62-Unit Apartment Building with Rooftop
For Sale
$12,999,000
2025 W 3rd Street, Los Angeles, CA 90057
Fully gut-renovated in 2024 with 59 efficiency studios and three ground-floor commercial spaces.
Property Size19,995 SF
Lot Size0.92 Acres
Price / SF$650.11
Days on Market33
Property Features for 2025 W 3rd Street
General Information
Standard status
Active
Size
19,995 SF
Total Parking Spaces
47
Lot size
0.92 Acres
Property subtype
Commercial
Zoning
R4-1/C2-1
Units
Unit Mix
59 x studio
Multifamily Units
59
Additional Details
Cap Rate
6.68%
Public Transit
Yes
Amenities
pool
resort-style roof deck
Building Details
Year Renovated
2024
Tenancy
Multi
Listing Agency:
Altman Apartments LLC
(559) 638-3651
Listed By:
Logan Altman (logan@altmanapartments.com) · License #01965826
Source:
Valleyland
Added: Jul 28
Changed: Aug 23
Last Checked: Aug 28 at 11:24AM
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 Altman Apartments LLC
Investment Insights
Based on property information with market context.
The iconic Royal Viking is a 62-unit Westlake mixed-use apartment building with 59 efficiency studios and 3 ground-floor commercial spaces. The property was fully gut-renovated in 2024, including 21 newly built units. All residential units are registered and legal with LAHD. The site is professionally set up to support both long-term housing and ground-floor commercial use, with residential units also positioned for short-term or hospitality flexibility via a legacy hotel license.
Set on a +/-39,907 SF (0.92-acre) transit-adjacent parcel zoned R4-1/C2-1, the building includes 47 on-site parking spaces. Outdoor amenities feature a pool and a resort-style roof deck. Metro B/D lines are steps away.
Originally built in 1961, the property offers a combination of in-place cash flow and flexibility, along with longer-term density and redevelopment upside on the parcel beyond the 19,995 SF of existing improvements.
Set on a +/-39,907 SF (0.92-acre) transit-adjacent parcel zoned R4-1/C2-1, the building includes 47 on-site parking spaces. Outdoor amenities feature a pool and a resort-style roof deck. Metro B/D lines are steps away.
Originally built in 1961, the property offers a combination of in-place cash flow and flexibility, along with longer-term density and redevelopment upside on the parcel beyond the 19,995 SF of existing improvements.
Key Highlights
- Fully gut‑renovated in 2024, including 21 newly built units
- 62 total units: 59 efficiency studios plus 3 ground‑floor commercial spaces
- R4‑1/C2‑1 zoned parcel, +/-39,907 SF (0.92‑acre) transit‑adjacent
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
$404,899
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
3.11%
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%
$8,097,980
$8.1M
Cap Rate 7%
$5,784,271
$5.8M
Cap Rate 9%
$4,498,878
$4.5M
Market Conditions
NOI Build-Up for 19,995 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
$719.8K $36.00/SF
− Vacancy
−$72.0K −$3.60/SF
EGI
$647.8K $32.40/SF
− OpEx
−$242.9K −$12.15/SF
NOI
$404.9K $20.25/SF
Area
Los Angeles, CA
Vacancy
10.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
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%
$8,097,980
Cap Rate 7%
$5,784,271
Cap Rate 9%
$4,498,878
Alternative Uses
Best Use
Apartment 5plus
$353.50M
$309.31M – $412.41M
NOI $24,744,893 @ 7.0% cap · market cap 190.36%
Second Best
Mixed Use
$5.78M
$5.06M – $6.75M
NOI $404,899 @ 7.0% cap · market cap 3.11%
Theoretical Best
Multifamily LT 5
$405.09M
$354.45M – $472.60M
NOI $28,356,069 @ 7.0% cap · market cap 218.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
59
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 90057, CA
45,510
Population
17,912
Households
2.5
Avg Household Size
35
Median Age
23%
College-Educated
58%
High-School Grad
0.9 sq mi
ZIP Area
50,567
Density / Sq Mi
$44,876
Median Household Income
$30,849
Median Earnings
$1,395
Median Rent
$694,500
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?
Apartment building - Fully gut-renovated in 2024 with 59 efficiency studios and three ground-floor commercial spaces.
Where is this apartment building located?
The property is located at 2025 W 3rd Street Los Angeles, CA.
What is the asking price?
The asking price for this property is $12,999,000.
What are key features of this property?
This property features: Fully gut‑renovated in 2024, including 21 newly built units; 62 total units: 59 efficiency studios plus 3 ground‑floor commercial spaces; R4‑1/C2‑1 zoned parcel, +/-39,907 SF (0.92‑acre) transit‑adjacent
