821 167th St Gardena, CA 90247-5129
- Apartment buildings
- 6,217 SF
- 0.15 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 821 167th St
- Year built
- 1963
- Construction
- WOOD
- Lot size
- 0.15 lot acres
- Property size
- 6,217 SF
- Zone code
- LAR3
- Property type
- Apartment buildings
- APN
- 6121-007-024
- APU
- 6121007024
Description
This exceptional value-add multifamily investment opportunity presents a rare chance to acquire a 20-unit apartment building situated on a substantial 132,129 square foot corner lot in Gardena, California. The property, located at 821-825 West 167th Street, consists of two, two-story buildings totaling 13,129 square feet with 12,434 square feet of net rentable space. Built in 1963, the property boasts a desirable unit mix of studios, one, two, and three-bedroom apartments, catering to a diverse range of renters. Nine units have already undergone updates, presenting a clear path to increase profitability. The property features on-site laundry facilities and ample rear parking (16 spaces), a significant advantage in this high-demand rental location. A soft story retrofit has been completed, and the roof was replaced just 10 years ago. The current occupancy is 100%, generating a current NOI of $288,115 and a 5.13% cap rate. However, with a pro-forma NOI of $288,115, the potential for significant rental income growth is evident, projecting a 9% cap rate. The property is zoned R3, offering potential for future development, such as converting the tuck-under parking into additional dwelling units (ADUs). The asking price is $3,200,000, translating to $160,000 per unit and $243.74 per square foot. The land value alone is estimated at $257.36 per square foot. This all-electric building presents a compelling investment opportunity with substantial upside potential in a thriving market. The property's location in Los Angeles County, zip code 90247, ensures strong rental demand and long-term appreciation.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,050,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,900,000
- 6.5%
- $3,205,000
- 7%
- $2,945,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $3,270,000
- Geo Method
- $3,240,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $3,105,000
- Retail
- $2,910,000
- Mixed-Use
- $2,575,000
- Hospitality
- $2,775,000
- Educational
- $2,920,000
- Residential Income
- $2,470,000
- Energy
- $2,880,000
- Income-Based Land
- $2,435,000
- Food Service
- $2,760,000
Location Insight
- Map
- Local Demand
- City
- Gardena
- County
- Los Angeles
- State
- California
- Longitude
- -118.29
- Latitude
- 33.8801
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
