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2241 Crenshaw Blvd 8 Unit Apartment Building $2,150,000 ($268,750/Unit) 6.01% Cap Rate Los Angeles, CA 90016
Investment Highlights
- Prime Mid-City / West Adams Location Along the Crenshaw Corridor
- 7 of 8 Units Are Currently Vacant and Unrenovated
- Double the Unit Count by Adding up to 8 Detached, Fully Non-Rent-Controlled ADU Units in the Rear
- Attractive Unit Mix of 2 Studios, 5 One-Bedrooms, and 1 Two-Bedroom Unit
- Roughly 6,000 SF of Open Land in the Gated Private Backyard
- Large Two-Bedroom Unit with Potential Conversion to a Three-Bedroom
Executive Summary
Equity Union Commercial is pleased to present 2241 Crenshaw Blvd, an 8-unit multifamily investment opportunity in the heart of Los Angeles' Mid-City/West Adams submarket. Built in 1927, the property features a well-balanced unit mix of 2 studios, 5 one-bedrooms, and 1 two-bedroom unit, with 7 of the 8 units currently vacant — giving a new owner the ability to bring units online at market rents from day one rather than working through existing tenancies.
This property qualifies for up to 8 detached, fully non-rent-controlled ADUs under SB 1211, with roughly 6,000 SF of open backyard space (approximately 60' x 100') available for development. The site also carries meaningful development upside: it is zoned LAR3 with a TOC Tier 3 designation, supporting up to a 70% density bonus and the potential to build up to 31 units by-right. Combined, these entitlements offer a rare opportunity to double the unit count on one of the last remaining large-lot opportunities along this corridor.
The property sits along the Crenshaw corridor at the border of Mid-City and West Adams. The location offers convenient access to the Metro E (Expo) Line, the I-10 Freeway, and everyday retail and dining along Crenshaw & Washington, including Starbucks, Planet Fitness, CVS, Ross, and Five Guys — all within close proximity to Johnnie L. Cochran Jr. Middle School.
This property qualifies for up to 8 detached, fully non-rent-controlled ADUs under SB 1211, with roughly 6,000 SF of open backyard space (approximately 60' x 100') available for development. The site also carries meaningful development upside: it is zoned LAR3 with a TOC Tier 3 designation, supporting up to a 70% density bonus and the potential to build up to 31 units by-right. Combined, these entitlements offer a rare opportunity to double the unit count on one of the last remaining large-lot opportunities along this corridor.
The property sits along the Crenshaw corridor at the border of Mid-City and West Adams. The location offers convenient access to the Metro E (Expo) Line, the I-10 Freeway, and everyday retail and dining along Crenshaw & Washington, including Starbucks, Planet Fitness, CVS, Ross, and Five Guys — all within close proximity to Johnnie L. Cochran Jr. Middle School.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$191,568
|
$39.22
|
| Other Income |
$3,600
|
$0.74
|
| Vacancy Loss |
$5,747
|
$1.18
|
| Effective Gross Income |
$189,421
|
$38.78
|
| Taxes |
$25,800
|
$5.28
|
| Operating Expenses |
$34,477
|
$7.06
|
| Total Expenses |
$60,277
|
$12.34
|
| Net Operating Income |
$129,144
|
$26.44
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $191,568 |
| Annual Per SF | $39.22 |
| Other Income | |
|---|---|
| Annual | $3,600 |
| Annual Per SF | $0.74 |
| Vacancy Loss | |
|---|---|
| Annual | $5,747 |
| Annual Per SF | $1.18 |
| Effective Gross Income | |
|---|---|
| Annual | $189,421 |
| Annual Per SF | $38.78 |
| Taxes | |
|---|---|
| Annual | $25,800 |
| Annual Per SF | $5.28 |
| Operating Expenses | |
|---|---|
| Annual | $34,477 |
| Annual Per SF | $7.06 |
| Total Expenses | |
|---|---|
| Annual | $60,277 |
| Annual Per SF | $12.34 |
| Net Operating Income | |
|---|---|
| Annual | $129,144 |
| Annual Per SF | $26.44 |
Property Facts
Amenities
Unit Amenities
- Balcony
- Disposal
- Storage Space
- Heating
- Granite Countertops
- Refrigerator
- Range
- Tub/Shower
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $1,800 | - |
| 1+5 | 3 | $1,632 | - |
| 2+1 | 2 | $2,500 | - |
Moderately walkable
70/100
Exceptionally drivable
100/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5061-021-038 | Total Assessment | $2,063,707 (2025) |
| Land Assessment | $1,394,398 (2025) | Annual Taxes | $25,800 ($5.28/SF) |
| Improvements Assessment | $669,309 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
5061-021-038
Land Assessment
$1,394,398 (2025)
Improvements Assessment
$669,309 (2025)
Total Assessment
$2,063,707 (2025)
Annual Taxes
$25,800 ($5.28/SF)
Tax Year
2026
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2241 Crenshaw Blvd