Turnkey Multifamily Asset For
For Sale
$2,150,000
12120 215th Street, Hawaiian Gardens, CA 90716
Well-maintained multifamily property with remodeled interiors and strong cash flow.
Property Size6,871 SF
Price / SF$312.91
Days on Market144
Property Features for 12120 215th Street
General Information
Standard status
Active
Size
6,871 SF
Property subtype
Mixed Use
Building Details
Building Size
6,871 SF
Year Built
1980
Listing Agency:
TR Wealth Management Inc.
(310) 316-1274
Listed By:
William Mulkey · License #00986020
Source:
Velocityrealtysd
Added: Apr 8
Changed: Aug 28
Last Checked: Aug 29 at 4:05PM
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 TR Wealth Management Inc.
Investment Insights
Based on property information with market context.
This multifamily property, constructed in 1984, presents a rare opportunity to acquire a well-maintained asset with stable cash flow. The property has been extensively improved with fully remodeled interiors across all units within the past 2–3 years, along with new exterior paint and decking. The building spans approximately 6,871 square feet and features an excellent unit mix of two 3-bedroom/2-bath units and three 2-bedroom/1-bath units. Unit sizes are exceptionally large, measuring 1505, 2101, 1093, 968, and 1196 square feet according to the most recent appraisal. The property is efficiently designed with 11 on-site parking spaces, including five single-car garages in the front and six gated tuck-under spaces accessed from the rear alley. Gas and electricity are separately metered, and each unit has its own water heater. The property offers upside potential through continued organic rent growth, operational efficiencies, and possible ADU development utilizing existing garage space (buyer to verify). The location has a bike score of 55, walk score of 47, and transit score of 32.
Key Highlights
- Fully remodeled interiors and new exterior paint/decking offer a turnkey, low‑maintenance investment.
- Strong, stable cash flow from day one with separately metered gas/electricity and individual water heaters.
- Excellent unit mix of spacious 3‑bedroom/2‑bath and 2‑bedroom/1‑bath units.
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
$110,560
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
5.14%
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%
$2,211,200
$2.2M
Cap Rate 7%
$1,579,429
$1.6M
Cap Rate 9%
$1,228,444
$1.2M
Market Conditions
NOI Build-Up for 6,871 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
$218.5K $31.80/SF
− Vacancy
−$17.5K −$2.54/SF
EGI
$201.0K $29.26/SF
− OpEx
−$90.5K −$13.17/SF
NOI
$110.6K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /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%
$2,211,200
Cap Rate 7%
$1,579,429
Cap Rate 9%
$1,228,444
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.38M – $1.84M
NOI $110,560 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.68M
$3.22M – $4.29M
NOI $257,509 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,191
Businesses Nearby
Explore this area
Business Placement
Demographics for 90716, CA
14,098
Population
3,988
Households
3.5
Avg Household Size
34
Median Age
17%
College-Educated
68%
High-School Grad
0.9 sq mi
ZIP Area
15,664
Density / Sq Mi
$76,235
Median Household Income
$36,531
Median Earnings
$1,696
Median Rent
$525,100
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 - Well-maintained multifamily property with remodeled interiors and strong cash flow.
Where is this apartment building located?
The property is located at 12120 215th Street Hawaiian Gardens, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Fully remodeled interiors and new exterior paint/decking offer a turnkey, low‑maintenance investment.; Strong, stable cash flow from day one with separately metered gas/electricity and individual water heaters.; Excellent unit mix of spacious 3‑bedroom/2‑bath and 2‑bedroom/1‑bath units.
