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501-505 E 23rd St
Los Angeles, CA 90011
Multifamily Property For Sale
·
10 Units
Investment Highlights
- Offered at a 7.71% 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 6.58 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 23rd Street is separately metered for gas and electricity; while the building facing Wall Street is master meter metered for both utilities (gas & electricity).
Property Facts
| Price Per Unit | $134,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 7.71% | Building Size | 10,852 SF |
| Gross Rent Multiplier | 6.58 | Average Occupancy | 90% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2013 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RD2-1 | ||
| Price Per Unit | $134,500 |
| Sale Type | Investment |
| Cap Rate | 7.71% |
| Gross Rent Multiplier | 6.58 |
| 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 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,500 | 500 |
| 1+1 | 4 | $1,768 | 650 |
| 2+1 | 4 | $1,368 | 800 - 1,000 |
Property Taxes
| Parcel Number | 5127-015-015 | Improvements Assessment | $600,668 |
| Land Assessment | $367,754 | Total Assessment | $968,422 |
Property Taxes
Parcel Number
5127-015-015
Land Assessment
$367,754
Improvements Assessment
$600,668
Total Assessment
$968,422
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