1231 8Th StLos Angeles, CA 90017

Property Details for 1231 8Th St

Year built

1907

Construction

WOOD

Lot size

0.13 AC

Property size (Sq ft)

7,143 SF

Zone code

LACW

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5143-011-014

APU

5143011014

Description

This exceptional investment opportunity presents a 22-unit apartment building located at 1231 W 8th St, Los Angeles, CA 90017. The property, a Class C multifamily building constructed in 1907, boasts a total of approximately 7,143 rentable square feet situated on a 5,507 square foot lot. Currently operating at 50% occupancy, the building comprises eighteen single-room occupancy (SRO) units and four SRO units with private half-baths. Shared amenities include four communal bathrooms, a communal kitchen, and a laundry room. The property is master-metered for all utilities. Zoned LA CW, this building presents a significant value-add opportunity for an investor. The asking price is $1,400,000, representing a price per unit of $63,636.36 and a 7.81% capitalization rate based on a Net Operating Income (NOI) of $109,283. The property is subject to the City of Los Angeles Rental Stabilization Ordinance and is currently in the Rent Escrow Account Program (REAP). This receivership sale offers a chance to implement a turnaround program, address the REAP status, and maximize occupancy for substantial returns. The sale is subject to court confirmation and overbid. The property's prime Westlake location offers proximity to Downtown Los Angeles, enhancing its investment appeal. This is a rare chance to acquire a well-located asset with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,612,530

  6.5%

  $2,411,566

  7%

  $2,239,312

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,105,385

  Geo Method

  $2,105,385

• Alternative Use

  Use

  Valuation

  Residential

  $2,411,566

  Hospitality

  $2,208,982

  Educational

  $1,837,847

  Medical

  $1,901,053

  Retail

  $2,858,873

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0504

Longitude

-118.269

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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