343 S Occidental Blvd
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343 S Occidental Blvd
18 Unit Block of Flats £2,533,872 (£140,771/Unit) 4.83% Net Initial Yield Los Angeles, CA 90057
Investment Highlights
- upside
- Koreatown a few blocks to the east
- Silver Lake a few blocks to the north
Executive Summary
18 unit low rise garden style apartment building for sale with tremendous upside of 53% to peak proforma in one of the few remaining pockets in Los Angeles that hasn't seen big growth...yet. A short drive off the 101 and the Silver Lake Blvd exit is 343 S Occidental Blvd. The location is Silver Lake a few blocks to the north and Koreatown a few blocks to the east. 10 of the units are one bed one bath, 8 are studios. Rents were last raised February 2024. Current rents are $18,936/mo ($227,236/yr). Highest 1 bed unit is $1700/mo. Highest studio is $1500/mo. February 2025 rents at 4% increase gets to a 4.8 cap & 13.5 GRM. Proforma rents indicate $29,000/mo or ($348,000/yr) at 8.3 cap & 9.2 GRM. All units are occupied and rents are current. Laundry is on site. There are 13 parking spaces with the potential to add more. Soft story retrofit completed in 2019.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£187,247
|
£14.25
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£187,247
|
£14.25
|
| Taxes |
£31,693
|
£2.41
|
| Operating Expenses |
£33,104
|
£2.52
|
| Total Expenses |
£64,797
|
£4.93
|
| Net Operating Income |
£122,451
|
£9.32
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £187,247 |
| Annual Per SF | £14.25 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £187,247 |
| Annual Per SF | £14.25 |
| Taxes | |
|---|---|
| Annual | £31,693 |
| Annual Per SF | £2.41 |
| Operating Expenses | |
|---|---|
| Annual | £33,104 |
| Annual Per SF | £2.52 |
| Total Expenses | |
|---|---|
| Annual | £64,797 |
| Annual Per SF | £4.93 |
| Net Operating Income | |
|---|---|
| Annual | £122,451 |
| Annual Per SF | £9.32 |
Property Facts
| Price | £2,533,872 | Apartment Style | Low Rise |
| Price Per Unit | £140,771 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Net Initial Yield | 4.83% | Building Size | 13,144 SF |
| Gross Rent Multiplier | 13.5 | Average Occupancy | 100% |
| No. Units | 18 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1949 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Price | £2,533,872 |
| Price Per Unit | £140,771 |
| Sale Type | Investment |
| Net Initial Yield | 4.83% |
| Gross Rent Multiplier | 13.5 |
| No. Units | 18 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 13,144 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1949 |
| Parking Ratio | 0.99/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 10 | £948.42 | - |
| Studios | 8 | £764.60 | - |
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Walk Score ®
Walker's Paradise (90)
Transit Score ®
Excellent Transit (79)
PROPERTY TAXES
| Parcel Number | 5155-009-006 | Total Assessment | £2,477,062 |
| Land Assessment | £808,177 | Annual Taxes | £31,693 (£2.41/sf) |
| Improvements Assessment | £1,668,885 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5155-009-006
Land Assessment
£808,177
Improvements Assessment
£1,668,885
Total Assessment
£2,477,062
Annual Taxes
£31,693 (£2.41/sf)
Tax Year
2024
zoning
| Zoning Code | LAR4 (Multiple Dwelling) |
| LAR4 (Multiple Dwelling) |
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343 S Occidental Blvd
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