Freestanding Triplex With Separate
For Sale
$699,900
1171 W 38th Street, Los Angeles, CA 90037
Residential Income, Los Angeles, CA
Property Size2,100 SF
Lot Size0.14 Acres
Price / SF$333.29
Days on Market153
Property Features for 1171 W 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LAR4
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 2
Directions
10 Fwy - Exit Vermont and Head South on Vermont Ave - Right on West 39th - Right on S Budlong Ave - Left on West 38th - On Right Side!
Subdivision
97 - Out of Area South
Standard status
Active
APN
5037-014-013
Size
2,100 SF
Lot size
0.14 Acres
Building Details
Year built
1928
Number of units
3
Building materials
Frame, Stucco
Listing Agency:
James Baker Realty, Inc.
(661) 949-3000
Listed By:
James Baker · License #00975357
(661) 816-3395
Added: Apr 7
Changed: Sep 2
Last Checked: Sep 6 at 8:06AM
MLS# 26002873
Copyright © 2026 Greater Antelope Valley Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Los Angeles triplex consists of three separate freestanding homes, each measuring 700 square feet and carrying its own address. Together, the residences provide 2,100 square feet on a 0.14-acre parcel. The buildings date to 1928 and feature frame construction with stucco exteriors. All three addresses—1171, 1173, and 1175—are included in the offering.
The property is located approximately three blocks from USC, near Exposition Blvd and Vermont Ave. LAR4 zoning supports the existing multifamily configuration, while open rear parking accommodates six vehicles. The property address is 1171 W 38th Street, Los Angeles, CA 90037.
The property is located approximately three blocks from USC, near Exposition Blvd and Vermont Ave. LAR4 zoning supports the existing multifamily configuration, while open rear parking accommodates six vehicles. The property address is 1171 W 38th Street, Los Angeles, CA 90037.
Key Highlights
- Three separate freestanding homes, each 700 SF
- 2,100 square feet of total property size
- Each residence has its own address: 1171, 1173, and 1175
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,086
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$701,720
$701.7K
Cap Rate 7%
$501,229
$501.2K
Cap Rate 9%
$389,844
$389.8K
Market Conditions
NOI Build-Up for 2,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.4K $24.48/SF
− Vacancy
−$1.3K −$0.61/SF
EGI
$50.1K $23.87/SF
− OpEx
−$15.0K −$7.16/SF
NOI
$35.1K $16.71/SF
Area
ZIP 90037
Vacancy
2.50%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$701,720
Cap Rate 7%
$501,229
Cap Rate 9%
$389,844
Alternative Uses
Best Use
Multifamily LT 5
$501.2K
$438.6K – $584.8K
NOI $35,086 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$445.5K
$389.8K – $519.8K
NOI $31,185 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$822.9K
$720.0K – $960.0K
NOI $57,600 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,348
Businesses Nearby
Explore this area
Business Placement
Demographics for 90037, CA
63,706
Population
18,709
Households
3.4
Avg Household Size
33
Median Age
9%
College-Educated
54%
High-School Grad
2.9 sq mi
ZIP Area
21,968
Density / Sq Mi
$56,417
Median Household Income
$29,857
Median Earnings
$1,438
Median Rent
$632,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three individually addressed residences provide a small-scale multifamily configuration with open rear parking.
Where is this triplex located?
The property is located at 1171 W 38th Street Los Angeles, CA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Three separate freestanding homes, each 700 SF; 2,100 square feet of total property size; Each residence has its own address: 1171, 1173, and 1175
