For Sale
$1,999,000

716 81St StLos Angeles, CA 90044

11-Unit Apartment Building, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This 11-unit apartment building at 716 W. 81st St., Los Angeles, CA 90044, presents a compelling value-add opportunity. The property, built in 1960, boasts 7,795 square feet of net rentable space, currently generating a NOI of $128,698, representing a 6.44% cap rate. A pro-forma NOI of $187,714 projects a 9.39% cap rate, highlighting significant upside potential. The asking price is $1,999,000, or $181,727 per unit, and the price per square foot is $256.45. The unit mix includes seven two-bedroom/one-bathroom units and four one-bedroom/one-bathroom units. Conveniently located between Manchester and Florence, Hoover and the 110 freeway, the property features carports in the front and rear. Currently, one unit is vacant, and the manager's unit is without a lease or management agreement, offering immediate flexibility for a new owner. Two additional units could potentially achieve market rents shortly after closing. Scheduled monthly rent is $16,000, while pro-forma rent is projected at $22,000 or more per month. This property is ideal for a first-time investor or an experienced owner looking to expand their portfolio. The property's location in Los Angeles County, with its APN 6032-023-007, offers strong potential for rental income growth. This is a rare opportunity, as the property has not been on the market for several decades.

Highlights

  • 11-unit apartment building in Los Angeles, CA (APN 6032-023-007) with 7,795 square feet of net rentable space.
  • Currently generating $128,698 NOI (6.44% cap rate), with pro-forma NOI of $187,714 (9.39% cap rate).
  • Asking price: $1,999,000 ($181,727 per unit, $256.45 per square foot).
  • Unit mix: seven 2bd/1ba, four 1bd/1ba; one vacant unit, manager's unit available.
  • Located near major freeways and with front and rear carports; potential for immediate rent increases.

Property Details for 716 81St St

Property type
Apartment buildings
Square Feet
7,795 SF
Class
C
Year Built
1960
Units
11

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
33.965519485198
Longitude
-118.28610123038
716 81St St, Los Angeles, California

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716 81St St
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