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601 W 82nd St 20 Unit Apartment Building $2,650,000 ($132,500/Unit) 5.78% Cap Rate Los Angeles, CA 90044
INVESTMENT HIGHLIGHTS
- Potential to Deliver Two (2) Units Vacant
- Same Ownership Group for the Last Forty (40) Years
- Approximately 70% Rental Upside
- Almost Entirely Two Bedroom Units
- Attractively Priced at $189 Per Square Foot
EXECUTIVE SUMMARY
601 W. 82nd Street is a 20-unit apartment building located at 601 W. 82nd Street in South Los Angeles. Situated on 18,603 square feet of land, the property consists of a one, two-story building boasting two (2) one-bedroom units and eighteen (18) two-bedroom units. The property was constructed in 1963 using wood frames and stucco construction.
It has been under the same ownership group for the last forty (40) years. While the units have been kept in good condition over the years, there is an opportunity to untap 70% rental upside through turnover of the existing units and achieving market rents. The units are separately metered for gas and electricity, and the landlord pays for the water. In addition, there are currently two (2) one-bedroom units that can be delivered vacant at the close of escrow. The building requires the tuck-under parking to be seismically retrofitted. The seller has not started the process.
It has been under the same ownership group for the last forty (40) years. While the units have been kept in good condition over the years, there is an opportunity to untap 70% rental upside through turnover of the existing units and achieving market rents. The units are separately metered for gas and electricity, and the landlord pays for the water. In addition, there are currently two (2) one-bedroom units that can be delivered vacant at the close of escrow. The building requires the tuck-under parking to be seismically retrofitted. The seller has not started the process.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$309,813
|
$22.10
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,098
|
$0.22
|
| Effective Gross Income |
$306,715
|
$21.88
|
| Taxes |
$31,792
|
$2.27
|
| Operating Expenses |
$121,730
|
$8.69
|
| Total Expenses |
$153,522
|
$10.95
|
| Net Operating Income |
$153,193
|
$10.93
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $309,813 |
| Annual Per SF | $22.10 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,098 |
| Annual Per SF | $0.22 |
| Effective Gross Income | |
|---|---|
| Annual | $306,715 |
| Annual Per SF | $21.88 |
| Taxes | |
|---|---|
| Annual | $31,792 |
| Annual Per SF | $2.27 |
| Operating Expenses | |
|---|---|
| Annual | $121,730 |
| Annual Per SF | $8.69 |
| Total Expenses | |
|---|---|
| Annual | $153,522 |
| Annual Per SF | $10.95 |
| Net Operating Income | |
|---|---|
| Annual | $153,193 |
| Annual Per SF | $10.93 |
PROPERTY FACTS Under Contract
| Price | $2,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $132,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Cap Rate | 5.78% | Building Size | 14,016 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 90% |
| Gross Rent Multiplier | 8.55 | No. Stories | 2 |
| No. Units | 20 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 1.43/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LAR3 | ||
| Price | $2,650,000 |
| Price Per Unit | $132,500 |
| Sale Type | Investment |
| Cap Rate | 5.78% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 8.55 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.43 AC |
| Building Size | 14,016 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.43/1,000 SF |
| Zoning | LAR3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | $1,800 | 600 |
| 2+1 | 18 | $6,784 | 700 |
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PROPERTY TAXES
| Parcel Number | 6032-024-001 | Total Assessment | $892,136 (2025) |
| Land Assessment | $398,272 (2025) | Annual Taxes | $31,792 ($2.27/SF) |
| Improvements Assessment | $493,864 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
6032-024-001
Land Assessment
$398,272 (2025)
Improvements Assessment
$493,864 (2025)
Total Assessment
$892,136 (2025)
Annual Taxes
$31,792 ($2.27/SF)
Tax Year
2024
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601 W 82nd St
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