1249 S Westgate Ave
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1249 S Westgate Ave
8 Unit Apartment Building $2,950,000 ($368,750/Unit) 5.41% Cap Rate Los Angeles, CA 90025
Investment Highlights
- 7/8 Units are currently vacant! Will operate at a 7.88% CAP and a 9.09 GRM once vacancies are filled and ADUs are built
- Copper plumbing throughout the building
- Buyer can renovate the units immediately
- Unit mix of (1) 2Bed+1Bath , (6) 1Bed+1Bath, and (1) Studio+1Bath units- Additionally there is an opportunity to build (2) ADUs for added income
- Retrofit work has been completed
- 9 Parking spaces on site
Executive Summary
First time on the market ever! 7/8 Units are vacant and renovation
ready! Once stabilized and ADUs are built, the property will
operate at a 7.88% cap rate and 9.09 GRM. 1249 S Westgate
provides an investor with the opportunity to own a trophy asset in
a desirable pocket of West LA, while also picking their own tenants!
The subject property is comprised of (1) 2Bed+1Bath, (6)
1Bed+1Bath, and (1) Studio+1Bath units. Additionally, there is an
opportunity to build (2) ADUs for added income. There are
currently 9 parking spaces on site, as well as a common laundry
area. Beneficial to the new owner, the building has copper
plumbing, and all retrofit work has been completed.
1249 S Westgate is conveniently located near Third Street
Promenade, UCLA Campus and the Brentwood Country Mart. With
an A+ location and ideal curb appeal, the subject property is ideal
for any investor looking for immediate upside and an ADU
opportunity.
ready! Once stabilized and ADUs are built, the property will
operate at a 7.88% cap rate and 9.09 GRM. 1249 S Westgate
provides an investor with the opportunity to own a trophy asset in
a desirable pocket of West LA, while also picking their own tenants!
The subject property is comprised of (1) 2Bed+1Bath, (6)
1Bed+1Bath, and (1) Studio+1Bath units. Additionally, there is an
opportunity to build (2) ADUs for added income. There are
currently 9 parking spaces on site, as well as a common laundry
area. Beneficial to the new owner, the building has copper
plumbing, and all retrofit work has been completed.
1249 S Westgate is conveniently located near Third Street
Promenade, UCLA Campus and the Brentwood Country Mart. With
an A+ location and ideal curb appeal, the subject property is ideal
for any investor looking for immediate upside and an ADU
opportunity.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$241,392
|
$30.62
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,242
|
$0.92
|
| Effective Gross Income |
$234,150
|
$29.70
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$74,691
|
$9.47
|
| Net Operating Income |
$159,459
|
$20.23
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $241,392 |
| Annual Per SF | $30.62 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $7,242 |
| Annual Per SF | $0.92 |
| Effective Gross Income | |
|---|---|
| Annual | $234,150 |
| Annual Per SF | $29.70 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $74,691 |
| Annual Per SF | $9.47 |
| Net Operating Income | |
|---|---|
| Annual | $159,459 |
| Annual Per SF | $20.23 |
Property Facts Under Contract
| Price | $2,950,000 | Property Subtype | Apartment |
| Price Per Unit | $368,750 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.41% | Lot Size | 0.16 AC |
| Gross Rent Multiplier | 12.22 | Building Size | 5,685 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1953 |
| Price | $2,950,000 |
| Price Per Unit | $368,750 |
| Sale Type | Investment |
| Cap Rate | 5.41% |
| Gross Rent Multiplier | 12.22 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,685 SF |
| No. Stories | 2 |
| Year Built | 1953 |
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Walk Score ®
Very Walkable (86)
Bike Score ®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 4263-007-089 | Improvements Assessment | $144,192 (2024) |
| Land Assessment | $144,433 (2024) | Total Assessment | $288,625 (2024) |
PROPERTY TAXES
Parcel Number
4263-007-089
Land Assessment
$144,433 (2024)
Improvements Assessment
$144,192 (2024)
Total Assessment
$288,625 (2024)
zoning
| Zoning Code | LAR3 |
| LAR3 |
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1249 S Westgate Ave
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