3344 Keystone AveLos Angeles, CA 90034

Property Details for 3344 Keystone Ave

Year built

1957

Lot size

0.17 AC

Property size (Sq ft)

7,638 SF

Zone code

LAR3

Property type

Apartment buildings

APN

4314-021-016

APU

4314021016

Description

This exceptional 9-unit apartment building, located at 3344 Keystone Avenue in Los Angeles, CA 90034, presents a compelling value-add opportunity. The property, built in 1957, sits on a 7,496 square foot lot and boasts 7,638 square feet of living space, currently configured as one studio, six one-bedroom, and two two-bedroom units. The asking price is $3,150,000, representing a price per unit of $350,000 and a price per square foot of $412.41. The current NOI is $164,112, yielding a 5.21% cap rate, with a pro-forma NOI of $209,060 and a pro-forma cap rate of 6.64%. Significant upside potential exists through unit renovations and conversions. Plans are in place to convert six one-bedroom units into two-bedroom units, and to add an Accessory Dwelling Unit (ADU), further increasing the property's value and rental income. Many units feature upgraded flooring, quartz countertops, stainless steel appliances, and air conditioning. The property benefits from on-site parking and laundry facilities, and is professionally managed. Its prime location in the Palms neighborhood, near major freeways and employment centers, including those of major tech companies, ensures strong tenant demand. The property is zoned LAR3. Potential buyers should conduct their own due diligence regarding the number of legal units, as the Certificate of Occupancy indicates 9 units, while the LA County Assessor's records indicate 8. This is a rare chance to acquire a well-maintained asset with substantial value-add potential in a highly desirable West Los Angeles location.

• CAP approach

  CAP return

  Valuation

  6%

  $2,445,430

  6.5%

  $2,257,320

  7%

  $2,096,090

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,699,360

  Geo Method

  $1,699,360

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $3,623,110

  Retail / Commercial

  $1,860,130

  Mixed-Use / Specialty

  $1,855,250

  Hospitality / Lodging

  $1,363,410

  Office

  $1,846,050

  Institutional / Educational

  $1,929,340

  Multifamily

  $2,697,610

  Automotive / Energy

  $1,653,720

  Parking / Income-Based Land

  $568,949

  Restaurant / Food Service

  $968,662

  Healthcare / Senior Housing

  $1,900,730

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0273

Longitude

-118.412

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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