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    1502 W 62Nd St Los Angeles, CA 90047

    View on Map
    Sponsored
    For Sale
    Under Contract
    $829,000

    MULTI_FAMILY - Los Angeles, CA

    Property size:
    2,652 SF
    Lot size:
    0.23 Acres
    Days on Market:
    18
    Last Refresh:
    Mar 17 at 7:06 pm

    Property Features for 1502 W 62Nd St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active Under Contract
    Zoning
    LAR1
    Rooms
    Bathroom 1, Bedroom 5, Bathroom 6, Bathroom 4, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 5, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 6
    Bedrooms
    6
    Bathrooms
    6
    APN
    6002-027-029
    Parking
    8
    Parking features
    Garage
    Size
    2,652 SF
    Lot size
    0.23 Acres

    Building Details

    Year built
    1927
    Floors in Building
    1
    Number of units
    6

    We can help!

    Listing Contact
    George Morales

    Compass

    Listing agent George Morales (310) 230-5478 License #01984555

    Listing date Feb 27, 2026

    MLS# 26639731

    Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    South Los Angeles Multifamily Opportunity

    Offered at $138,167 per unit, this South Los Angeles multifamily property presents a value-add opportunity with strong income and rental upside, comparing favorably to recent sales. Situated on a lot exceeding 10,000 square feet, the property offers immediate functionality and potential for future development. Buyers can explore the possibility of adding one or more Accessory Dwelling Units (ADUs) to potentially increase cash flow. Constructed in 1927, the property comprises six 1-bedroom units, each averaging approximately 442 square feet. One unit is currently vacant, providing an immediate income opportunity for the new owner. The single-story bungalow-style layout showcases classic architectural details, including arched entryways, stucco facades, and private entrances. The fully gated complex is designed around a wide walkway, creating a quiet residential environment. Amenities include six one-car garages, mature shade trees, open green space, and a large shared yard that enhances tenant appeal. Located in an established South Los Angeles neighborhood, the property benefits from convenient access to schools, shopping, and local services, making it a solid long-term investment with upside. The zoning is LAR1. The lot size is 0.2331 acres and the property size is 2,652 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.302629
    Latitude
    33.982992

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    FAQs

    What type of property is this?
    Apartment building - Value-add multifamily property with income and rental upside potential.
    Where is this apartment building located?
    The property is located at 1502 W 62Nd St Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $829,000.
    What are key features of this property?
    This property features: - Value-add opportunity with strong income and rental upside potential.; - One vacant unit ready for immediate income generation.; - Potential for ADU development to further increase cash flow (buyer to verify).
    (323) 578-8423
    Request Owner's contact information
    1502 W 62Nd St Los Angeles, CA 90047
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    Los Angeles, CA 90047
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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.

    More about this property
    1502 W 62Nd St Los Angeles, CA 90047
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    We can help!
    Listing Contact
    George Morales
    Real Estate License ID: 01984555
    (323) 578-8423 (310) 230-5478
    Learn more
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