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50% Upside + Development Potential 2942 W 12th St 3 Unit Apartment Building $1,150,000 ($383,333/Unit) 5.20% Cap Rate Los Angeles, CA 90006
Investment Highlights
- Value Add Opportunity With Over 50% Upside in Rents
- Detached 5 Bed / 2 Bath Craftsman House Delivered Vacant - Great Owner Occupant Opportunity
- Low Price Per Square Foot - $229
- Pro Forma 8.97% Cap Rate
- R-3 Medium Density Zoning + Tier 2 TOC Program (Density Bonus)
- Walk Score: 93 - Daily Errands Do Not Require a Car
Executive Summary
2942 W 12th Street, is an exceptionally located value-add triplex in the heart of Koreatown/Olympic Park consisting of a detached 5BD/2BA Craftsman house and a duplex with (1) 3BD/1BA unit and (1) 4BD/2BA unit, totaling approximately 5,020 rentable square feet on a 5,917 square foot LAR3 lot.
The property offers a compelling investment profile with the two occupied units currently generating just $2,959/month combined at below-market rents, while the detached front house will be delivered vacant, providing immediate lease-up or owner-user flexibility. Current income is approximately $89,504 annually, with pro forma gross income projected at approximately $131,400, representing over 50% upside in rents and a clear path to stronger in-place returns.
In addition to the value-add cash flow component, the property benefits from LAR3 zoning and Tier 2 TOC eligibility, creating longer-term redevelopment and density bonus potential in one of Los Angeles’ most transit-oriented rental markets. Offered at an attractive price per square foot in a high-demand location near Koreatown, Downtown LA, Metro access, and major employment hubs, this is a rare opportunity for investors seeking both current income upside and future development optionality
The property offers a compelling investment profile with the two occupied units currently generating just $2,959/month combined at below-market rents, while the detached front house will be delivered vacant, providing immediate lease-up or owner-user flexibility. Current income is approximately $89,504 annually, with pro forma gross income projected at approximately $131,400, representing over 50% upside in rents and a clear path to stronger in-place returns.
In addition to the value-add cash flow component, the property benefits from LAR3 zoning and Tier 2 TOC eligibility, creating longer-term redevelopment and density bonus potential in one of Los Angeles’ most transit-oriented rental markets. Offered at an attractive price per square foot in a high-demand location near Koreatown, Downtown LA, Metro access, and major employment hubs, this is a rare opportunity for investors seeking both current income upside and future development optionality
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$131,400
|
$26.18
|
| Other Income |
$2,700
|
$0.54
|
| Vacancy Loss |
$3,942
|
$0.79
|
| Effective Gross Income |
$130,158
|
$25.93
|
| Taxes |
$14,366
|
$2.86
|
| Operating Expenses |
$12,680
|
$2.53
|
| Total Expenses |
$27,046
|
$5.39
|
| Net Operating Income |
$103,112
|
$20.54
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $131,400 |
| Annual Per SF | $26.18 |
| Other Income | |
|---|---|
| Annual | $2,700 |
| Annual Per SF | $0.54 |
| Vacancy Loss | |
|---|---|
| Annual | $3,942 |
| Annual Per SF | $0.79 |
| Effective Gross Income | |
|---|---|
| Annual | $130,158 |
| Annual Per SF | $25.93 |
| Taxes | |
|---|---|
| Annual | $14,366 |
| Annual Per SF | $2.86 |
| Operating Expenses | |
|---|---|
| Annual | $12,680 |
| Annual Per SF | $2.53 |
| Total Expenses | |
|---|---|
| Annual | $27,046 |
| Annual Per SF | $5.39 |
| Net Operating Income | |
|---|---|
| Annual | $103,112 |
| Annual Per SF | $20.54 |
Property Facts
| Price | $1,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $383,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.20% | Building Size | 5,020 SF |
| Gross Rent Multiplier | 12.85 | Average Occupancy | 66% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1925 |
| Property Subtype | Apartment | Parking Ratio | 0.2/1,000 SF |
| Zoning | LAR3 - Medium Density Residential + Tier 2 TOC Area | ||
| Price | $1,150,000 |
| Price Per Unit | $383,333 |
| Sale Type | Investment |
| Cap Rate | 5.20% |
| Gross Rent Multiplier | 12.85 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,020 SF |
| Average Occupancy | 66% |
| No. Stories | 2 |
| Year Built | 1925 |
| Parking Ratio | 0.2/1,000 SF |
| Zoning | LAR3 - Medium Density Residential + Tier 2 TOC Area |
Amenities
Unit Amenities
- Washer/Dryer Hookup
- Heating
- Hardwood Floors
- Double Pane Windows
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 1 | - | 1,236 |
| 4+2 | 1 | - | 1,650 |
| 5+2 | 1 | - | 2,134 |
Very walkable
80/100
Moderately drivable
70/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5080-020-001 | Total Assessment | $1,476,899 (2025) |
| Land Assessment | $1,137,827 (2025) | Annual Taxes | $14,366 ($2.86/SF) |
| Improvements Assessment | $339,072 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
5080-020-001
Land Assessment
$1,137,827 (2025)
Improvements Assessment
$339,072 (2025)
Total Assessment
$1,476,899 (2025)
Annual Taxes
$14,366 ($2.86/SF)
Tax Year
2026
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50% Upside + Development Potential | 2942 W 12th St
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