Quadplex Courtyard Cottages with
For Sale
$1,818,000
Pending
1223 N Ogden Dr, West Hollywood, CA 90046
Four standalone courtyard cottages, delivered vacant and zoned WDR3C*, built in 1923.
Property Size3,000 SF
Days on Market81
Property Features for 1223 N Ogden Dr
General Information
Standard status
Pending
Size
3,000 SF
Property subtype
MULTI_FAMILY
Zoning
WDR3C*
Amenities
cabana
patio
Building Details
Building Size
3,000 SF
Year Built
1923
Buildings
4
Listing Agency:
Keller Williams Realty
Listed By:
Scottman Wall · License #01204391
(310) 623-1300
Source:
Rochellemaize
Added: Jul 1
Changed: Sep 11
Last Checked: Sep 18 at 10:30AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This quadplex comprises four stand-alone courtyard cottages built in 1923 and delivered vacant. The property is arranged as “courtyard cottages,” with a larger back house that includes a small cabana, patio, and yard.
The property is zoned WDR3C*, supporting residential use and potential redevelopment. Development plans for 6 luxury townhome condos are available, but the plans do not have final approval.
For buyers considering either an owner-occupant setup or a redevelopment pathway, the combination of delivered vacancy, the courtyard-cottage layout, and the available conceptual townhome plans provide a clear starting point for due diligence and next steps.
The property is zoned WDR3C*, supporting residential use and potential redevelopment. Development plans for 6 luxury townhome condos are available, but the plans do not have final approval.
For buyers considering either an owner-occupant setup or a redevelopment pathway, the combination of delivered vacancy, the courtyard-cottage layout, and the available conceptual townhome plans provide a clear starting point for due diligence and next steps.
Key Highlights
- Four stand‑alone homes in a 1920s courtyard cottage configuration
- Delivered vacant quadplex
- Back house includes a small cabana, patio, and yard
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
$52,391
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
2.88%
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%
$1,047,820
$1.0M
Cap Rate 7%
$748,443
$748.4K
Cap Rate 9%
$582,122
$582.1K
Market Conditions
NOI Build-Up for 3,000 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
$81.0K $27.00/SF
− Vacancy
−$6.2K −$2.05/SF
EGI
$74.8K $24.95/SF
− OpEx
−$22.5K −$7.48/SF
NOI
$52.4K $17.46/SF
Area
Los Angeles County, CA
Vacancy
7.60%
Lease Rate
$27.00 /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%
$1,047,820
Cap Rate 7%
$748,443
Cap Rate 9%
$582,122
Alternative Uses
Best Use
Multifamily LT 5
$748.4K
$654.9K – $873.2K
NOI $52,391 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$689.6K
$603.4K – $804.5K
NOI $48,272 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$1.61M
$1.41M – $1.87M
NOI $112,433 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Explore this area
Business Placement
Demographics for 90046, CA
49,987
Population
31,929
Households
1.6
Avg Household Size
39
Median Age
63%
College-Educated
95%
High-School Grad
5.7 sq mi
ZIP Area
8,770
Density / Sq Mi
$94,259
Median Household Income
$65,607
Median Earnings
$2,204
Median Rent
$1,411,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four standalone courtyard cottages, delivered vacant and zoned WDR3C*, built in 1923.
Where is this quadplex located?
The property is located at 1223 N Ogden Dr West Hollywood, CA.
What is the asking price?
The asking price for this property is $1,818,000.
What are key features of this property?
This property features: Four stand‑alone homes in a 1920s courtyard cottage configuration; Delivered vacant quadplex; Back house includes a small cabana, patio, and yard
