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239 W 113th St 6 Unit Apartment Building $985,000 ($164,167/Unit) 6.56% Cap Rate Los Angeles, CA 90061
Investment Highlights
- Current scheduled gross income of $114,384 annually, with average in-place rents at $1,589 per unit versus market rents estimated at $1,925
- 21.2% loss-to-lease on offering underwriting
- Operational asset delivering day-one cash flow with significant rent growth potential.
- Largest rent gap concentrated in Unit 4 at $1,000/month
Executive Summary
239 W 113th Street is a six-unit operator deal with day-one cash flow and visible rent upside. At the asking price of $985,000, the property is offered at $164,167 per unit and underwrites to a 6.56% current cap rate and 8.61 current GRM based on the offering financials.
The deal works because the in-place income is there on day one. Scheduled gross income is $114,384, and the asset is separately metered for gas and electricity, which helps contain utility exposure.
The upside is real, but it is execution-based. Current average rent is $1,589 per unit versus underwritten market rent of $1,925, with one unit at $1,000 creating a large portion of the rent gap. This is not a heavy repositioning deal. It is a cash-flowing six-unit with selective rent reset potential over time.
For South LA small-balance buyers, the deal offers day-one income, separate utility metering, excess parking, and rent upside tied to turnover rather than heavy repositioning.
The deal works because the in-place income is there on day one. Scheduled gross income is $114,384, and the asset is separately metered for gas and electricity, which helps contain utility exposure.
The upside is real, but it is execution-based. Current average rent is $1,589 per unit versus underwritten market rent of $1,925, with one unit at $1,000 creating a large portion of the rent gap. This is not a heavy repositioning deal. It is a cash-flowing six-unit with selective rent reset potential over time.
For South LA small-balance buyers, the deal offers day-one income, separate utility metering, excess parking, and rent upside tied to turnover rather than heavy repositioning.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$114,384
|
$48.14
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,575
|
$1.93
|
| Effective Gross Income |
$109,809
|
$46.22
|
| Taxes |
$13,558
|
$5.71
|
| Operating Expenses |
$32,000
|
$13.47
|
| Total Expenses |
$45,558
|
$19.17
|
| Net Operating Income |
$64,251
|
$27.04
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $114,384 |
| Annual Per SF | $48.14 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,575 |
| Annual Per SF | $1.93 |
| Effective Gross Income | |
|---|---|
| Annual | $109,809 |
| Annual Per SF | $46.22 |
| Taxes | |
|---|---|
| Annual | $13,558 |
| Annual Per SF | $5.71 |
| Operating Expenses | |
|---|---|
| Annual | $32,000 |
| Annual Per SF | $13.47 |
| Total Expenses | |
|---|---|
| Annual | $45,558 |
| Annual Per SF | $19.17 |
| Net Operating Income | |
|---|---|
| Annual | $64,251 |
| Annual Per SF | $27.04 |
Property Facts
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Good public transit
70/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 6074-023-031 | Total Assessment | $1,011,331 |
| Land Assessment | $530,604 | Annual Taxes | $13,558 ($5.71/SF) |
| Improvements Assessment | $480,727 | Tax Year | 2025 |
Property Taxes
Parcel Number
6074-023-031
Land Assessment
$530,604
Improvements Assessment
$480,727
Total Assessment
$1,011,331
Annual Taxes
$13,558 ($5.71/SF)
Tax Year
2025
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239 W 113th St
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