Covered Land Opportunity-Current 6.22% cap | 7404 S Figueroa St
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Covered Land Opportunity-Current 6.22% cap 7404 S Figueroa St
6 Unit Apartment Building $1,825,000 ($304,167/Unit) 6.22% Cap Rate Los Angeles, CA 90003
Investment Highlights
- Great covered land investment with strong in-place cap rate of 6.22%
- Individually metered for gas and electricity
- Neighboring property (same land size and zoning) was entitled for a 100% affordable 157 unit apartment and sold in September 2023 for $3,910,039
- All two bedrooms with high in-place rents
- Long term development opportunity to develop a 100% affordable 157 unit apartment development (Buyer to verify)
Executive Summary
Located on South Figueroa Street in South Los Angeles, this cash-flowing covered land opportunity is an amazing opportunity for a developer seeking in-place cash flow while seeking entitlements. Currently, the property contains (6) - 2 bed / 1 bath units with a strong cap rate of 6.22% in-place. As a development site, there is potential to develop a 100% affordable apartment building containing 157 units (buyer to verify). The identical neighboring property received approvals for 157 units and sold in September of 2023 for $3,910,039.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,825,000 | Apartment Style | Low Rise |
| Price Per Unit | $304,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 6.22% | Building Size | 4,296 SF |
| Gross Rent Multiplier | 11.03 | No. Stories | 1 |
| No. Units | 6 | Year Built | 1923 |
| Property Type | Multifamily | Parking Ratio | 2.09/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,825,000 |
| Price Per Unit | $304,167 |
| Sale Type | Investment |
| Cap Rate | 6.22% |
| Gross Rent Multiplier | 11.03 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 4,296 SF |
| No. Stories | 1 |
| Year Built | 1923 |
| Parking Ratio | 2.09/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $2,348 | 700 |
Walk Score ®
Very Walkable (70)
zoning
| Zoning Code | LAC2 (Build up to 157 Units (Buyer to verify)) |
| LAC2 (Build up to 157 Units (Buyer to verify)) |
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Covered Land Opportunity-Current 6.22% cap | 7404 S Figueroa St
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