |
| Annual Per SF | $30.78 |
| Other Income | |
|---|---|
| Annual | $3,600 |
| Annual Per SF | $0.38 |
| Vacancy Loss | |
|---|---|
| Annual | $8,906 |
| Annual Per SF | $0.93 |
| Effective Gross Income | |
|---|---|
| Annual | $287,986 |
| Annual Per SF | $30.23 |
| Taxes | |
|---|---|
| Annual | $40,000 |
| Annual Per SF | $4.20 |
| Operating Expenses | |
|---|---|
| Annual | $63,320 |
| Annual Per SF | $6.65 |
| Total Expenses | |
|---|---|
| Annual | $103,320 |
| Annual Per SF | $10.84 |
| Net Operating Income | |
|---|---|
| Annual | $184,666 |
| Annual Per SF | $19.38 |
Property Facts
| Price | $3,200,000 | Apartment Style | Garden |
| Price Per Unit | $200,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 5.77% | Building Size | 9,528 SF |
| Gross Rent Multiplier | 10.91 | Average Occupancy | 88% |
| No. Units | 16 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | Parking Ratio | 2.52/1,000 SF |
| Zoning | R3-1, Los Angeles | ||
| Price | $3,200,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 5.77% |
| Gross Rent Multiplier | 10.91 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 9,528 SF |
| Average Occupancy | 88% |
| No. Stories | 3 |
| Year Built | 1988 |
| Parking Ratio | 2.52/1,000 SF |
| Zoning | R3-1, Los Angeles |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 15 | $1,521 | - |
| 2+1 | 1 | $1,616 | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 6121-004-038 | Total Assessment | $2,268,940 |
| Land Assessment | $644,122 | Annual Taxes | $40,000 ($4.20/SF) |
| Improvements Assessment | $1,624,818 | Tax Year | 2025 |
Property Taxes
Parcel Number
6121-004-038
Land Assessment
$644,122
Improvements Assessment
$1,624,818
Total Assessment
$2,268,940
Annual Taxes
$40,000 ($4.20/SF)
Tax Year
2025
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16505-16511 S Denver Ave
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