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Drew St Apartments 3407-3411 Drew St 31 Unit Apartment Building $6,200,000 ($200,000/Unit) 5.50% Cap Rate Los Angeles, CA 90065
INVESTMENT HIGHLIGHTS
- Rare Opportunity to Purchase a 31-Unit Portfolio in Glassell Park
- Almost Entirely Spacious Two-Bedroom Units (77% of Units)
- Attractively Priced at a 10.40 Gross Rent Multiplier
- Zero (0) Properties have Sold Over 30 Units in Glassell Park in the Last Three (3) Years
- Nine (9) of the Units are Two-Story Two-Bedroom Townhome Style Units
- Value-Add Component: At Least 30% Rental Upside
EXECUTIVE SUMMARY
Kingside Investment Group of Keller Williams is proud to exclusively present for sale a 31-unit apartment portfolio in the heart of Glassell Park. The last time a portfolio of this magnitude was offered for sale was almost five years ago. The property is a short distance from a myriad of dining options such as Dunsmoor, The Grant, Solarc Brewing, and Bub and Grandma’s Restaurant. Tenants have easy access to multiple public transportation options and freeways which connect to the heart of Downtown Los Angeles.
3407 Drew Street is a 16-unit apartment building consisting of five (5) one-bedroom units, two (2) two-bedroom/one-bathroom units, and nine (9) two-story two-bedroom/one-and-a-half bathroom units spread across 12,083 rentable square feet. Each unit is separately metered for gas/electric, and it is allocated one parking space.
3411 Drew Street is a 15-unit apartment complex consisting of two (2) one-bedroom units and thirteen (13) two-bedroom units spread across 11,124 rentable square feet. Each unit is separately metered for gas/electric and it is allocated one parking space.
3407 Drew Street is a 16-unit apartment building consisting of five (5) one-bedroom units, two (2) two-bedroom/one-bathroom units, and nine (9) two-story two-bedroom/one-and-a-half bathroom units spread across 12,083 rentable square feet. Each unit is separately metered for gas/electric, and it is allocated one parking space.
3411 Drew Street is a 15-unit apartment complex consisting of two (2) one-bedroom units and thirteen (13) two-bedroom units spread across 11,124 rentable square feet. Each unit is separately metered for gas/electric and it is allocated one parking space.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$596,014
|
$25.68
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,960
|
$0.26
|
| Effective Gross Income |
$590,054
|
$25.43
|
| Taxes |
$74,381
|
$3.21
|
| Operating Expenses |
$174,643
|
$7.53
|
| Total Expenses |
$249,024
|
$10.73
|
| Net Operating Income |
$341,030
|
$14.70
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $596,014 |
| Annual Per SF | $25.68 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,960 |
| Annual Per SF | $0.26 |
| Effective Gross Income | |
|---|---|
| Annual | $590,054 |
| Annual Per SF | $25.43 |
| Taxes | |
|---|---|
| Annual | $74,381 |
| Annual Per SF | $3.21 |
| Operating Expenses | |
|---|---|
| Annual | $174,643 |
| Annual Per SF | $7.53 |
| Total Expenses | |
|---|---|
| Annual | $249,024 |
| Annual Per SF | $10.73 |
| Net Operating Income | |
|---|---|
| Annual | $341,030 |
| Annual Per SF | $14.70 |
PROPERTY FACTS
| Price | $6,200,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $200,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.62 AC |
| Cap Rate | 5.50% | Building Size | 23,207 SF |
| Gross Rent Multiplier | 10.4 | Average Occupancy | 100% |
| No. Units | 31 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1.34/1,000 SF |
| Zoning | RD2 | ||
| Price | $6,200,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 10.4 |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.62 AC |
| Building Size | 23,207 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.34/1,000 SF |
| Zoning | RD2 |
AMENITIES
UNIT AMENITIES
- Kitchen
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 7 | $1,625 | 600 |
| 2+1 | 15 | $1,542 | 700 |
| 2+1.5 | 9 | $1,684 | 850 |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $6,575,770 (2025) | |
| Land Assessment | $2,630,308 (2025) | Annual Taxes | $74,381 ($3.21/SF) |
| Improvements Assessment | $3,945,462 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,630,308 (2025)
Improvements Assessment
$3,945,462 (2025)
Total Assessment
$6,575,770 (2025)
Annual Taxes
$74,381 ($3.21/SF)
Tax Year
2024
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Drew St Apartments | 3407-3411 Drew St
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