Apartment Building With Detached
For Sale
$1,900,000
324 W 51st St, Los Angeles, CA 90037
Renovated six-unit property with four three-bedroom residences and two detached accessory dwelling units.
Property Size5,193 SF
Days on Market49
Property Features for 324 W 51st St
General Information
Standard status
Active
Size
5,193 SF
Property subtype
Apartment
Building Details
Building Size
5,193 SF
Year Built
2023
Listing Agency:
Keller Williams Realty
Listed By:
Marie Feleo So · License #01866527
Source:
Milsteinestates
Added: Jun 23
Changed: Aug 9
Last Checked: Aug 9 at 5:15AM
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 Realty
Investment Insights
Based on property information with market context.
This six-unit apartment property combines four renovated main residences with two newly constructed, detached accessory dwelling units. The original front units were reconfigured as three-bedroom homes; two include one full bathroom, while the other two feature one full bath plus an additional half-bath. Each ADU provides two bedrooms, one bathroom, and 641.5 square feet of living area.
Exterior improvements include a modern stucco finish, upgraded entry doors, and gravel areas intended to reduce landscaping upkeep. The property’s unit configuration includes four larger front residences and two detached ADUs, offering a mix of renovated primary units and newer supplemental housing within one apartment asset.
Exterior improvements include a modern stucco finish, upgraded entry doors, and gravel areas intended to reduce landscaping upkeep. The property’s unit configuration includes four larger front residences and two detached ADUs, offering a mix of renovated primary units and newer supplemental housing within one apartment asset.
Key Highlights
- Six‑unit apartment property with four three‑bedroom main residences and two detached ADUs
- Two detached ADUs, each with two bedrooms, one bathroom, and 641.5 square feet
- Two front units include one full bathroom; two include one full bath and an additional half‑bath
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
$77,115
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
4.06%
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%
$1,542,300
$1.5M
Cap Rate 7%
$1,101,643
$1.1M
Cap Rate 9%
$856,833
$856.8K
Market Conditions
NOI Build-Up for 5,193 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
$141.2K $27.19/SF
− Vacancy
−$988 −$0.19/SF
EGI
$140.2K $27.00/SF
− OpEx
−$63.1K −$12.15/SF
NOI
$77.1K $14.85/SF
Area
ZIP 90037
Vacancy
0.70%
Lease Rate
$27.19 /SF/Yr
Expense Ratio
45.00%
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%
$1,542,300
Cap Rate 7%
$1,101,643
Cap Rate 9%
$856,833
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$963.9K – $1.29M
NOI $77,115 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,436 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,948
Businesses Nearby
Explore this area
Business Placement
Demographics for 90037, CA
63,706
Population
18,709
Households
3.4
Avg Household Size
33
Median Age
9%
College-Educated
54%
High-School Grad
2.9 sq mi
ZIP Area
21,968
Density / Sq Mi
$56,417
Median Household Income
$29,857
Median Earnings
$1,438
Median Rent
$632,600
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?
Apartment building - Renovated six-unit property with four three-bedroom residences and two detached accessory dwelling units.
Where is this apartment building located?
The property is located at 324 W 51st St Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Six‑unit apartment property with four three‑bedroom main residences and two detached ADUs; Two detached ADUs, each with two bedrooms, one bathroom, and 641.5 square feet; Two front units include one full bathroom; two include one full bath and an additional half‑bath
