10-Unit Courtyard Apartment
New
For Sale
$1,550,000
536 W 48th St, Los Angeles, CA 90037
Gated courtyard property with renovated residences, separate tenant utility metering, and access from both the front and rear.
Property Size4,592 SF
Days on Market6
Property Features for 536 W 48th St
General Information
Standard status
Active
Size
4,592 SF
Property subtype
MULTI_FAMILY
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
8 x 1BR/1BA, 2 x studio
Multifamily Units
10
Additional Details
Cap Rate
6.6%
Amenities
gated courtyard
Building Details
Building Size
4,592 SF
Year Built
1925
Construction
Spanish-style
Listing Agency:
Equity Union
Listed By:
Joshua Yeager · License #01979446
(818) 741-8010
Source:
Jademillsestates
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 5 at 3:46PM
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 Equity Union
Investment Insights
Based on property information with market context.
Built in 1925, this 10-unit apartment property combines a Spanish-style courtyard layout with eight one-bedroom, one-bath residences and two studios. Seven units have been renovated, while improvements to the overall asset include a new roof, copper plumbing, and refreshed exterior paint. Gas and electricity are separately metered to tenants, and trash service is provided by the city. Each residence offers access from both the front and rear within the gated courtyard setting.
The property is located at 536 W 48th St in Los Angeles, near USC, Exposition Park, BMO Stadium, the LA Memorial Coliseum, and the California Science Center. Major retail corridors and the 110 Freeway are also nearby. Reported in-place performance includes a 6.6% cap rate, with estimated rents approximately 22% below market.
The property is located at 536 W 48th St in Los Angeles, near USC, Exposition Park, BMO Stadium, the LA Memorial Coliseum, and the California Science Center. Major retail corridors and the 110 Freeway are also nearby. Reported in-place performance includes a 6.6% cap rate, with estimated rents approximately 22% below market.
Key Highlights
- 10‑unit apartment property with 8 one‑bedroom/one‑bath units and 2 studios
- Seven of 10 residences have been renovated
- New roof, copper plumbing throughout, and fresh exterior paint
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
$68,190
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
4.40%
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%
$1,363,800
$1.4M
Cap Rate 7%
$974,143
$974.1K
Cap Rate 9%
$757,667
$757.7K
Market Conditions
NOI Build-Up for 4,592 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
$124.9K $27.19/SF
− Vacancy
−$874 −$0.19/SF
EGI
$124.0K $27.00/SF
− OpEx
−$55.8K −$12.15/SF
NOI
$68.2K $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%
$1,363,800
Cap Rate 7%
$974,143
Cap Rate 9%
$757,667
Alternative Uses
Best Use
Apartment 5plus
$974.1K
$852.4K – $1.14M
NOI $68,190 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,952 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,755
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 - Gated courtyard property with renovated residences, separate tenant utility metering, and access from both the front and rear.
Where is this apartment building located?
The property is located at 536 W 48th St Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 10‑unit apartment property with 8 one‑bedroom/one‑bath units and 2 studios; Seven of 10 residences have been renovated; New roof, copper plumbing throughout, and fresh exterior paint
