3317-3319 Castle Heights Ave
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3317-3319 Castle Heights Ave
8 Unit Apartment Building $2,595,000 ($324,375/Unit) 4.60% Cap Rate Los Angeles, CA 90034
Investment Highlights
- Excellent Cheviot Hills Location
- Walking Distance to Grocery Markets and Restaurants
- Can be delivered with 3 vacant units or 100% occupied
- Renovated Units – New Kitchens & Bathrooms, Granite Counter Tops, New Copper Plumbing & Windows
- Large 1 & 2 Bedrooms with Garages
- 6% Cap Rate and 10.9 GRM with leveled rents
Executive Summary
Nestled in the coveted neighborhood of Cheviot Hills in Los Angeles, this charming apartment building presents an opportunity for both investors and residents seeking a blend of urban convenience and suburban tranquility.
This desirable West Los Angeles neighborhood enjoys easy access to major thoroughfares, including the nearby I-10 and I-405 freeways, facilitating easy commuting throughout the city and beyond. Additionally, residents can take advantage of nearby Cheviot Hills shopping center which includes Vons, Rite Aid, Starbucks and several trendy restaurants that are only a short walk from the property.
The property has been meticulously maintained and 6 of the units have been renovated which includes new kitchens – granite counter tops, new cabinets, appliances, tile or vinyl plank flooring, new bathrooms and new windows. The property has also been replumbed with copper pipes. The property has a great unit mix of spacious one bedrooms and two bedrooms. Tenants also enjoy enclosed garages and on-site laundry facilities.
This desirable West Los Angeles neighborhood enjoys easy access to major thoroughfares, including the nearby I-10 and I-405 freeways, facilitating easy commuting throughout the city and beyond. Additionally, residents can take advantage of nearby Cheviot Hills shopping center which includes Vons, Rite Aid, Starbucks and several trendy restaurants that are only a short walk from the property.
The property has been meticulously maintained and 6 of the units have been renovated which includes new kitchens – granite counter tops, new cabinets, appliances, tile or vinyl plank flooring, new bathrooms and new windows. The property has also been replumbed with copper pipes. The property has a great unit mix of spacious one bedrooms and two bedrooms. Tenants also enjoy enclosed garages and on-site laundry facilities.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$185,760
|
$31.06
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,573
|
$0.93
|
| Effective Gross Income |
$180,187
|
$30.13
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$61,623
|
$10.30
|
| Net Operating Income |
$118,564
|
$19.83
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $185,760 |
| Annual Per SF | $31.06 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,573 |
| Annual Per SF | $0.93 |
| Effective Gross Income | |
|---|---|
| Annual | $180,187 |
| Annual Per SF | $30.13 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $61,623 |
| Annual Per SF | $10.30 |
| Net Operating Income | |
|---|---|
| Annual | $118,564 |
| Annual Per SF | $19.83 |
Property Facts
| Price | $2,595,000 | Apartment Style | Low Rise |
| Price Per Unit | $324,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 4.60% | Building Size | 5,980 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1953/2018 |
| Property Subtype | Apartment | Parking Ratio | 1.51/1,000 SF |
| Price | $2,595,000 |
| Price Per Unit | $324,375 |
| Sale Type | Investment |
| Cap Rate | 4.60% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,980 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1953/2018 |
| Parking Ratio | 1.51/1,000 SF |
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $2,750 | - |
| 1+1 | 6 | $2,350 | - |
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Walk Score ®
Very Walkable (83)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 4311-005-005 | Improvements Assessment | $136,501 (2024) |
| Land Assessment | $53,084 (2024) | Total Assessment | $189,585 (2024) |
PROPERTY TAXES
Parcel Number
4311-005-005
Land Assessment
$53,084 (2024)
Improvements Assessment
$136,501 (2024)
Total Assessment
$189,585 (2024)
zoning
| Zoning Code | LAR3 (LAR3 MU (EC)) |
| LAR3 (LAR3 MU (EC)) |
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3317-3319 Castle Heights Ave
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