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606 W Vernon Ave
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606 W Vernon Ave
20 Unit Block of Flats £2,003,750 (£100,188/Unit) 4.62% Net Initial Yield Los Angeles, CA 90037
![606 W Vernon Ave, Los Angeles, CA for sale - Building Photo - Image 1 of 6](https://images.loopnet.co.uk/i2/dpP88kzm11A250O6CSS3-MHdyPuxiU7K5Co80KU047g/110/606-W-Vernon-Ave-Los-Angeles-CA-Building-Photo-1-Large.jpg)
![606 W Vernon Ave, Los Angeles, CA for sale - Building Photo - Image 2 of 6](https://images.loopnet.co.uk/i2/xyrnKqmHArFhlndCHR_Q5mVKsh54G_qivAbJOMEjb_4/110/606-W-Vernon-Ave-Los-Angeles-CA-Building-Photo-2-Large.jpg)
![606 W Vernon Ave, Los Angeles, CA for sale - Building Photo - Image 3 of 6](https://images.loopnet.co.uk/i2/w-ZOGZDUTqyC4hYXB3NG5UxrSi9EqE2AKbIyk8R81Qw/110/606-W-Vernon-Ave-Los-Angeles-CA-Building-Photo-3-Large.jpg)
Investment Highlights
- Approximately 50% Rental Upside
- Priced at a 9.26 Gross Rent Multiplier
- Proforma 9.23% CAP Rate & 6.22 GRM
- Minutes to BMO Stadium and The Coliseum
- Unit Mix of Entirely Studio Units
Executive Summary
606 W Vernon Avenue is a fully occupied 20-unit building located in South Los Angeles, minutes away from BMO Stadium and The Coliseum. The property is situated around the corner of Figueroa Street which is the main thoroughfare that connects South LA to the financial district of Downtown Los Angeles. The apartment complex consists of entirely studio units and there is approximately 50% rental upside that can be executed through unit turnover. The water and gas are paid by the landlord and the offering presents a chance to enter a zip code (90037) that offers very few opportunities to acquire a building of this magnitude.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income |
£216,347
![]() |
£19.87
![]() |
Other Income |
-
![]() |
-
![]() |
Vacancy Loss |
£6,491
![]() |
£0.60
![]() |
Effective Gross Income |
£209,857
![]() |
£19.28
![]() |
Taxes |
£24,033
![]() |
£2.21
![]() |
Operating Expenses |
£93,267
![]() |
£8.57
![]() |
Total Expenses |
£117,300
![]() |
£10.78
![]() |
Net Operating Income |
£92,557
![]() |
£8.50
![]() |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | £216,347 |
Annual Per SF | £19.87 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | £6,491 |
Annual Per SF | £0.60 |
Effective Gross Income | |
---|---|
Annual | £209,857 |
Annual Per SF | £19.28 |
Taxes | |
---|---|
Annual | £24,033 |
Annual Per SF | £2.21 |
Operating Expenses | |
---|---|
Annual | £93,267 |
Annual Per SF | £8.57 |
Total Expenses | |
---|---|
Annual | £117,300 |
Annual Per SF | £10.78 |
Net Operating Income | |
---|---|
Annual | £92,557 |
Annual Per SF | £8.50 |
Property Facts
Price | £2,003,750 | Apartment Style | Low Rise |
Price Per Unit | £100,188 | Building Class | C |
Sale Type | Investment | Lot Size | 0.17 AC |
Net Initial Yield | 4.62% | Building Size | 10,886 SF |
Gross Rent Multiplier | 9.26 | Average Occupancy | 100% |
No. Units | 20 | Number of Floors | 2 |
Property Type | Residential | Year Built | 1924 |
Property Subtype | Apartment |
Price | £2,003,750 |
Price Per Unit | £100,188 |
Sale Type | Investment |
Net Initial Yield | 4.62% |
Gross Rent Multiplier | 9.26 |
No. Units | 20 |
Property Type | Residential |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.17 AC |
Building Size | 10,886 SF |
Average Occupancy | 100% |
Number of Floors | 2 |
Year Built | 1924 |
Unit Amenities
- Disposal
- Heating
- Kitchen
Unit Mix Information
Description | No. Units | Avg. Rent.Mo | SF |
---|---|---|---|
Studios | 20 | £894.07 | 500 |
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Walk Score ®
Very Walkable (84)
Bike Score ®
Very Bikeable (81)
PROPERTY TAXES
Parcel Number | 5018-033-022 | Total Assessment | £1,301,371 (2024) |
Land Assessment | £944,392 (2024) | Annual Taxes | £24,033 (£2.21/sf) |
Improvements Assessment | £356,978 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5018-033-022
Land Assessment
£944,392 (2024)
Improvements Assessment
£356,978 (2024)
Total Assessment
£1,301,371 (2024)
Annual Taxes
£24,033 (£2.21/sf)
Tax Year
2023
zoning
Zoning Code | R3 |
R3 |
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606 W Vernon Ave
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