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The 21st Street Bungalows 515 E 21st St 3 Unit Apartment Building $790,000 ($263,333/Unit) 6.84% 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
- 6.8% 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
Nami Investment Group is proud to present a 3are 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, 2-bathroom fully remodeled separate bungalow plus two 1-bedroom units. Offers a 6.84% cap rate with 5 on-site parking spaces. Prime location just minutes from Downtown LA, Crypto.com Arena, and USC.
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Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$74,519
|
$33.87
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$74,519
|
$33.87
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$20,455
|
$9.30
|
| Net Operating Income |
$54,064
|
$24.57
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $74,519 |
| Annual Per SF | $33.87 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $74,519 |
| Annual Per SF | $33.87 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $20,455 |
| Annual Per SF | $9.30 |
| Net Operating Income | |
|---|---|
| Annual | $54,064 |
| Annual Per SF | $24.57 |
Property Facts
| Price | $790,000 | Building Class | C |
| Price Per Unit | $263,333 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 2,200 SF |
| Cap Rate | 6.84% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.28 | 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 | $790,000 |
| Price Per Unit | $263,333 |
| Sale Type | Investment |
| Cap Rate | 6.84% |
| Gross Rent Multiplier | 10.28 |
| 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 | 1 | - | - |
| 3+2 | 1 | - | - |
| 2+1.5 | 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 | Improvements Assessment | $208,080 (2025) |
| Land Assessment | $525,402 (2025) | Total Assessment | $733,482 (2025) |
Property Taxes
Parcel Number
5127-017-004
Land Assessment
$525,402 (2025)
Improvements Assessment
$208,080 (2025)
Total Assessment
$733,482 (2025)
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The 21st Street Bungalows | 515 E 21st St