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    624 Spence St Los Angeles, CA 90023

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    For Sale
    $980,000

    Six-unit multifamily property in a historical Los Angeles neighborhood.

    Lot size:
    0.14 Acres

    Property Features for 624 Spence St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.14 Acres

    Building Details

    Year built
    1916

    We can help!

    Listing Contact
    Diana Morales
    Source: Elliman

    Listing Agency: HOMEQUEST REAL ESTATE CORP Listing Agent: Diana Morales

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Historical Boyle Heights Multifamily Property

    Located in the Eastern Los Angeles Boyle Heights area, this unique multifamily property was built in 1916 and is considered part of a historical site. The property consists of six one-story units located at (624, 626, 628, 630) Spence St and continuing around the corner to 3501 and 3503 Sabina St. Each unit features a front porch entrance, one bedroom, one bath, a kitchen, and an adjacent laundry room that accommodates a stackable washer/dryer (not included in the sale). Each unit also has a modest backyard with a tool shed. Originally storefronts, the buildings were converted to duplex apartments. The property is centrally located near metropolitan areas and shopping along Cesar E. Chavez Avenue, which features many local businesses. The location is also near various schools, making it a desirable area. Ample recreation areas are nearby, including Evergreen Park, which offers a playground, events, and a community center; Boyle Heights Sports Center and Park, which offers bike trails and a multipurpose field; and Salazar Park, which hosts baseball/softball and basketball sports activities. Good transit service is available for commuting in and around the city. There is no designated parking.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    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
    -118.19682
    Latitude
    34.02905

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    FAQs

    What type of property is this?
    Apartment building - Six-unit multifamily property in a historical Los Angeles neighborhood.
    Where is this apartment building located?
    The property is located at 624 Spence St Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $980,000.
    What are key features of this property?
    This property features: - Historical property built in 1916 in Boyle Heights.; - Six individual one-story units, each with a front porch entrance.; - Each unit includes one bedroom, one bathroom, and a kitchen with adjacent laundry room.
    (951) 729-3340
    Request Owner's contact information
    624 Spence St Los Angeles, CA 90023
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    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
    624 Spence St Los Angeles, CA 90023
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    We can help!
    Listing Contact
    Diana Morales
    Real Estate License ID: 01113435
    (951) 729-3340 (909) 717-8425 (909) 606-0888
    Learn more
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