823 Gower St Los Angeles, CA 90038-3954

Property Details for 823 Gower St

Year built

1929

Construction

WOOD

Lot size

0.30 lot acres

Property size

14,190 SF

Zone code

LAR3

Property type

Apartment buildings

APN

5534-031-001

APU

5534031001

Description

This exceptional 25-unit apartment building, located at 823 N Gower St, Los Angeles, CA 90038, presents a compelling investment opportunity. Boasting a total of 14,190 square feet, this two-story building sits on a 12,981 square foot lot and was constructed in 1929. The property is zoned R3-1XL and offers a current NOI of $232,979, translating to a 5.55% cap rate. However, a pro-forma analysis projects a significantly improved NOI of $353,873, resulting in an attractive 8.43% pro-forma cap rate. The asking price is $4,200,000, or $168,000 per unit. This represents a strong value proposition given the property's prime location next to Paramount Studios and its potential for increased profitability. The building's solid foundation and established tenancy base provide a stable income stream, while the pro-forma projections suggest significant upside potential through strategic property management and potential renovations. The property's APN is 5534-031-001. This is a rare chance to acquire a well-situated multifamily asset in a thriving Los Angeles neighborhood with substantial growth potential. Detailed financial information is available upon request.