823 Gower StLos Angeles, CA 90038

Property Details for 823 Gower St

Year built

1929

Construction

WOOD

Lot size

0.30 AC

Property size (Sq ft)

14,190 SF

Zone code

LAR3

Property type

Apartment buildings

APN

5534-031-001

APU

5534031001

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $5,189,949

  6.5%

  $4,790,722

  7%

  $4,448,528

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,182,474

  Geo Method

  $4,182,474

• Alternative Use

  Use

  Valuation

  Residential

  $4,790,722

  Hospitality

  $4,388,276

  Educational

  $3,650,994

  Medical

  $3,776,557

  Retail

  $5,679,324

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.086

Longitude

-118.323

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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