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844 W Martin Luther King Jr Blvd 24 Unit Apartment Building $3,500,000 ($145,833/Unit) 7.02% Cap Rate Los Angeles, CA 90037
INVESTMENT HIGHLIGHTS
- Opportunity to Buy 24 Units Near USC
- Electrical Panels Recently Replaced
- Situated on a Double Lot (11,094 SF)
- Offered at a 7.02% CAP Rate
- Across the Street from the LA Coliseum
EXECUTIVE SUMMARY
844-846 W. Martin Luther King Junior Boulevard presents the opportunity to purchase two (2) contiguous 12-unit apartment buildings directly across the street from the LA Coliseum, home of the USC Trojans football games. The properties are conveniently located a short drive to the 110 Freeway and within walking distance to BMO Stadium which is the home of the LAFC soccer matches. The property boasts twenty-three (23) studio units and one (1) one-bedroom unit. Each unit is separately metered for electricity, and the exterior electrical panels were recently replaced on both buildings. The buildings are situated on a double lot of over 11,000 square feet of land zoned LAR3, which is suitable for future development.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$428,871
|
$29.80
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,289
|
$0.30
|
| Effective Gross Income |
$424,582
|
$29.51
|
| Taxes |
$42,000
|
$2.92
|
| Operating Expenses |
$136,806
|
$9.51
|
| Total Expenses |
$178,806
|
$12.43
|
| Net Operating Income |
$245,776
|
$17.08
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $428,871 |
| Annual Per SF | $29.80 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,289 |
| Annual Per SF | $0.30 |
| Effective Gross Income | |
|---|---|
| Annual | $424,582 |
| Annual Per SF | $29.51 |
| Taxes | |
|---|---|
| Annual | $42,000 |
| Annual Per SF | $2.92 |
| Operating Expenses | |
|---|---|
| Annual | $136,806 |
| Annual Per SF | $9.51 |
| Total Expenses | |
|---|---|
| Annual | $178,806 |
| Annual Per SF | $12.43 |
| Net Operating Income | |
|---|---|
| Annual | $245,776 |
| Annual Per SF | $17.08 |
PROPERTY FACTS
| Price | $3,500,000 | Property Subtype | Apartment |
| Price Per Unit | $145,833 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.02% | Lot Size | 0.26 AC |
| Sale Condition | 1031 Exchange | Building Size | 14,390 SF |
| Gross Rent Multiplier | 8.16 | Average Occupancy | 83% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1924 |
| Zoning | R3, Los Angeles | ||
| Price | $3,500,000 |
| Price Per Unit | $145,833 |
| Sale Type | Investment |
| Cap Rate | 7.02% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 8.16 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 14,390 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1924 |
| Zoning | R3, Los Angeles |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Hardwood Floors
- Sprinkler System
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Security System
- Tenant Controlled HVAC
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 23 | $1,470 | 550 |
| 1+1 | 1 | $1,924 | 650 |
1 1
Walk Score®
Very Walkable (88)
Transit Score®
Excellent Transit (73)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 5019-001-025 | Total Assessment | $1,002,130 (2025) |
| Land Assessment | $429,047 (2025) | Annual Taxes | $42,000 ($2.92/SF) |
| Improvements Assessment | $573,083 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5019-001-025
Land Assessment
$429,047 (2025)
Improvements Assessment
$573,083 (2025)
Total Assessment
$1,002,130 (2025)
Annual Taxes
$42,000 ($2.92/SF)
Tax Year
2024
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844 W Martin Luther King Jr Blvd
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