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    701 Vernon Ave Los Angeles, CA 90037

    Sponsored
    For Sale
    $3,000,000

    40-unit apartment building, Los Angeles.

    Property size:
    22,794 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    395
    This exceptional multifamily investment opportunity presents a 40-unit apartment building located at 701 & 649 W. Vernon Ave, Los Angeles, CA 90037. The property boasts a total of 22,794 square feet and sits on a 9,619 square foot lot. The building is a four-story structure, zoned C2-1VL-CPIO, and comprises 40 units. The unit breakdown includes 6 Type V-A units designated for low-income residents under Schedule VI, 33 units for low-income residents under Schedule I, and 1 manager's unit. This entirely privately funded project, without tax credits or public housing involvement, offers a unique investment prospect in a prime location approximately one mile from the University of Southern California (USC). The property's APN is 5019-009-030. This is a pre-RTI (Rent-to-Income) project, offering a strong potential for future appreciation. The asking price for this significant multifamily asset is $3,000,000. This represents a compelling opportunity to acquire a well-positioned, affordable housing complex in a thriving Los Angeles neighborhood. The property's location and the strong demand for affordable housing in the area make this a highly attractive investment.

    Property Features for 701 Vernon Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    22,794 SF

    Building Details

    Stories
    4
    Units
    40

    HighLights

    • 40‑unit apartment building at 701 & 649 W. Vernon Ave, Los Angeles, CA 90037.
    • 22,794 square feet on a 9,619 square foot lot; four‑story building.
    • Zoned C2‑1VL‑CPIO; unit mix includes 6 Type V‑A, 33 Schedule I low‑income units, and 1 manager's unit.
    • Privately funded, pre‑RTI project, approximately one mile from USC.
    • APN 5019‑009‑030; Asking price: $3,000,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.2858739
    Latitude
    34.0039912

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    FAQs

    What type of property is this?
    Multifamily property - 40-unit apartment building, Los Angeles.
    Where is this multifamily property located?
    The property is located at 701 Vernon Ave Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: 40-unit apartment building at 701 & 649 W. Vernon Ave, Los Angeles, CA 90037.; 22,794 square feet on a 9,619 square foot lot; four-story building.; Zoned C2-1VL-CPIO; unit mix includes 6 Type V-A, 33 Schedule I low-income units, and 1 manager's unit.
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    Los Angeles, CA 90037
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    701 Vernon Ave Los Angeles, CA 90037
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