1431 W 24Th St Los Angeles, CA 90007

Property Details for 1431 W 24Th St

Year built

1913

Property size

4,320 SF

Property type

Commercial real estate

APN

5054-025-017

Description

This exceptional Los Angeles investment opportunity presents a well-maintained, four-unit apartment building located at 1431 W 24th St, Los Angeles, CA 90007. Built in 1913 and extensively renovated in 2016, this Class B property boasts 4,320 square feet and offers a compelling 7.59% cap rate with a pro-forma cap rate of 8.59%. The property currently enjoys 100% occupancy, generating a net operating income (NOI) of $136,252, with a pro-forma NOI of $154,251. Each of the four units, approximately 1,080 square feet, features four bedrooms and two bathrooms, totaling sixteen bedrooms and eight bathrooms across the building. Modern amenities include tankless water heaters, central AC and heat, in-unit laundry, fully equipped kitchens, and furnished common areas. Individual gas and electric meters for each unit enhance efficiency. The property benefits from its proximity to USC Village, the Metro Expo Line, freeways, and city transportation. Currently, units are primarily leased to students, with one unit under a nine-month lease expiring in July 2025. The property is registered under a Mills Act contract, potentially offering tax advantages. The asking price is $1,795,000, translating to $448,750 per unit and $415.51 per square foot. This turnkey property presents a significant investment opportunity with substantial upside potential. The property is zoned LARD2. The APN is 5054-025-017. This two-story building represents a rare chance to acquire a high-performing asset in a desirable location.