8-Unit Apartment
1497 W 29th ST, Los Angeles, CA 90007
For Sale
New
$1,460,000
Near USC, the gated property includes on-site laundry and controlled-access parking.
Property Size3,040 SF
Days on Market5
Property Features for 1497 W 29th ST
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Highway Access
Utilities to Site
Units
Unit Mix
Multifamily Units
Amenities
gated property
fully fenced perimeter
controlled-access entry
security cameras
on-site laundry facilities
gated on-site parking
Building Details
Building Size
Year Built
Listing Agency:
Victory Financial Inc.
Listed By:
Michael Peters · License CA #01175350
(818) 261-2696
Source:
Jademillsestates
Added: Nov 5
Changed: Nov 8
Last Checked: Nov 8 at 2:23AM
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 Victory Financial Inc.
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Investment Insights
Based on property information with market context.
This 8-unit apartment property was built in 1922 and contains six studio apartments and two one-bedroom, one-bathroom units. The gated site has a fenced perimeter, controlled entry, security cameras, on-site laundry, and gated parking. Improvements include a newer roof, copper plumbing, and upgraded electrical systems. A 100-gallon water heater serves the property, which is master-metered for gas and electricity.
The property is near the University of Southern California and has access to the I-10 and I-110 freeways, connecting the area with Downtown Los Angeles, Koreatown, and other destinations.
The property is near the University of Southern California and has access to the I-10 and I-110 freeways, connecting the area with Downtown Los Angeles, Koreatown, and other destinations.
Key Highlights
- Eight apartments: six studios and two one‑bedroom, one‑bathroom units
- Near the University of Southern California
- Access to the I‑10 and I‑110 freeways
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,916
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$978,320
$978.3K
Cap Rate 7%
$698,800
$698.8K
Cap Rate 9%
$543,511
$543.5K
Market Conditions
NOI Build-Up for 3,040 SF
Gross rent
$96.7K $31.80/SF
− Vacancy
−$7.7K −$2.54/SF
EGI
$88.9K $29.26/SF
− OpEx
−$40.0K −$13.17/SF
NOI
$48.9K $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 Rate 5%
$978,320
Cap Rate 7%
$698,800
Cap Rate 9%
$543,511
Alternative Uses
Best Use
Apartment 5plus
$698.8K
$611.5K – $815.3K
NOI $48,916 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,847 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
8
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,904
Businesses Nearby
Explore this area
Business Placement
Demographics for 90007, CA
40,944
Population
14,153
Households
2.9
Avg Household Size
28
Median Age
29%
College-Educated
63%
High-School Grad
2.4 sq mi
ZIP Area
17,060
Density / Sq Mi
$36,032
Median Household Income
$21,176
Median Earnings
$1,480
Median Rent
$852,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Los Angeles, CA
Properties on Market for Apartment buildings in Los Angeles
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Near USC, the gated property includes on-site laundry and controlled-access parking.
Where is this apartment building located?
The property is located at 1497 W 29th ST Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,460,000.
What are key features of this property?
This property features: Eight apartments: six studios and two one‑bedroom, one‑bathroom units; Near the University of Southern California; Access to the I‑10 and I‑110 freeways
