Duplex with Three-Unit
New
For Sale
$799,990
224 W 84th St, Los Angeles, CA 90003
LAR3-zoned property with separate floor plans and an established multi-unit layout in Los Angeles.
Property Size1,933 SF
Lot Size0.12 Acres
Price / SF$413.86
Days on Market7
Property Features for 224 W 84th St
General Information
Standard status
Active
Size
1,933 SF
Lot size
0.12 Acres
Property subtype
Multi-Family
Zoning
LAR3
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1922
Listing Agency:
(866) 344-7473
Listed By:
Rise Realty
(866) 344-7473
Source:
Riserealtyca
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 10:18AM
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 Rise Realty
Investment Insights
Based on property information with market context.
This 1922-built duplex occupies a 5,401-square-foot lot and contains approximately 1,933 square feet of improvements. The existing layout includes two one-bedroom, one-bath units and one two-bedroom, one-bath unit. Public records identify the property as a duplex, while the improvements function as a three-unit configuration. The additional one-bedroom unit dates to the 1950s and is not permitted; any legalization, reconfiguration, or redevelopment would require buyer investigation and applicable approvals.
Located at 224 W 84th St in Los Angeles, the property is zoned LAR3. Retail, grocery, restaurants, services, parks, recreation centers, and libraries are available along and near the Broadway, Vermont, and Florence corridors. Major north-south and east-west arterials provide access toward Downtown Los Angeles, USC, Inglewood, and the Westside. The deep lot and existing multi-unit footprint support evaluation of improvement, reconfiguration, or higher-density alternatives consistent with zoning and city guidelines.
Located at 224 W 84th St in Los Angeles, the property is zoned LAR3. Retail, grocery, restaurants, services, parks, recreation centers, and libraries are available along and near the Broadway, Vermont, and Florence corridors. Major north-south and east-west arterials provide access toward Downtown Los Angeles, USC, Inglewood, and the Westside. The deep lot and existing multi-unit footprint support evaluation of improvement, reconfiguration, or higher-density alternatives consistent with zoning and city guidelines.
Key Highlights
- 5,401‑square‑foot lot with approximately 1,933 square feet of improvements
- Two 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- Public records identify the property as a duplex; improvements function as a three‑unit configuration
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
$43,759
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
5.47%
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%
$875,180
$875.2K
Cap Rate 7%
$625,129
$625.1K
Cap Rate 9%
$486,211
$486.2K
Market Conditions
NOI Build-Up for 1,933 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
$63.8K $33.00/SF
− Vacancy
−$1.3K −$0.66/SF
EGI
$62.5K $32.34/SF
− OpEx
−$18.8K −$9.70/SF
NOI
$43.8K $22.64/SF
Area
ZIP 90003
Vacancy
2.00%
Lease Rate
$33.00 /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%
$875,180
Cap Rate 7%
$625,129
Cap Rate 9%
$486,211
Alternative Uses
Best Use
Apartment 5plus
$34.17M
$29.90M – $39.87M
NOI $2,392,192 @ 7.0% cap · market cap 299.03%
Second Best
Multifamily LT 5
$625.1K
$547.0K – $729.3K
NOI $43,759 @ 7.0% cap · market cap 5.47%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 90003, CA
72,764
Population
18,349
Households
4
Avg Household Size
30
Median Age
7%
College-Educated
53%
High-School Grad
3.6 sq mi
ZIP Area
20,212
Density / Sq Mi
$54,781
Median Household Income
$30,132
Median Earnings
$1,515
Median Rent
$547,600
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?
Duplex - LAR3-zoned property with separate floor plans and an established multi-unit layout in Los Angeles.
Where is this duplex located?
The property is located at 224 W 84th St Los Angeles, CA.
What is the asking price?
The asking price for this property is $799,990.
What are key features of this property?
This property features: 5,401‑square‑foot lot with approximately 1,933 square feet of improvements; Two 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; Public records identify the property as a duplex; improvements function as a three‑unit configuration
