8819 Reading Ave
7 Unit Apartment Building $2,499,000 ($357,000/Unit) 5.12% Cap Rate Los Angeles, CA 90045
INVESTMENT HIGHLIGHTS
- 100k Price Decrease -- Highly Motivated Seller!
- Perfectly Located Nearby LAX, Playa Vista, and the 405 Freeway
- Super Rare Three Vacant Units for Immediate Upside Potential!
EXECUTIVE SUMMARY
SELLER IS MOTIVATED - BRING ANY & ALL OFFERS - Located at 8819 Reading Avenue in the highly desirable Westchester neighborhood, this multifamily property offers a prime investment opportunity with significant upside potential. The property features a total of 7 units, including a newly constructed 2-bedroom/1-bathroom ADU completed in 2024, enhancing its modern appeal. The remaining unit mix includes 4 one-bedroom/one-bathroom units and 2 two-bedroom/one-bathroom units, with a total rentable square footage of 4,616 on a 7,006-square-foot lot.
Listed at $2,499,000, the property currently generates $16,356 per month ($196,272 annually) with three vacancies, presenting a rare opportunity for immediate income growth. With a 22% rental upside, the property has the potential to produce $19,900 per month ($238,800 annually) at market rents, achieving a cap rate of 6.62% and a GRM of 10.46. Currently, it operates at a 5.12% cap rate and a GRM of 12.73.
The property includes four dedicated parking spaces and ample street parking, ensuring convenience for tenants in an area where parking is a premium. Each unit features in-unit laundry, and the property is well-maintained, with several units in excellent condition and the newly built ADU adding value.
Its location near LAX, Playa Vista, Silicon Beach, and the 405 freeway ensures strong demand from tenants seeking convenience and proximity to major employment and lifestyle hubs. With its combination of current cash flow, three immediate lease-up opportunities, and substantial rental upside in a high-demand area, 8819 Reading Avenue is a compelling investment in the thriving Westchester market.
Listed at $2,499,000, the property currently generates $16,356 per month ($196,272 annually) with three vacancies, presenting a rare opportunity for immediate income growth. With a 22% rental upside, the property has the potential to produce $19,900 per month ($238,800 annually) at market rents, achieving a cap rate of 6.62% and a GRM of 10.46. Currently, it operates at a 5.12% cap rate and a GRM of 12.73.
The property includes four dedicated parking spaces and ample street parking, ensuring convenience for tenants in an area where parking is a premium. Each unit features in-unit laundry, and the property is well-maintained, with several units in excellent condition and the newly built ADU adding value.
Its location near LAX, Playa Vista, Silicon Beach, and the 405 freeway ensures strong demand from tenants seeking convenience and proximity to major employment and lifestyle hubs. With its combination of current cash flow, three immediate lease-up opportunities, and substantial rental upside in a high-demand area, 8819 Reading Avenue is a compelling investment in the thriving Westchester market.
PROPERTY FACTS
| Price | $2,499,000 |
| Price Per Unit | $357,000 |
| Sale Type | Investment |
| Cap Rate | 5.12% |
| Gross Rent Multiplier | 12.73 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,616 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1951 |
| Parking Ratio | 0.87/1,000 SF |
UNIT AMENITIES
- Washer/Dryer
- Ceiling Fans
- Stainless Steel Appliances
- Double Pane Windows
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $1,825 | 600 |
| 2+1 | 3 | $3,168 | 706 - 755 |
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PROPERTY TAXES
| Parcel Number | 4125-014-002 | Improvements Assessment | $624,240 |
| Land Assessment | $1,430,550 | Total Assessment | $2,054,790 |
ZONING
| Zoning Code | LAR3 (Multiple Dwelling) |
