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515 E 21st St 3 Unit Apartment Building $845,000 ($281,667/Unit) 6.32% Cap Rate Los Angeles, CA 90011
Investment Highlights
- A Rare 3-Unit Apartment Community Featuring 3 Separate Structures on the Lot
- Recessed Lighting, New Hardwood Floors, Stainless Steel Appliances, New Electrical and Upgraded Plumbing in the Remodeled Units
- 6.32% CAP Rate at the Asking Price
- 2 of the 3 Units Have Been Remodeled Down To The Studs with High End Modern Finishes
- Large 3-Bedroom Remodeled Unit with a Living Room and Dining Room
- 5 Parking Spaces On-Site
Executive Summary
Rare 3-unit property featuring three separate bungalow-style structures on one lot. Two units fully remodeled with high-end finishes including recessed lighting, hardwood floors, stainless steel appliances, and upgraded electrical and plumbing. Strong unit mix with a large 3-bedroom unit plus 1-bedroom units. Offers a 6.32% cap rate with 5 on-site parking spaces. Prime location just minutes from Downtown LA, Crypto.com Arena, and USC.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$76,824
|
$34.92
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$2,305
|
$1.05
|
| Effective Gross Income |
$74,519
|
$33.87
|
| Taxes |
$10,098
|
$4.59
|
| Operating Expenses |
$11,014
|
$5.01
|
| Total Expenses |
$21,112
|
$9.60
|
| Net Operating Income |
$53,407
|
$24.28
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $76,824 |
| Annual Per SF | $34.92 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $2,305 |
| Annual Per SF | $1.05 |
| Effective Gross Income | |
|---|---|
| Annual | $74,519 |
| Annual Per SF | $33.87 |
| Taxes | |
|---|---|
| Annual | $10,098 |
| Annual Per SF | $4.59 |
| Operating Expenses | |
|---|---|
| Annual | $11,014 |
| Annual Per SF | $5.01 |
| Total Expenses | |
|---|---|
| Annual | $21,112 |
| Annual Per SF | $9.60 |
| Net Operating Income | |
|---|---|
| Annual | $53,407 |
| Annual Per SF | $24.28 |
Property Facts
| Price | $845,000 | Building Class | C |
| Price Per Unit | $281,667 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 2,200 SF |
| Cap Rate | 6.32% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.99 | No. Stories | 1 |
| No. Units | 3 | Year Built | 1913 |
| Property Type | Multifamily | Parking Ratio | 2.27/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | LARD2 | ||
| Price | $845,000 |
| Price Per Unit | $281,667 |
| Sale Type | Investment |
| Cap Rate | 6.32% |
| Gross Rent Multiplier | 10.99 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 2,200 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1913 |
| Parking Ratio | 2.27/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LARD2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 3+2 | 1 | - | - |
1 1
Very walkable
80/100
Moderately drivable
70/100
Exceptional public transit
90/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5127-017-004 | Total Assessment | $733,482 (2025) |
| Land Assessment | $525,402 (2025) | Annual Taxes | $10,098 ($4.59/SF) |
| Improvements Assessment | $208,080 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
5127-017-004
Land Assessment
$525,402 (2025)
Improvements Assessment
$208,080 (2025)
Total Assessment
$733,482 (2025)
Annual Taxes
$10,098 ($4.59/SF)
Tax Year
2026
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515 E 21st St
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