SRO Apartment Building with
For Sale
$3,685,000
1214 W 8th St, Los Angeles, CA 90017
37-unit SRO building with lobby, leasing office, basement storage, and ground-floor mini market.
Property Size12,936 SF
Price / SF$284.86
Days on Market65
Property Features for 1214 W 8th St
General Information
Standard status
Active
Size
12,936 SF
Property subtype
Multifamily
Additional Details
Cap Rate
8.91%
Highway Access
Yes
Multifamily Units
37
Amenities
37-unit SRO apartment building in the Westlake submarket of Los Angeles.
Built in 1923 as a 39-room hotel & converted to residential use in 2010, received new tile flooring, doors, sinks/faucets, fresh paint, smoke detectors, & a security system at the time of conversion.
The building has operated as a stabilized income-producing asset for over a decade since.
Building Details
Building Size
12,936 SF
Year Built
1923
Year Renovated
2010
Units
37
Listing Agency:
Marcus & Millichap - Los Angeles
Listed By:
Neema Ahadian · License #License(s): CA: 01346750
(310) 909-5444
Source:
Marcusmillichap
Added: Jul 3
Changed: Aug 8
Last Checked: Sep 5 at 3:50AM
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 Marcus & Millichap - Los Angeles
Investment Insights
Based on property information with market context.
This 37-unit SRO apartment building was originally built in 1923 as a 39-room hotel and converted to residential use in 2010. At conversion, the property received new tile flooring, doors, sinks and faucets, fresh paint, smoke detectors, and a security system. The unit mix includes 21 SRO units with shared bathrooms and 16 SRO units with private en-suite bathrooms. Each floor is served by two bathrooms and two shower rooms for shared-bathroom tenants. Building amenities include a large lobby, a ground-floor leasing office, and basement storage area (approximately one quarter the size of the building footprint, not reflected in the recorded square footage).
The property is located along a primary connector between Downtown LA and surrounding neighborhoods, with immediate freeway access and a 100 TransitScore. The ground-floor includes one retail space along 8th Street currently occupied by a mini market, and the revenue profile is further supported by a large billboard with direct 8th Street frontage.
The property is located along a primary connector between Downtown LA and surrounding neighborhoods, with immediate freeway access and a 100 TransitScore. The ground-floor includes one retail space along 8th Street currently occupied by a mini market, and the revenue profile is further supported by a large billboard with direct 8th Street frontage.
Key Highlights
- 37‑unit SRO apartment building at 1214 W 8th Street in Los Angeles’ Westlake submarket
- Built in 1923 as a 39‑room hotel; converted to residential in 2010 with new tile flooring, doors, sinks/faucets, paint, smoke detectors, and security system
- Unit mix includes 21 SRO units with shared bathrooms and 16 SRO units with private en‑suite bathrooms
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
$300,208
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
8.15%
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%
$6,004,160
$6.0M
Cap Rate 7%
$4,288,686
$4.3M
Cap Rate 9%
$3,335,644
$3.3M
Market Conditions
NOI Build-Up for 12,936 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
$478.1K $36.96/SF
− Vacancy
−$49.2K −$3.81/SF
EGI
$428.9K $33.15/SF
− OpEx
−$128.7K −$9.95/SF
NOI
$300.2K $23.21/SF
Area
Los Angeles, CA
Vacancy
10.30%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
30.00%
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%
$6,004,160
Cap Rate 7%
$4,288,686
Cap Rate 9%
$3,335,644
Alternative Uses
Best Use
Apartment 5plus
$228.70M
$200.11M – $266.82M
NOI $16,008,999 @ 7.0% cap · market cap 434.44%
Second Best
Retail
$4.29M
$3.75M – $5.00M
NOI $300,208 @ 7.0% cap · market cap 8.15%
Theoretical Best
Multifamily LT 5
$262.08M
$229.32M – $305.75M
NOI $18,345,292 @ 7.0% cap · market cap 497.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
37
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
11,553
Businesses Nearby
Explore this area
Business Placement
Demographics for 90017, CA
27,295
Population
15,953
Households
1.7
Avg Household Size
33
Median Age
36%
College-Educated
72%
High-School Grad
0.7 sq mi
ZIP Area
38,993
Density / Sq Mi
$51,317
Median Household Income
$35,076
Median Earnings
$1,669
Median Rent
$675,500
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 - 37-unit SRO building with lobby, leasing office, basement storage, and ground-floor mini market.
Where is this apartment building located?
The property is located at 1214 W 8th St Los Angeles, CA.
What is the asking price?
The asking price for this property is $3,685,000.
What are key features of this property?
This property features: 37‑unit SRO apartment building at 1214 W 8th Street in Los Angeles’ Westlake submarket; Built in 1923 as a 39‑room hotel; converted to residential in 2010 with new tile flooring, doors, sinks/faucets, paint, smoke detectors, and security system; Unit mix includes 21 SRO units with shared bathrooms and 16 SRO units with private en‑suite bathrooms
