7404 Figueroa StLos Angeles, CA 90003

Property Details for 7404 Figueroa St

Year built

1923

Construction

WOOD

Lot size

0.27 AC

Property size (Sq ft)

4,296 SF

Zone code

LAC2

Property type

Apartment buildings

APN

6020-031-010

APU

6020031010

Description

This exceptional multifamily investment property, located at 7404 S Figueroa St, Los Angeles, CA 90003, presents a unique blend of immediate cash flow and significant long-term development potential. Currently operating as a six-unit apartment building (three buildings total, 4,269 square feet) with a strong 6.22% cap rate and a net operating income (NOI) of $113,466, the property offers a solid return on investment from day one. Each unit features two bedrooms and one bathroom, and utilities are individually metered for gas and electric. The property boasts a 11,600 square foot lot, priced at $157 per square foot of land value, and is zoned LAC2-1VL. A pro-forma analysis projects a 6.96% cap rate and a NOI of $127,009. Importantly, the property enjoys a convenient location with easy access to the 110 Freeway and benefits from no trash expenses for the owner. The true potential lies in the redevelopment opportunity. Based on a comparable sale of an identical neighboring property in September 2023 ($3,910,039), the site has the potential to be developed into a 157-unit, 100% affordable apartment building (buyer to verify entitlements). This translates to a price per buildable unit of $11,624. The asking price for this exceptional property is $1,825,000, or $304,167 per unit. This is a rare chance to acquire a cash-flowing asset with substantial upside potential in a rapidly developing area of Los Angeles.

• CAP approach

  CAP return

  Valuation

  6%

  $1,543,456

  6.5%

  $1,424,728

  7%

  $1,322,962

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,266,237

  Geo Method

  $1,266,237

• Alternative Use

  Use

  Valuation

  Residential

  $1,424,728

  Hospitality

  $1,305,044

  Educational

  $1,085,781

  Medical

  $1,123,122

  Retail

  $1,688,992

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

33.9724

Longitude

-118.282

CBSA code

31080

CBSA name

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

Property Tax & Assessments

FAQs

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