38 Units Renovated | 7.65% Stabilized Cap 5005 August St 44 Unit Apartment Building $6,995,000 ($158,977/Unit) 5.84% Cap Rate Los Angeles, CA 90008

5005 August Street presents the opportunity to acquire a substantially (86%) renovated 44-unit multifamily community in the highly sought-after West Adams/Crenshaw submarket of Los Angeles. The property consists of three (3) one-bedroom/one-bath units, thirty-one (31) studio units, and ten (10) bachelor units, providing an efficient unit mix that caters to the area's strong workforce and young professional renter base.
Current ownership has completed an extensive renovation program, with 38 of the property's 44 units fully renovated to a contemporary standard featuring modern fixtures, finishes, and interior upgrades. In addition to the unit improvements, the property benefits from upgraded vinyl windows throughout, individual gas and electric metering, and a well-maintained common area amenity package that includes an on-site laundry facility, swimming pool, and outdoor lounging area. Parking is a significant competitive advantage, with 50 on-site parking spaces, providing an unusually high parking ratio for a dense urban Los Angeles location.
Operationally, the asset offers both immediate cash flow and meaningful upside. Based on the current operating statements, the property is projected to generate approximately $658,950 in current gross operating income, with a clear path to $792,373 in stabilized gross operating income through continued lease optimization and realization of market rents. The property's existing renovation program significantly reduces future capital expenditure requirements while positioning the remaining unrenovated units to provide additional value-add opportunities.
Less than one mile from the property, the Baldwin Hills Crenshaw Plaza and 5035 Coliseum Street mixed-use projects are in development, representing an estimated $1.5 billion in combined public and private investment. Together, these transformative developments will deliver nearly 1,800 new residential units, a Costco, a 400-room hotel, expanded retail, office space, restaurants, and new public gathering areas, fundamentally reshaping the Baldwin Hills/Crenshaw corridor.
This unprecedented level of institutional investment is expected to create thousands of permanent jobs, enhance neighborhood amenities, and further elevate the area's long-term desirability among residents. For multifamily investors, these projects reinforce the submarket's strong growth trajectory, supporting sustained renter demand, long-term rent appreciation, and continued asset value growth.
5005 August Street represents a rare opportunity to acquire a largely turnkey apartment community with modern interiors, attractive amenities, substantial parking, and remaining rental upside in one of Los Angeles' strongest long-term multifamily markets.