3824 Evans St
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3824 Evans St
9 Unit Apartment Building $3,495,000 ($388,333/Unit) 4.77% Cap Rate Los Angeles, CA 90027
Investment Highlights
- Eclectic Los Feliz. Very walkable location to specialty markets, restaurants, cafes, theaters, etc.
- Incredibly good rental upside.
- Two of the 2-bedrooms are townhouse style with their own back yard.
Executive Summary
3824 Evans Street is a 9-unit apartment building located on a large lot that is just under 10,000 square feet. It has been owned by the same family for more than 50 years. This is the first time it has been on the market and available for sale in all that time. The units are extremely spacious. The building has an excellent unit mix of 1 - 1+1, 2 - 2+1.5, 4 - 2+1.75 & 2 - 2+1.75 TH. The Town House units have their own individual back yards. This building has had copper plumbing installed and the Los Angeles City mandated soft-story earthquake retrofit work completed. Additionally, the CA state mandated balcony work (SB 721) has been done. (Seller states all) The rent roll demonstrates the incredible rental upside potential, and, with the recent defeat of Proposition 33, investors are allowed to realize market rents upon units becoming vacant. These are very large apartments (building square footage is 9,435) and are much more livable than the average 1960's era building. The location is very desirable in eclectic Los Feliz! Located just west of Hyperion Avenue and south of Griffith Park Boulevard, the area is ground zero for hipsters, tech workers, artists and independent thinkers. Incredibly desirable and walkable neighborhood with restaurants, bars, cafes, theaters, specialty markets (Trader Joes & Gelson's). This area has a vibe that is palpable and is attractive to both young and mature alike! It is just a short drive from central Hollywood, DTLA and the communities of Glendale, Burbank and Pasadena just beyond. This location is surrounded by a multitude of employers in a wide array of industries making it an exceptionally sought after place to reside. As a result, renters outnumber owners in the area by a wide margin. The housing imbalance that exists in Southern California & Los Angeles in particular make this investment attractive in the short and long term. Please do not disturb tenants or walk on the property. OM is located in the document section on the MLS profile page. Please call listing agent for more information.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$238,682
|
$17.74
|
| Other Income |
$1,000
|
$0.07
|
| Vacancy Loss |
$2,387
|
$0.18
|
| Effective Gross Income |
$237,295
|
$17.64
|
| Taxes |
$36,285
|
$2.70
|
| Operating Expenses |
$34,350
|
$2.55
|
| Total Expenses |
$70,635
|
$5.25
|
| Net Operating Income |
$166,660
|
$12.39
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $238,682 |
| Annual Per SF | $17.74 |
| Other Income | |
|---|---|
| Annual | $1,000 |
| Annual Per SF | $0.07 |
| Vacancy Loss | |
|---|---|
| Annual | $2,387 |
| Annual Per SF | $0.18 |
| Effective Gross Income | |
|---|---|
| Annual | $237,295 |
| Annual Per SF | $17.64 |
| Taxes | |
|---|---|
| Annual | $36,285 |
| Annual Per SF | $2.70 |
| Operating Expenses | |
|---|---|
| Annual | $34,350 |
| Annual Per SF | $2.55 |
| Total Expenses | |
|---|---|
| Annual | $70,635 |
| Annual Per SF | $5.25 |
| Net Operating Income | |
|---|---|
| Annual | $166,660 |
| Annual Per SF | $12.39 |
Property Facts
| Price | $3,495,000 | Apartment Style | Low Rise |
| Price Per Unit | $388,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 4.77% | Building Size | 13,454 SF |
| Gross Rent Multiplier | 14.6 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 0.59/1,000 SF |
| Price | $3,495,000 |
| Price Per Unit | $388,333 |
| Sale Type | Investment |
| Cap Rate | 4.77% |
| Gross Rent Multiplier | 14.6 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 13,454 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 0.59/1,000 SF |
Unit Amenities
- Balcony
- Yard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 5 | $2,488 | 1,050 - 1,085 |
| 2+1.5 | 3 | $1,814 | 975 - 1,075 |
| 1+1 | 1 | $1,358 | 850 - 875 |
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Walk Score ®
Very Walkable (86)
PROPERTY TAXES
| Parcel Number | 5433-023-027 | Total Assessment | $322,519 |
| Land Assessment | $58,132 | Annual Taxes | $36,285 ($2.70/SF) |
| Improvements Assessment | $264,387 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5433-023-027
Land Assessment
$58,132
Improvements Assessment
$264,387
Total Assessment
$322,519
Annual Taxes
$36,285 ($2.70/SF)
Tax Year
2024
zoning
| Zoning Code | LAR2-1XL |
| LAR2-1XL |
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3824 Evans St
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