Receiver Sale | Value-Add SRO | REAP Upside 1231 W 8th St 22 Apartment Units Online Auction Sale Los Angeles, CA 90017
INVESTMENT HIGHLIGHTS
- This value-add single room occupancy investment provides 22 SRO units with upside to complete the required remediation for removal from LA REAP.
- Select units have private ¾ bathrooms, and all units enjoy shared amenities, including 4 communal restrooms, a communal kitchen, and a laundry room.
- Supported by a growing 2-mile population over 325,000, with 93% of locals currently renting their homes and consumer spending surpassing $3B.
- Currently 48% occupied on a month-to-month basis, the opportunity allows a new owner to re-tenant the units or renegotiate terms.
- This prime location is within walking distance of shopping and dining amenities, Good Samaritan Hospital, and Downtown LA’s hottest attractions.
EXECUTIVE SUMMARY
Discover a value-add single-room occupancy (SRO) investment unlike any other at 1231 W 8th Street, located in the Westlake neighborhood of Los Angeles, California. Currently 48% occupied, the community reports substantially diminished cash flow due to entry in the city’s Rent Escrow Account Program (REAP) and ongoing headwinds from the LA Rent Stabilization Ordinance. This allows a new owner to engage a more aggressive management strategy and complete the required remediation (estimated at ±$50,000) to create a profitable investment with additional lease upside.
1231 W 8th Street comprises 22 SRO units across 7,143 square feet originally built in 1907 on a highly visible, 5,507-square-foot corner lot. The units are master-metered and boast high ceilings with great natural lighting, and four units are equipped with private ¾ bathrooms. One unit is currently utilized as the property manager’s office. Shared amenities include four communal bathrooms, a communal kitchen, a centralized mail area, and an on-site laundry room. The units are all rented month-to-month, with two tenants on Section 8 paying abated rent, five paying 50% rent through LA REAP, and two tenants currently refusing to pay.
Placed on the corner of Hartford Avenue and 8th Street, 1231 W 8th Street offers terrific brand exposure to more than 25,000 passing vehicles daily. The area offers tenants convenient access to shopping and dining amenities, quality healthcare, major freeways, and the world-class attractions of Downtown Los Angeles. The property provides commuters with quick access to the 10, 110, and 101 Freeways, as well as connections for the Blue and Purple metro lines within walking distance. Residents can also walk to numerous national retail locations, with nearby brands such as The Home Depot, Rite Aid, Dollar Tree, Starbucks, McDonald’s, Jack in the Box, and Jersey Mike’s Subs. Walking under the 110, residents can quickly reach the boutique retail stores, upscale restaurants, and traffic-driving destinations of Downtown Los Angeles, including Crypto.com Arena, LA LIVE, and the LA Convention Center.
Operations at 1231 W 8th Street are supported by a growing demographic profile within just 2 miles of the community. More than 325,000 residents call the area home, and 93% of these locals currently rent their homes. This elevated demand resulted in annual spending on household segments exceeding $421 million during 2024, with overall consumer spending surpassing $3 billion.
Find limitless potential with this value-add residential community offering operational/lease upsides and an exceptional location at the heart of Los Angeles’s Westlake neighborhood at 1231 W 8th Street.
1231 W 8th Street comprises 22 SRO units across 7,143 square feet originally built in 1907 on a highly visible, 5,507-square-foot corner lot. The units are master-metered and boast high ceilings with great natural lighting, and four units are equipped with private ¾ bathrooms. One unit is currently utilized as the property manager’s office. Shared amenities include four communal bathrooms, a communal kitchen, a centralized mail area, and an on-site laundry room. The units are all rented month-to-month, with two tenants on Section 8 paying abated rent, five paying 50% rent through LA REAP, and two tenants currently refusing to pay.
Placed on the corner of Hartford Avenue and 8th Street, 1231 W 8th Street offers terrific brand exposure to more than 25,000 passing vehicles daily. The area offers tenants convenient access to shopping and dining amenities, quality healthcare, major freeways, and the world-class attractions of Downtown Los Angeles. The property provides commuters with quick access to the 10, 110, and 101 Freeways, as well as connections for the Blue and Purple metro lines within walking distance. Residents can also walk to numerous national retail locations, with nearby brands such as The Home Depot, Rite Aid, Dollar Tree, Starbucks, McDonald’s, Jack in the Box, and Jersey Mike’s Subs. Walking under the 110, residents can quickly reach the boutique retail stores, upscale restaurants, and traffic-driving destinations of Downtown Los Angeles, including Crypto.com Arena, LA LIVE, and the LA Convention Center.
Operations at 1231 W 8th Street are supported by a growing demographic profile within just 2 miles of the community. More than 325,000 residents call the area home, and 93% of these locals currently rent their homes. This elevated demand resulted in annual spending on household segments exceeding $421 million during 2024, with overall consumer spending surpassing $3 billion.
Find limitless potential with this value-add residential community offering operational/lease upsides and an exceptional location at the heart of Los Angeles’s Westlake neighborhood at 1231 W 8th Street.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted Units
999
999
999
Average Units
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/Unit Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/Unit
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
Market Sale Price per Unit
Los Angeles - CA USA
Market Cap Rate
Los Angeles - CA USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per Unit Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 7,143 SF |
| Average Occupancy | 48% |
| No. Stories | 2 |
| Year Built | 1907 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 19 | - | - |
| Studios | 3 | - | - |
1 of 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Rider's Paradise (96)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 5143-011-014 | Improvements Assessment | $393,711 |
| Land Assessment | $1,957,625 | Total Assessment | $2,351,336 |
ZONING
| Zoning Code | CW |
SALE ADVISORS
SALE ADVISORS
Robert Leveen, Senior Vice President
(310) 428-7580
Contact
Robert Leveen is Senior Vice President and a Principal of Lee & Associates - Pasadena, a member of the Lee & Associates Group of Companies providing commercial real estate brokerage and advisory services to public and private investors, investment trusts and high net worth individuals.
Mr. Leveen specializes in multi-family investments throughout Southern California. Additionally, Mr. Leveen has worked with Receiverships, Bankruptcy and Probate Counsel, and Turnaround Consultants in a fiduciary capacity in disposing of multi-family, office and industrial properties. His commitment to serving his clients' needs and his strategic approach has resulted in the successful execution of transactions valued in excess of $150 million.
While he mainly focuses on representing private investors, Mr. Leveen has also represented a number of lenders including Wells Fargo Bank, East West Bank, Aurora Bank and Hudson Advisors in disposing of REO properties.
Before joining the Pasadena office, Mr. Leveen was a Principal at Lee & Associates Investment Services Group for nine years, and a Senior Associate at Marcus & Millichap for six years. Prior to his career in commercial real estate, Mr. Leveen spent 18 years in the entertainment industry as a line producer, production executive, and Vice President of Film Finances, Inc., a completion bond company.
Mr. Leveen specializes in multi-family investments throughout Southern California. Additionally, Mr. Leveen has worked with Receiverships, Bankruptcy and Probate Counsel, and Turnaround Consultants in a fiduciary capacity in disposing of multi-family, office and industrial properties. His commitment to serving his clients' needs and his strategic approach has resulted in the successful execution of transactions valued in excess of $150 million.
While he mainly focuses on representing private investors, Mr. Leveen has also represented a number of lenders including Wells Fargo Bank, East West Bank, Aurora Bank and Hudson Advisors in disposing of REO properties.
Before joining the Pasadena office, Mr. Leveen was a Principal at Lee & Associates Investment Services Group for nine years, and a Senior Associate at Marcus & Millichap for six years. Prior to his career in commercial real estate, Mr. Leveen spent 18 years in the entertainment industry as a line producer, production executive, and Vice President of Film Finances, Inc., a completion bond company.
Jamie Harrison, Founding Principal
(909) 910-6656
Contact
Jamie Harrison is a Principal and Shareholder with Lee & Associates - Pasadena, Inc. and specializes in the acquisition and disposition of industrial, office and retail properties throughout Southern California on behalf of high-net worth individuals, family trust and private investors.
Formerly with Lee & Associates - ISG, where he was Senior Vice President, Mr. Harrison achieved top sales achievements and recognition for outstanding performance. He came to Lee & Associates from the Inland Empire office of Marcus & Millichap where he began his investment real estate career in 1998. While at Marcus & Millichap, he mentored new agents and juniors within the firm and won various awards for leadership in production. He has personally closed over $500 Million dollars in Investment Real Estate sales.
Formerly with Lee & Associates - ISG, where he was Senior Vice President, Mr. Harrison achieved top sales achievements and recognition for outstanding performance. He came to Lee & Associates from the Inland Empire office of Marcus & Millichap where he began his investment real estate career in 1998. While at Marcus & Millichap, he mentored new agents and juniors within the firm and won various awards for leadership in production. He has personally closed over $500 Million dollars in Investment Real Estate sales.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Amen Almukhtar
Contact
Auctioneer License:
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