3-Unit Apartment
For Sale
$799,000
535 W 54th St, Los Angeles, CA 90037
Two-building apartment asset with separately metered utilities and a mix of two- and three-bedroom residences.
Property Size2,128 SF
Lot Size0.13 Acres
Price / SF$375.47
Days on Market110
Property Features for 535 W 54th St
General Information
Standard status
Active
Size
2,128 SF
Lot size
0.13 Acres
Property subtype
MULTI_FAMILY
Zoning
LAR2
Units
Unit Mix
2 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Building Size
2,128 SF
Year Built
1923
Buildings
2
Construction
wood-frame stucco
Listing Agency:
McAlpin & Company
(310) 902-8977
Listed By:
Jerome McAlpin · License #00939725
Source:
Milsteinestates
Added: May 14
Changed: Aug 29
Last Checked: Aug 31 at 12:41AM
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 McAlpin & Company
Investment Insights
Based on property information with market context.
This triplex includes two structures totaling 2,128 square feet. The front building contains two two-bedroom, two-bathroom apartments, while the rear residence offers two bedrooms and one bathroom. The buildings date to 1923 and feature wood-frame stucco construction.
Set on a 5,462-square-foot lot in Los Angeles, the property is zoned LAR2 and positioned west of Figueroa Street and north of Slauson Avenue. Each utility is separately metered, including water, gas, and electric service, supporting clear allocation of utility responsibility among the residences.
Set on a 5,462-square-foot lot in Los Angeles, the property is zoned LAR2 and positioned west of Figueroa Street and north of Slauson Avenue. Each utility is separately metered, including water, gas, and electric service, supporting clear allocation of utility responsibility among the residences.
Key Highlights
- 3‑unit configuration across 2 buildings
- 2,128 square feet of total building area
- Front duplex includes two 2‑bedroom, 2‑bathroom apartments
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
$35,554
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
4.45%
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%
$711,080
$711.1K
Cap Rate 7%
$507,914
$507.9K
Cap Rate 9%
$395,044
$395.0K
Market Conditions
NOI Build-Up for 2,128 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
$52.1K $24.48/SF
− Vacancy
−$1.3K −$0.61/SF
EGI
$50.8K $23.87/SF
− OpEx
−$15.2K −$7.16/SF
NOI
$35.6K $16.71/SF
Area
ZIP 90037
Vacancy
2.50%
Lease Rate
$24.48 /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%
$711,080
Cap Rate 7%
$507,914
Cap Rate 9%
$395,044
Alternative Uses
Best Use
Multifamily LT 5
$507.9K
$444.4K – $592.6K
NOI $35,554 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$451.4K
$395.0K – $526.7K
NOI $31,600 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$833.8K
$729.6K – $972.8K
NOI $58,368 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,832
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?
Triplex - Two-building apartment asset with separately metered utilities and a mix of two- and three-bedroom residences.
Where is this triplex located?
The property is located at 535 W 54th St Los Angeles, CA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3‑unit configuration across 2 buildings; 2,128 square feet of total building area; Front duplex includes two 2‑bedroom, 2‑bathroom apartments
