Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    701 Vernon Ave Los Angeles, CA 90037

    • Commercial land
    • 3,000 SF
    • 0.22 lot acres
    For Sale
    View listing
    $3,000,000
    Last Sale
    Jan 25, 2023
    $1,482,514
    Value Estimations
    Cap Rate Potential
    3.4%
    Commercial land
    Location Intelligence
    Property ID
    US09-7629610
    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

    • Commercial land

    Property Details for 701 Vernon Ave

    Year built
    1925
    Lot size
    0.22 lot acres
    Property size
    3,000 SF
    Zone code
    LAC2
    Property type
    Commercial land
    APN
    5019-009-030
    APU
    5019009030

    Description

    This exceptional multifamily investment opportunity presents a 40-unit apartment building located at 701 & 649 W. Vernon Ave, Los Angeles, CA 90037. The property boasts a total of 22,794 square feet and sits on a 9,619 square foot lot. The building is a four-story structure, zoned C2-1VL-CPIO, and comprises 40 units. The unit breakdown includes 6 Type V-A units designated for low-income residents under Schedule VI, 33 units for low-income residents under Schedule I, and 1 manager's unit. This entirely privately funded project, without tax credits or public housing involvement, offers a unique investment prospect in a prime location approximately one mile from the University of Southern California (USC). The property's APN is 5019-009-030. This is a pre-RTI (Rent-to-Income) project, offering a strong potential for future appreciation. The asking price for this significant multifamily asset is $3,000,000. This represents a compelling opportunity to acquire a well-positioned, affordable housing complex in a thriving Los Angeles neighborhood. The property's location and the strong demand for affordable housing in the area make this a highly attractive investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,785,000
      ML approach
      $1,315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,015,000
      6.5%
      $935,000
      7%
      $870,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,630,000
      OFFICE BUILDING
      $1,505,000
      MEDICAL BUILDING
      $1,365,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,270,000
      WAREHOUSE, STORAGE
      $840,000
      RETAIL STORES
      $775,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.286
    Latitude
    34.004
    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
    $18,763
    $1,511,640
    $0.00
    $1,511,640
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.13 Acres

      4712 Vermont Ave

      VACANT COMMERCIAL LAND • 0.13 Acres
      4712 Vermont Ave, Los Angeles, CA 90037-2964
      View Details
    • Value Estimation by Request
      0.14 Acres

      4316 Broadway

      VACANT COMMERCIAL LAND • 0.14 Acres
      4316 Broadway, Los Angeles, CA 90037-2710
      View Details
    • Value Estimation by Request
      0.13 Acres

      5419 Broadway

      VACANT COMMERCIAL LAND • 0.13 Acres
      5419 Broadway, Los Angeles, CA 90037-4125
      View Details
    • Value Estimation by Request
      0.14 Acres

      5630 Broadway, Unit 5638

      VACANT COMMERCIAL LAND • 0.14 Acres
      5630 Broadway, Los Angeles, CA 90037-4130
      View Details
    • Value Estimation by Request
      0.06 Acres

      Los Angeles, CA 90037

      VACANT COMMERCIAL LAND • 0.06 Acres
      Los Angeles, CA 90037
      View Details
    • Value Estimation by Request
      0.02 Acres

      Los Angeles, CA 90037

      VACANT COMMERCIAL LAND • 0.02 Acres
      Los Angeles, CA 90037
      View Details

    Similar Nearby for Sale

    • $1,100,000
      6,963.00 Acres

      Heavy Traffic Commercial Land

      Heavy Traffic Commercial Land
      4175 S Broadway, Los Angeles, CA 90037
      View Details
    • $649,000

      Duplex with Development Potential

      Duplex with large lot near Downtown Los Angeles.
      731 W 54Th St, Los Angeles, CA 90037
      View Details
    • $1,695,000

      Entitled Land for Housing Project

      Vacant lot fully entitled for a 120-unit housing project.
      4921 S Figueroa St, Los Angeles, CA 90037
      View Details
    • $675,000

      Land Available for Sale

      Land available for sale at Figueroa St, Los Angeles.
      5710 S Figueroa St, Los Angeles, CA 90037
      View Details
    • $4,200,000
      18,366 SF

      South Broadway Multifamily Investment

      36-unit apartment building, high ROI potential.
      4069 Broadway 4083, Los Angeles, CA 90037
      View Details
    • $888,000

      USC Adjacent Investment Opportunity

      Four-unit multifamily property near USC and Coliseum.
      854 Martin Luther King Jr Blvd, Los Angeles, CA 90037
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land Near Banc of California Stadium

      Commercial land for rent with approved development plan.
      3930 S Figueroa St, Los Angeles, CA 90037
      View Details
    • $13 SF/Yr
      5,650 SF

      Prime Los Angeles Office Space

      Historic building, 2,800 sq ft available
      4718 Normandie Ave, Los Angeles, CA 90037
      View Details
    • $19 SF/Yr
      11,896 SF

      Prime Broadway Retail Space

      Los Angeles retail space for lease.
      4120 Broadway, Los Angeles, CA 90037
      View Details
    • $943 /Mo

      Retail Space Near Vermont Square

      Commercial lease unit with handicap access and parking.
      5018 S Vermont Ave, Los Angeles, CA 90037
      View Details
    • $1.65 SF/Yr
      2,000 SF

      Heavy Traffic Retail Location

      Heavy Traffic Retail Location
      4120 S Broadway, Los Angeles, CA 90037
      View Details
    • $17 SF/Yr
      13,200 SF

      Los Angeles Warehouse - 13,200 SF

      Spacious industrial warehouse, 6 drive-ins, 12 parking.
      3837 Broadway Pl, Los Angeles, CA 90037
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    701 Vernon Ave
    Los Angeles, CA 90037
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.