13-Unit Apartment
1596 W 24th St, Los Angeles, CA 90007
For Sale
$2,200,000
Two-story community with on-site laundry, resident parking, and a balanced one- and two-bedroom mix.
Property Size10,124 SF
Lot Size0.27 Acres
Days on Market94
Property Features for 1596 W 24th St
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Amenities
on-site laundry
parking
The property has approximately 28% in rental upside remaining, offering a clear path to income growth through unit turnover and renovation.
A balanced mix of nine one-bedrooms and four two-bedrooms, served by on-site laundry and parking.
The state-mandated SB 721 balcony inspection has been completed and cleared.
Approximately one mile from USC. The university anchors the local economy, driving demand from faculty, staff, and area workforce — not just students.
A Walk Score of 84, with the Metro E Line and Rapid bus service nearby and quick freeway access, placing Downtown and the Westside within reach.
Minutes south, Exposition Park's Coliseum and BMO Stadium will host 2028 Summer Games events, drawing citywide transit and infrastructure investment.
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Marcus & Millichap
Listed By:
Sean Rosenzweig
(213) 943-1897
Source:
Marcusmillichap
Added: Aug 8
Changed: Nov 9
Last Checked: Nov 8 at 2:09AM
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
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Investment Insights
Based on property information with market context.
This 13-unit apartment property occupies an 11,626-square-foot lot in a two-story building constructed in 1964. The unit mix includes nine one-bedroom apartments and four two-bedroom apartments, with on-site laundry and resident parking. A completed soft-story seismic retrofit and cleared SB 721 balcony inspection are in place, along with a City-approved cost-recovery surcharge.
The property is located in Los Angeles’ Adams-Normandie neighborhood near the University of Southern California. The area has a Walk Score of 84, with nearby Metro E Line service, Rapid bus connections, and freeway access. Koreatown, Downtown, and the Westside are within a short drive, while Exposition Park is minutes south and includes the Los Angeles Memorial Coliseum and BMO Stadium.
The property is located in Los Angeles’ Adams-Normandie neighborhood near the University of Southern California. The area has a Walk Score of 84, with nearby Metro E Line service, Rapid bus connections, and freeway access. Koreatown, Downtown, and the Westside are within a short drive, while Exposition Park is minutes south and includes the Los Angeles Memorial Coliseum and BMO Stadium.
Key Highlights
- 13 units in a two‑story building on an 11,626‑square‑foot lot
- Unit mix includes nine one‑bedrooms and four two‑bedrooms
- Built in 1964 with on‑site laundry and resident parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$162,903
Cap Rate
7.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,258,060
$3.3M
Cap Rate 7%
$2,327,186
$2.3M
Cap Rate 9%
$1,810,033
$1.8M
Market Conditions
NOI Build-Up for 10,124 SF
Gross rent
$321.9K $31.80/SF
− Vacancy
−$25.8K −$2.54/SF
EGI
$296.2K $29.26/SF
− OpEx
−$133.3K −$13.17/SF
NOI
$162.9K $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%
$3,258,060
Cap Rate 7%
$2,327,186
Cap Rate 9%
$1,810,033
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.72M
NOI $162,903 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.23M
$3.70M – $4.93M
NOI $295,883 @ 7.0% cap · market cap 13.45%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
13
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,834
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
$852,900
Median Home Value
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Market
Average Price Trend$/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 - Two-story community with on-site laundry, resident parking, and a balanced one- and two-bedroom mix.
Where is this apartment building located?
The property is located at 1596 W 24th St Los Angeles, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 13 units in a two‑story building on an 11,626‑square‑foot lot; Unit mix includes nine one‑bedrooms and four two‑bedrooms; Built in 1964 with on‑site laundry and resident parking
