Property profile & analytics
2314 Pico Blvd Los Angeles, CA 90006-4019
- Apartment buildings
- 9,408 SF
- 0.16 lot acres
OFF-MARKET
Last Sale
Dec 01, 2023
Dec 01, 2023
$2,600,026
Value Estimations
$2,590,000
Show details
Cap Rate Potential
Location Intelligence
Property ID
US09-6531529
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Current Use by Public Records
- Apartment buildings
Property Details for 2314 Pico Blvd
- Year built
- 1922
- Construction
- WOOD
- Lot size
- 0.16 lot acres
- Property size
- 9,408 SF
- Zone code
- LAC2
- Property type
- Apartment buildings
- APN
- 5056-004-004
- APU
- 5056004004
Description
This Los Angeles multifamily property presents a compelling value-add opportunity. The 16-unit apartment building, situated at 2314 W Pico Blvd in the Pico Union neighborhood (zip code 90006), offers significant upside potential. Built in 1922, the three-story building encompasses 9,408 square feet on a 7,003 square foot lot. Currently boasting 100% occupancy, the property generates a net operating income (NOI) of $118,449, yielding a 4.56% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $221,630, resulting in an attractive 8.52% pro-forma cap rate. The asking price is $2,600,000, translating to $162,500 per unit and $276.36 per square foot. Recent capital improvements include a full electrical upgrade (2019), earthquake retrofitting (2019), and new mini-split AC systems for each unit. Furthermore, two units have undergone complete renovations (paint, flooring, appliances, cabinets, and countertops), while four others received updates to paint, flooring, and appliances. The property is zoned LAC2 and features a mix of spacious studio units, averaging approximately 500 square feet each. Its prime location offers convenient access to major freeways (101 & 110), numerous employers (including USC and the Los Angeles Convention Center), and vibrant neighborhoods like Koreatown and Downtown Los Angeles. The building also includes a common area balcony and an underutilized rooftop with city views. Gas and electricity are individually metered. This property is an excellent investment for those seeking substantial returns through value-add strategies.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,435,000
- ML approach
- $2,460,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,863,000
Market price range: $1.19M - $2.86M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $2,120,000 Current use
- MEDICAL BUILDING
- $4,285,000 Change: +102% Conversion: Moderate
- NEIGHBORHOOD: SHOPPING CENTER
- $3,985,000 Change: +88% Conversion: Difficult
- RETAIL STORES
- $3,865,000 Change: +82% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $3,100,000 Change: +46% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Longitude
- -118.287
- Latitude
- 34.047
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$33,328
$2,100,000
$502,560
$2,602,560
-
$0.00
$0.00
$0.00
