823 Gower StLos Angeles, CA 90038

  • Residential income properties
  • 14,190 SF
For Sale
$4,200,000 View listing

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
Residential income properties
Property subtype
Other 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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
823 Gower St, Los Angeles, California

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$16,613
$402,179
$773,524
$1,175,703
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-
-
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