For Sale
$4,200,000

823 Gower StLos Angeles, CA 90038

25-Unit Los Angeles Multifamily Property

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • $4,200,000 asking price for a 25-unit apartment building.
  • 14,190 square feet, 2-story building on a 12,981 sq ft lot.
  • $168,000 per unit; $295.98 per square foot.
  • 5.55% cap rate, 8.43% pro-forma cap rate.
  • $232,979 NOI, $353,873 pro-forma NOI.
  • Located in Los Angeles, CA at 823 N Gower St, 90038, next to Paramount Studios.

Property Details for 823 Gower St

Property type
Apartment buildings
Square Feet
14,190 SF
Year Built
1929
Buildings
1
Stories
2
Units
25

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.0859792
Longitude
-118.322474
823 Gower St, Los Angeles, California

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823 Gower St
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