Courtyard Apartment
New
For Sale
$1,550,000
536 W 48th St, Los Angeles, CA 90037
Residential Income, Bungalow, Los Angeles, CA
Property Size4,592 SF
Lot Size0.16 Acres
Price / SF$337.54
Days on Market4
Property Features for 536 W 48th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LARD1.5
Bedrooms
10
Bathrooms
10
Full bathrooms
2
Rooms
Bathroom 10, Bathroom 5, Bedroom 7, Bedroom 3, Bedroom 6, Bathroom 7, Bedroom 5, Bathroom 3, Bathroom 6, Bathroom 4, Bathroom 2, Bathroom 9, Bathroom 1, Bedroom 10, Bedroom 1, Bedroom 8, Bedroom 9, Bathroom 8, Bedroom 4, Bedroom 2
Security features
Security Lighting
Lot features
Fenced Yard, Fenced, Exterior Security Lights, Lot Shape- Rectangular, Front Yard, Single Lot
Directions
.
Subdivision
Downtown L.A.
Standard status
Active
APN
5018-025-009
Size
4,592 SF
Lot size
0.16 Acres
Utilities
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s)
Amenities
gated courtyard
Building Details
Year built
1925
Floors in Building
2
Number of units
10
Architectural style
Bungalow
Listing Agency:
Equity Union
(818) 989-2000
Listed By:
Joshua Yeager · License #01979446
(818) 741-8010
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 4 at 10:06AM
MLS# 26938421
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 10-unit apartment property occupies a 4,592-square-foot building constructed in 1925. The unit mix includes eight one-bedroom, one-bath residences and two studios. Seven units have been renovated, while property improvements include a replacement roof, copper plumbing, and new exterior paint. A gated courtyard provides shared outdoor space, and each residence has front and rear access. Natural-gas heating and wall or window air-conditioning units serve the building.
The property is located in Los Angeles near USC, Exposition Park, BMO Stadium, the LA Memorial Coliseum, the California Science Center, and major retail corridors. The 110 Freeway is also accessible from the property. Gas and electricity are separately metered, and trash service is provided by the city. The property is designated LARD1.5 and sits on 0.156 acres.
The property is located in Los Angeles near USC, Exposition Park, BMO Stadium, the LA Memorial Coliseum, the California Science Center, and major retail corridors. The 110 Freeway is also accessible from the property. Gas and electricity are separately metered, and trash service is provided by the city. The property is designated LARD1.5 and sits on 0.156 acres.
Key Highlights
- 10‑unit apartment property with eight one‑bedroom units and two studios
- 4,592‑square‑foot building on a 0.156‑acre lot
- Constructed in 1925 with bungalow architecture
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Bungalow-style multifamily property with gated common space, updated building systems, and separately metered tenant utilities.
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 eight one‑bedroom units and two studios; 4,592‑square‑foot building on a 0.156‑acre lot; Constructed in 1925 with bungalow architecture
