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    Apartment Building with Rear Parking Title is generated by Realmo AI

    978 S Ardmore Avenue, Los Angeles, CA 90006

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    For Sale
    $1,680,000

    Apartment - Los Angeles, CA

    Type:Apartment
    Property size:
    3,962 SF
    Lot size:
    5,900.00 Acres
    Price / SF:
    $424/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 3:06 am

    Property Features for 978 S Ardmore Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Zoning
    LAR4
    Bedrooms
    12
    Bathrooms
    6
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Exterior features
    Community Features Included: Curbs, Street Lights, 2-5 Units/Acre
    Standard status
    Active
    APN
    5080032016
    Size
    3,962 SF
    Lot size
    5,900.00 Acres

    Building Details

    Year built
    1962
    Floors in Building
    2
    Number of units
    6
    Architectural style
    Other

    We can help!

    Listing Contact
    Fred Lam

    Listing agent Fred Lam License #01099825

    Listing office IRN Realty 556 Las Tunas Dr. # 101, Arcadia, CA

    Listing date Jun 4, 2026

    MLS# AR26120331 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 6‑unit apartment property built in 1962 in Koreatown
    • All units are 2‑bedroom, 1‑bath; property includes 5 bathrooms and 5 bedrooms listed
    • Zoned LAR4
    • 6 parking spaces located at the rear of the property
    • No soft‑story earthquake seismic retrofit needed
    • Potential for ADU and additional storage units

    Overview

    This for-sale apartment building consists of six units, and all apartments are configured as 2 bedrooms and 1 bathroom. The property is described as clean and well maintained. Parking is located at the rear of the building with a total of six parking spaces available for residents. The listing also states that the property does not require a soft story earthquake seismic retrofit. Zoning is identified as LAR4, and the remarks note potential for an ADU and storage units.

    The building is located in Koreatown, with banks, shopping, restaurants, and transportation described as within a minute walk. Public remarks also reference changes connected to Metro’s D Line Extension Section 1, describing easier travel between Mid-Wilshire, Miracle Mile, Koreatown, Downtown Los Angeles, and the wider Metro system, along with faster trips. The remarks further state that upon completion of Extension #3, there is potential for traffic-free trips from Koreatown to the Westwood/UCLA area.

    For investors or owner-operators seeking a small multifamily asset, the consistent unit mix may simplify management and leasing. The rear parking count provides dedicated on-site spaces, and the stated zoning and noted possibility of adding an ADU and storage units may support future expansion planning. Please do not disturb tenants; drive by only.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    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
    -118.30194
    Latitude
    34.05327

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    FAQs

    What type of property is this?
    Apartment building - Six-unit apartment property with rear parking and consistent 2 bed/1 bath layouts in Koreatown.
    Where is this apartment building located?
    The property is located at 978 S Ardmore Avenue Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $1,680,000.
    What are key features of this property?
    This property features: 6‑unit apartment property built in 1962 in Koreatown; All units are 2‑bedroom, 1‑bath; property includes 5 bathrooms and 5 bedrooms listed; Zoned LAR4
    (626) 695-6006
    We can help!
    Listing Contact
    Fred Lam
    Real Estate License ID: 01099825
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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