Five-Unit Value-Add
For Sale
$1,895,250
1134 W 39th, Los Angeles, CA 90037
Five-unit multifamily property with a varied unit mix on a 9,894 sq. ft. lot and near USC and Expo Line access.
Property Size5,726 SF
Lot Size0.23 Acres
Days on Market26
Property Features for 1134 W 39th
General Information
Standard status
Active
Size
5,726 SF
Lot size
0.23 Acres
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
5
Building Details
Building Size
5,726 SF
Year Built
1972
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Park Regency Realty
(818) 312-4291
Listed By:
Marina Burgos · License #01818048
(818) 312-4291
Source:
Elliman
Added: Jul 19
Changed: Aug 8
Last Checked: Aug 12 at 9:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Park Regency Realty
Investment Insights
Based on property information with market context.
This is a five-unit multifamily property with a versatile mix of apartment configurations: one 2-bedroom, 1-bath unit; two 5-bedroom, 2-bath units; one 4-bedroom, 2-bath unit; and one 3-bedroom, 1-bath unit. The large unit sizes and flexible layouts are well-suited to tenants seeking more spacious living arrangements, and the property is described as being delivered almost vacant.
The location is within walking distance to the University of Southern California, and it is also near Exposition Park and several major destinations, including the Los Angeles Memorial Coliseum, the Lucas Museum of Narrative Art, the California Science Center, and the Expo Line Metro Station. The property also offers easy access to public transportation and major freeways.
Set on a 9,894 sq. ft. lot, this asset is positioned for an investor looking to reposition rents and update operations with available in-place capacity at acquisition.
The location is within walking distance to the University of Southern California, and it is also near Exposition Park and several major destinations, including the Los Angeles Memorial Coliseum, the Lucas Museum of Narrative Art, the California Science Center, and the Expo Line Metro Station. The property also offers easy access to public transportation and major freeways.
Set on a 9,894 sq. ft. lot, this asset is positioned for an investor looking to reposition rents and update operations with available in-place capacity at acquisition.
Key Highlights
- 5‑unit multifamily property built in 1972
- Unit mix includes one 2 bed/1 bath, two 5 bed/2 bath, one 4 bed/2 bath, and one 3 bed/1 bath
- Situated on a 9,894 sq ft lot with a delivery condition of almost vacant
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
$85,030
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
4.49%
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%
$1,700,600
$1.7M
Cap Rate 7%
$1,214,714
$1.2M
Cap Rate 9%
$944,778
$944.8K
Market Conditions
NOI Build-Up for 5,726 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
$155.7K $27.19/SF
− Vacancy
−$1.1K −$0.19/SF
EGI
$154.6K $27.00/SF
− OpEx
−$69.6K −$12.15/SF
NOI
$85.0K $14.85/SF
Area
ZIP 90037
Vacancy
0.70%
Lease Rate
$27.19 /SF/Yr
Expense Ratio
45.00%
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%
$1,700,600
Cap Rate 7%
$1,214,714
Cap Rate 9%
$944,778
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $85,030 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.24M
$1.96M – $2.62M
NOI $157,056 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,192
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit multifamily property with a varied unit mix on a 9,894 sq. ft. lot and near USC and Expo Line access.
Where is this apartment building located?
The property is located at 1134 W 39th Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,895,250.
What are key features of this property?
This property features: 5‑unit multifamily property built in 1972; Unit mix includes one 2 bed/1 bath, two 5 bed/2 bath, one 4 bed/2 bath, and one 3 bed/1 bath; Situated on a 9,894 sq ft lot with a delivery condition of almost vacant
