6-Unit Renovated Apartment
New
For Sale
$1,650,000
324 W 51st St, Los Angeles, CA 90037
Residential Income, Contemporary, Los Angeles, CA
Property Size5,193 SF
Lot Size0.13 Acres
Price / SF$317.74
Days on Market2
Property Features for 324 W 51st St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LARD2
Bedrooms
16
Bathrooms
7
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 6, Bathroom 3, Bedroom 9, Bedroom 11, Bedroom 8, Bedroom 16, Bedroom 10, Bedroom 15, Bathroom 5, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 7, Bedroom 12, Bathroom 4, Bathroom 2, Bedroom 4, Bedroom 14, Bedroom 1, Bedroom 7, Bedroom 13, Bathroom 6
Interior features
Drywall Walls, Recessed Lighting
Appliances
Free Standing Gas, Microwave
Elementary school district
Los Angeles Unified
Middle school district
Los Angeles Unified
High school district
Los Angeles Unified
Directions
East of the 110 Freeway, west of Broadway, south of Vernon Ave, north of Slauson Ave
Subdivision
Downtown L.A.
Special listing conditions
Short Sale
Standard status
Active
APN
5110-027-007
Size
5,193 SF
Lot size
0.13 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1922
Floors in Building
2
Number of units
6
Flooring type
Vinyl
Roof type
Flat
Architectural style
Contemporary
Listing Agency:
Beverly & Company Luxury Properties
(323) 410-0848
Listed By:
Nicholas Hedberg · License #02016456
(703) 587-2918
Added: Oct 1
Last Checked: Oct 2 at 1:06AM
MLS# 26994983
Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Los Angeles apartment property contains six residences across a 1922 front building and two detached ADUs. Permitted work in 2021–22 converted the front building into four three-bedroom apartments: two with one and a half baths and two with one bath. Each ADU has two bedrooms and one bath, with Certificates of Occupancy issued in 2023. The 5,193-square-foot property occupies 0.1265 acres. Kitchens have shaker cabinetry, stainless appliances, built-in microwaves and vinyl plank flooring. Mini-split systems provide heating and air conditioning in every unit; the front apartments also have dishwashers and stacked in-unit laundry.
Gas and electricity are separately metered, while water is submetered. Tenants pay gas, electricity and trash; five units also pay for water. The front building is subject to LA rent stabilization, while the ADUs are identified as exempt by LAHD. All six units are leased. The stated 8.0% cap rate and 9.4 GRM are based on broker-estimated expenses. USC, Exposition Park and the Lucas Museum are nearby.
Gas and electricity are separately metered, while water is submetered. Tenants pay gas, electricity and trash; five units also pay for water. The front building is subject to LA rent stabilization, while the ADUs are identified as exempt by LAHD. All six units are leased. The stated 8.0% cap rate and 9.4 GRM are based on broker-estimated expenses. USC, Exposition Park and the Lucas Museum are nearby.
Key Highlights
- Six residences: four three‑bedroom apartments and two detached two‑bedroom ADUs
- Front building dates to 1922; permitted remodeling took place in 2021–22
- Both ADUs received Certificates of Occupancy in 2023
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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Open Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,985
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 apartments in the original building.
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 residences: four three‑bedroom apartments and two detached two‑bedroom ADUs; Front building dates to 1922; permitted remodeling took place in 2021–22; Both ADUs received Certificates of Occupancy in 2023
