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    RTI Approved 17-Unit Development Title is generated by Realmo AI

    1234 W Martin Luter King Jr., Los Angeles, CA 90037

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    For Sale
    $1,349,000

    Commercial/Residential, Contemporary - Los Angeles, CA

    Property size:
    13,294 SF
    Lot size:
    6,403.00 Acres
    Price / SF:
    $101/SF
    Added:
    Sep 12, 2025
    Days on Market:
    261
    Last Refresh:
    May 30 at 6:06 am

    Property Features for 1234 W Martin Luter King Jr.

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    LAR3
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Kitchen, Laundry, Living Room
    Parking features
    None
    Interior features
    Quartz Counters, 2 Staircases, Recessed Lighting, Open Floorplan, Panel Doors
    Exterior features
    Fence, Community Features Included: Urban, 0-1 Unit/Acre
    Fencing
    Fenced
    Standard status
    Active
    APN
    5020016011
    Size
    13,294 SF
    Lot size
    6,403.00 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1912
    Floors in Building
    3
    Number of units
    17
    Flooring type
    Laminate, Tile
    Roof type
    Composition
    Architectural style
    Contemporary

    We can help!

    Listing Contact
    Chris Limon
    Chris Limon

    Listing agent Chris Limon License #01182471

    Listing office Century 21 A Better Service 10839 La Reina Ave #100, Downey, CA

    Listing date Sep 12, 2025

    MLS# DW25216052 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • RTI (Ready to Issue) with approved plans for 17 units: Shovel‑ready, fast‑track multifamily development opportunity.
    • Prime Los Angeles location in a high‑demand area.
    • Approved plans include a mix of 11 one‑bedroom/one‑bath units and 6 two‑bedroom/two‑bath units.
    • Ideal for multifamily development with strong rental demand.
    • Convenient access to transit, shops, dining, USC, Lucas Museum, and BMO Stadium.
    • Includes amenities such as a terrace with a view and a community center.

    Overview

    This Los Angeles property presents a development opportunity with RTI (Ready to Issue) approval for 17 units. The approved plans include 11 units with 1 bedroom and 1 bath, and 6 units with 2 bedrooms and 2 baths, totaling 23 bedrooms and 23 baths. The development is planned as a 4-story building with amenities such as a terrace with views and a community center. Currently, the site is occupied by a single-family residence with 3 beds and 2 baths. The property is situated in a high-demand area of Los Angeles, offering convenient access to transit, shops, and dining. Its location is near USC, the Lucas Museum of Narrative Art, and BMO Stadium. This shovel-ready project is suited for multifamily development, with strong rental demand in the surrounding area. The lot size is approximately 0.146 acres, with a property size of 13294 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.297893
    Latitude
    34.012631

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    FAQs

    What type of property is this?
    Apartment building - Ready-to-Issue development opportunity in Los Angeles for 17 units.
    Where is this apartment building located?
    The property is located at 1234 W Martin Luter King Jr. Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $1,349,000.
    What are key features of this property?
    This property features: RTI (Ready to Issue) with approved plans for 17 units: Shovel‑ready, fast‑track multifamily development opportunity.; Prime Los Angeles location in a high‑demand area.; Approved plans include a mix of 11 one‑bedroom/one‑bath units and 6 two‑bedroom/two‑bath units.
    (562) 244-8211
    We can help!
    Listing Contact
    Chris Limon
    Chris Limon
    Real Estate License ID: 01182471
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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