6-Unit Apartment
New
For Sale
$1,650,000
324 W 51st St, Los Angeles, CA 90037
Two detached accessory units complement the renovated front building, with mini-split heating and cooling in every residence.
Property Size5,193 SF
Days on Market3
Property Features for 324 W 51st St
General Information
Standard status
Active
Size
5,193 SF
Property subtype
MULTI_FAMILY
Occupancy
100%
Financials
Cap Rate
8%
Gross Income
$175,884
Gross Rent Multiplier
9.4
Units
Unit Mix
2 x 3BR/1.5BA, 2 x 3BR/1BA, 2 x 2BR/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Amenities
built-in microwaves
mini-split heat and AC
dishwashers
in-unit stacked laundry
Building Details
Building Size
5,193 SF
Year Built
1922
Buildings
3
Listing Agency:
Beverly & Company Luxury Properties
Listed By:
Nicholas Hedberg · License #02016456
Source:
Jademillsestates
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 3 at 2:58AM
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 Beverly & Company Luxury Properties
Investment Insights
Based on property information with market context.
This six-unit Los Angeles apartment property pairs a 1922 front building with two detached accessory dwelling units. Permitted work in 2021–22 remodeled the front structure into four three-bedroom apartments: two with one-and-a-half baths and two with one bath. Each ADU has two bedrooms and one bathroom, and received a Certificate of Occupancy in 2023. Kitchens have shaker cabinets, stainless steel appliances, built-in microwaves and vinyl plank flooring. All units have mini-split heating and cooling; the front apartments also include dishwashers and stacked in-unit laundry.
All six residences are leased. Gas and electric are separately metered, while water is submetered. The four front units fall under LA rent stabilization; the ADUs are identified as exempt by LAHD. The property is near USC, Exposition Park and the Lucas Museum. Reported investment metrics include an 8.0% cap rate and 9.4 GRM, based on broker-estimated expenses.
All six residences are leased. Gas and electric are separately metered, while water is submetered. The four front units fall under LA rent stabilization; the ADUs are identified as exempt by LAHD. The property is near USC, Exposition Park and the Lucas Museum. Reported investment metrics include an 8.0% cap rate and 9.4 GRM, based on broker-estimated expenses.
Key Highlights
- Six units: four three‑bedroom apartments and two detached two‑bedroom ADUs
- Front building remodeled under 2021–22 LADBS permits; built in 1922
- ADUs received a 2023 Certificate of Occupancy
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
4.67%
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 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,436 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,457
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two detached accessory units complement the renovated front building, with mini-split heating and cooling in every residence.
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 $1,650,000.
What are key features of this property?
This property features: Six units: four three‑bedroom apartments and two detached two‑bedroom ADUs; Front building remodeled under 2021–22 LADBS permits; built in 1922; ADUs received a 2023 Certificate of Occupancy
