601 13Th AveLos Angeles, CA 90731

Property Details for 601 13Th Ave

Year built

1921

Property size (Sq ft)

5,331 SF

Property type

Apartment buildings

Description

This exceptional 11-unit apartment building in Los Angeles' San Pedro neighborhood presents a compelling investment opportunity. The property, located at 601 W 13th St, boasts 5,331 square feet across two buildings and two stories, situated on a 9,002 square foot lot (APN 7454-025-010). Built in 1921 and renovated in 2023, this Class C multifamily property features a desirable unit mix: six studios, one one-bedroom/one-bathroom, two two-bedroom/one-bathroom, one three-bedroom/one-bathroom, and one three-bedroom/two-bathroom unit. The current asking price is $2,050,000, translating to $186,364 per unit and $384.54 per square foot. The property currently generates a Net Operating Income (NOI) of $139,371, representing a 6.80% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $183,802 and an 8.97% cap rate, reflecting the value-add potential of four currently vacant units ready for immediate rental income. The property's strategic location near major Los Angeles Waterfront Developments promises substantial future appreciation and rental growth within a strong, appreciating market. The permitted zoning is LARD 1.5. This property offers immediate rental upside and significant long-term growth potential in a prime Los Angeles location.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

33.7323

Longitude

-118.29

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