Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Remodeled Multifamily Building in Boyle Heights Title is generated by Realmo AI

    323 Soto Street, Los Angeles, CA 90033

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $4,450,000

    40-unit multifamily property in historic Boyle Heights, Los Angeles.

    Added:
    May 10, 2025
    Days on Market:
    375
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 323 Soto Street

    General Information

    Standard status
    Active

    Building Details

    Year Built
    1929

    We can help!

    Listing Contact
    LOGAN ALTMAN

    Listing agent LOGAN ALTMAN

    Listing office ALTMAN APARTMENTS LLC

    Listing date May 10, 2025

    Source Corcoran

    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 ALTMAN APARTMENTS LLC

    HighLights

    • Newly remodeled in 2025 with new kitchenettes, electrical, flooring, and paint.
    • 40‑unit multi‑family building in Historic Boyle Heights.
    • Priced to sell at a 6.51% cap rate and 8.52 GRM on current income.
    • Enjoy a 25.2% upside opportunity on rents for a potential 9.47% cap rate and 6.81 GRM at stabilization.
    • 17 units renovated with new flooring, kitchenettes, and sleek finishes.
    • On‑site laundry, high‑speed Wi‑Fi, and video surveillance cameras.

    Overview

    This is a 40-unit multifamily residential community located in Historic Boyle Heights. Built in 1929, the property features 38 studios and 2 one-bedroom units. Seventeen units have been remodeled with new flooring, kitchenettes, and finishes. The property is a two-story Class D building, originally designed as a hotel with 40 rooms and 1 apartment. Residents have access to on-site laundry and high-speed Wi-Fi. Security is enhanced by new video surveillance cameras, and the electrical system has been upgraded. The property is subject to the Los Angeles Rent Stabilization Ordinance (LARSO) and is registered with the Los Angeles Housing Department (LAHD) as 40 units, intended for long-term residential occupancy. The property was renovated in 2025 with new kitchenettes, electrical systems, flooring, and paint. The property is located near the historic pedestrian shopping mall of Cesar Chavez Avenue. The building is priced to sell at a 6.51% cap rate and 8.52 GRM on current income, with a potential 25.2% upside opportunity on rents for a potential 9.47% cap rate and 6.81 GRM at stabilization.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Beach Front Property ... Apartment Building

    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
    -118.208
    Latitude
    34.0476

    Nearby Similar for Sale

    • $2,600,000
      10,944 SF

      Los Angeles Commercial Investment Opportunity

      Prime investment property in the heart of the Fashion District.
      1212 S San Pedro Street, Los Angeles, CA 90015
      View Details
    • $1,200,000
      2,717 SF

      Koreatown Mixed-Use Commercial Opportunity

      Mixed-use commercial property in Koreatown/Hancock Park corridor, potential vacant delivery.
      220 N Oxford Ave, Los Angeles, CA 90004
      View Details
    • $995,000
      2,947 SF

      Eagle Rock Multifamily Investment Opportunity

      Five units on a large lot in a desirable location.
      4401 Westdale Ave, Los Angeles, CA 90041
      View Details
    • $1,199,999
      2,526 SF

      Los Angeles Retail Opportunity

      Single-tenant retail asset with high visibility and growth potential.
      4254 Floral, Los Angeles, CA 90063
      View Details
    • $950,000
      3,040 SF

      Los Angeles Industrial Owner-User Opportunity

      Rare industrial building in central Los Angeles, ideal for owner-users.
      1915 S Santa Fe, Los Angeles, CA 90021
      View Details
    • $905,000
      3,372 SF

      Los Angeles Quadruplex with Development Potential

      Four-unit income property with development potential in Vermont Square.
      1467 W Vernon, Los Angeles, CA 90062
      View Details
    • $1,450,000
      3,040 SF

      East LA Commercial Investment Opportunity

      Fully leased 2-unit commercial building on high-traffic Whittier Blvd.
      5110 Whittier, Los Angeles, CA 90022
      View Details
    • $4,150,000
      5,356 SF

      Retail Property in Mar Vista

      Two attached commercial buildings in a high-traffic Los Angeles location.
      12513 Venice, Los Angeles, CA 90066
      View Details
    • $2,495,000
      7,875 SF

      East Los Angeles Multifamily Investment

      Well-maintained, fully occupied 10-unit multifamily property in East Los Angeles.
      816 S Record Avenue, Los Angeles, CA 90023
      View Details
    • $1,600,000
      3,564 SF

      Koreatown Fourplex Investment Opportunity

      Well-maintained fourplex in prime Koreatown with income and growth potential.
      1132 S Oxford Ave, Los Angeles, CA 90006
      View Details
    • $1,529,000
      2,845 SF

      Los Angeles Triplex Investment Opportunity

      Fully occupied triplex near USC, Downtown LA, and Koreatown.
      1955 Bonsallo Ave, Los Angeles, CA 90007
      View Details
    • $750,000
      1,700 SF

      Functional Warehouse with Secure Yard

      Versatile warehouse with office, bathroom, and secure parking.
      4901 Telegraph Road, Los Angeles, CA 90022
      View Details

    FAQs

    What type of property is this?
    Apartment building - 40-unit multifamily property in historic Boyle Heights, Los Angeles.
    Where is this apartment building located?
    The property is located at 323 Soto Street Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $4,450,000.
    What are key features of this property?
    This property features: Newly remodeled in 2025 with new kitchenettes, electrical, flooring, and paint.; 40‑unit multi‑family building in Historic Boyle Heights.; Priced to sell at a 6.51% cap rate and 8.52 GRM on current income.
    We can help!
    Listing Contact
    LOGAN ALTMAN
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    323 Soto Street, Los Angeles, CA 90033
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!