Upgraded Four-Unit
For Sale
$1,299,000
204 E 88th St, Los Angeles, CA 90003
Vacant quadplex with two structures, renovated interiors, and separate utility systems across duplex and ADU residences.
Property Size2,410 SF
Days on Market113
Property Features for 204 E 88th St
General Information
Standard status
Active
Size
2,410 SF
Property subtype
Investment
Building Details
Building Size
2,410 SF
Year Built
1926
Stories
2
Units
4
Listing Agency:
Keller Williams Beverly Hills
(310) 626-2096
Listed By:
Dezireh Haghayeghi · License #02083315
(310) 626-2096
Source:
Elliman
Added: May 10
Changed: Aug 30
Last Checked: Aug 30 at 4:50PM
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 Keller Williams Beverly Hills
Investment Insights
Based on property information with market context.
This four-unit property at 204 E 88th St includes a front duplex and a rear structure containing two ADUs. The duplex consists of a 652-square-foot two-bedroom, one-bath residence and a 762-square-foot three-bedroom, one-bath residence. Each ADU measures 498 square feet, with one located on each level. All units are vacant, and the buildings have been extensively upgraded with new roofs, mini-split air conditioning, insulated attics and walls, high-efficiency windows, luxury vinyl plank flooring, and updated kitchens and bathrooms. Kitchen improvements include soft-close cabinetry, quartz counters, tile backsplashes, garbage disposals, and washer-dryer provisions. New appliances are scheduled for delivery at closing.
The duplex units use high-efficiency gas tankless water heaters, while the all-electric ADUs have high-efficiency electric storage water heaters. Solar panels are planned for the ADUs and are intended to support tenant solar-use billing. The property is just off S. Broadway near 88th Street, with access to shopping, dining, public transit, and major freeways. Walk Score is 62, Transit Score is 57, and Bike Score is 56.
The duplex units use high-efficiency gas tankless water heaters, while the all-electric ADUs have high-efficiency electric storage water heaters. Solar panels are planned for the ADUs and are intended to support tenant solar-use billing. The property is just off S. Broadway near 88th Street, with access to shopping, dining, public transit, and major freeways. Walk Score is 62, Transit Score is 57, and Bike Score is 56.
Key Highlights
- Four total units across a front duplex and rear two‑level ADU structure
- 652 SF 2‑bedroom/1‑bath duplex unit and 762 SF 3‑bedroom/1‑bath duplex unit
- Two 498 SF ADUs, with one unit on each level
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
$54,558
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
4.20%
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%
$1,091,160
$1.1M
Cap Rate 7%
$779,400
$779.4K
Cap Rate 9%
$606,200
$606.2K
Market Conditions
NOI Build-Up for 2,410 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
$79.5K $33.00/SF
− Vacancy
−$1.6K −$0.66/SF
EGI
$77.9K $32.34/SF
− OpEx
−$23.4K −$9.70/SF
NOI
$54.6K $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%
$1,091,160
Cap Rate 7%
$779,400
Cap Rate 9%
$606,200
Alternative Uses
Best Use
Apartment 5plus
$42.61M
$37.28M – $49.71M
NOI $2,982,505 @ 7.0% cap · market cap 229.60%
Second Best
Multifamily LT 5
$779.4K
$682.0K – $909.3K
NOI $54,558 @ 7.0% cap · market cap 4.20%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,197
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Vacant quadplex with two structures, renovated interiors, and separate utility systems across duplex and ADU residences.
Where is this quadplex located?
The property is located at 204 E 88th St Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Four total units across a front duplex and rear two‑level ADU structure; 652 SF 2‑bedroom/1‑bath duplex unit and 762 SF 3‑bedroom/1‑bath duplex unit; Two 498 SF ADUs, with one unit on each level
