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501-505 E 23rd St 10 Unit Apartment Building $1,345,000 ($134,500/Unit) 7.02% Cap Rate Los Angeles, CA 90011
Investment Highlights
- Offered at a 7.02% CAP Rate
- Large Units - 10,852 Square Feet for 10 Units
- Diverse Mix of Studio, One-Bed, Two-Bed Units, & Commercial Unit
- Priced at a 6.74 Gross Rent Multiplier
- Well Below Replacement Cost -- $123.94 per SF
Executive Summary
501 E. 23rd Street is a 10-unit mixed-use opportunity located in South Central Los Angeles. It combines both residential and commercial income streams -- including a commercial unit, one (1) studio unit, four (4) one-bedroom units, and four (4) two-bedroom units. The ten (10) units are spread across two separate buildings and extend to approximately 10,852 rentable square feet. The building on 23rd Street is separately metered for gas and electricity; while the building facing Wall Street is master meter metered for both utilities (gas & electricity).
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$199,644
|
$18.40
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$9,982
|
$0.92
|
| Effective Gross Income |
$189,662
|
$17.48
|
| Taxes |
$16,140
|
$1.49
|
| Operating Expenses |
$79,073
|
$7.29
|
| Total Expenses |
$95,213
|
$8.77
|
| Net Operating Income |
$94,449
|
$8.70
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $199,644 |
| Annual Per SF | $18.40 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $9,982 |
| Annual Per SF | $0.92 |
| Effective Gross Income | |
|---|---|
| Annual | $189,662 |
| Annual Per SF | $17.48 |
| Taxes | |
|---|---|
| Annual | $16,140 |
| Annual Per SF | $1.49 |
| Operating Expenses | |
|---|---|
| Annual | $79,073 |
| Annual Per SF | $7.29 |
| Total Expenses | |
|---|---|
| Annual | $95,213 |
| Annual Per SF | $8.77 |
| Net Operating Income | |
|---|---|
| Annual | $94,449 |
| Annual Per SF | $8.70 |
Property Facts
| Price | $1,345,000 | Apartment Style | Low-Rise |
| Price Per Unit | $134,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 7.02% | Building Size | 10,852 SF |
| Gross Rent Multiplier | 6.74 | Average Occupancy | 90% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2013 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RD2-1 | ||
| Price | $1,345,000 |
| Price Per Unit | $134,500 |
| Sale Type | Investment |
| Cap Rate | 7.02% |
| Gross Rent Multiplier | 6.74 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 10,852 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built/Renovated | 1920/2013 |
| Opportunity Zone |
Yes |
| Zoning | RD2-1 |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Walking/Biking Trails
- Storage Space
- Public Transportation
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,350 | 500 |
| 1+1 | 4 | $1,704 | 650 |
| 2+1 | 4 | $1,368 | 800 - 1,000 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Exceptional public transit
90/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5127-015-015 | Total Assessment | $968,422 |
| Land Assessment | $367,754 | Annual Taxes | $16,140 ($1.49/SF) |
| Improvements Assessment | $600,668 | Tax Year | 2025 |
Property Taxes
Parcel Number
5127-015-015
Land Assessment
$367,754
Improvements Assessment
$600,668
Total Assessment
$968,422
Annual Taxes
$16,140 ($1.49/SF)
Tax Year
2025
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501-505 E 23rd St
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