2327 Budlong AveLos Angeles, CA 90007

Property Details for 2327 Budlong Ave

Year built

1911

Construction

WOOD

Lot size

0.16 AC

Property size (Sq ft)

8,062 SF

Zone code

LAR2

Property type

Apartment buildings

APN

5054-018-012

APU

5054018012

Description

This exceptional investment opportunity presents a 16-unit apartment building ideally situated in Los Angeles' West Adams district, near the University of Southern California (USC). The property, located at 2327 S Budlong Ave, boasts 8,062 square feet on a 6,801 square foot corner lot. Currently operating at 100% occupancy, the building comprises sixteen spacious studios, each featuring a separate kitchen. Individual gas and electric meters for each unit, along with on-site laundry generating approximately $425 in monthly supplemental income, contribute to efficient management. The building benefits from an on-site manager, minimizing maintenance needs. Built in 1911, this two-story structure is zoned LAR2 and offers significant upside potential. The current Net Operating Income (NOI) is $95,972, yielding a 4.68% cap rate. However, a pro-forma NOI of $205,145 projects a 10.01% cap rate, highlighting the substantial growth opportunity. The asking price is $2,050,000, translating to $128,125 per unit and $254 per square foot. Its convenient location, one block south of the 10 Freeway, places it within 1.8 miles of USC, 2.5 miles from Crypto.com Arena, and minutes from Koreatown. This property is an excellent addition to any portfolio and is particularly well-suited for 1031 exchange buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $2,896,494

  6.5%

  $2,673,687

  7%

  $2,482,710

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,376,258

  Geo Method

  $2,376,258

• Alternative Use

  Use

  Valuation

  Residential

  $2,673,687

  Hospitality

  $2,449,083

  Educational

  $2,037,608

  Medical

  $2,107,685

  Retail

  $3,169,613

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0347

Longitude

-118.297

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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