823 Gower StLos Angeles, CA 90038
- Residential income properties
- 14,190 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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