5876 Figueroa St Los Angeles, CA 90003-1000

Property Details for 5876 Figueroa St

Year built

1934

Construction

WOOD

Lot size

0.11 lot acres

Property size

4,639 SF

Zone code

LAC2

Property type

Investment properties

Property subtype

Live-work space

APN

6004-036-015

APU

6004036015

Description

This exceptional investment opportunity presents a 9-unit apartment building located at 5876 S Figueroa St, Los Angeles, CA 90003. The property, built in 1934, consists of three buildings across two stories, totaling 4,639 square feet on a 4,801 square foot lot. Currently boasting a 6.50% cap rate and a $96,400 NOI, the property offers significant potential for increased profitability. The pro-forma cap rate is projected at 11.20% with a pro-forma NOI of $169,692, indicating substantial room for rent increases. Each of the nine units includes a parking space. The property is zoned LAC2 and is being sold as a 1031 exchange opportunity. The asking price is $1,475,000, translating to $317.96 per square foot. Reports suggest the possibility of developing up to 34 additional low-income units on the site, further enhancing its long-term value. An adjacent lot at 5886 S. Figueroa Street (APN 6004-036-016) is available for purchase for $350,000 and is currently used for parking, presenting additional development opportunities. The property's current low operating expenses, limited to trash and water, contribute to its strong financial performance. This is a rare chance to acquire a well-located multifamily property with immediate value and substantial future development potential in a prime Los Angeles location. The property's APN is 6004-036-015.