821 167Th StGardena, CA 90247

Property Details for 821 167Th St

Year built

1963

Construction

WOOD

Lot size

0.15 AC

Property size (Sq ft)

6,217 SF

Zone code

LAR3

Property type

Apartment buildings

APN

6121-007-024

APU

6121007024

Description

This exceptional value-add multifamily investment opportunity presents a rare chance to acquire a 20-unit apartment building situated on a substantial 132,129 square foot corner lot in Gardena, California. The property, located at 821-825 West 167th Street, consists of two, two-story buildings totaling 13,129 square feet with 12,434 square feet of net rentable space. Built in 1963, the property boasts a desirable unit mix of studios, one, two, and three-bedroom apartments, catering to a diverse range of renters. Nine units have already undergone updates, presenting a clear path to increase profitability. The property features on-site laundry facilities and ample rear parking (16 spaces), a significant advantage in this high-demand rental location. A soft story retrofit has been completed, and the roof was replaced just 10 years ago. The current occupancy is 100%, generating a current NOI of $288,115 and a 5.13% cap rate. However, with a pro-forma NOI of $288,115, the potential for significant rental income growth is evident, projecting a 9% cap rate. The property is zoned R3, offering potential for future development, such as converting the tuck-under parking into additional dwelling units (ADUs). The asking price is $3,200,000, translating to $160,000 per unit and $243.74 per square foot. The land value alone is estimated at $257.36 per square foot. This all-electric building presents a compelling investment opportunity with substantial upside potential in a thriving market. The property's location in Los Angeles County, zip code 90247, ensures strong rental demand and long-term appreciation.

• CAP approach

  CAP return

  Valuation

  6%

  $2,355,390

  6.5%

  $2,174,210

  7%

  $2,018,910

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,108,750

  Geo Method

  $2,108,750

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $3,426,400

  Retail / Commercial

  $1,774,920

  Mixed-Use / Specialty

  $1,782,680

  Hospitality / Lodging

  $1,326,230

  Office

  $1,786,760

  Institutional / Educational

  $1,858,300

  Multifamily

  $2,529,540

  Automotive / Energy

  $1,592,830

  Parking / Income-Based Land

  $535,749

  Restaurant / Food Service

  $957,246

  Healthcare / Senior Housing

  $1,813,660

Location Insight

City

Gardena

County

Los Angeles

State

California

Latitude

33.8801

Longitude

-118.29

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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