1024 W 24th St - Apartments FOR SALE


Los Angeles, CA 90007
$3,750,000 USD
213-943-1897
1024 W 24th St, Los Angeles, CA for Sale
$3,750,000 USD
Apartments - FOR SALE
1/12
null | 4.46% Cap Rate

1024 W 24th St
Los Angeles, CA 90007


HIGHLIGHTS

  • The electrical system, including the main panel, was upgraded by ownership along with interior improvements to 56% of units
  • Located within the USC patrol zone
  • Investors can keep it as student housing or lease to Section 8 tenants for a $211-$270 rent premium (2025 max HACLA voucher for 90007)
  • Several high-profile downtown offices traded in 2024, signaling confidence and attracting employers back to the CBD
  • The 2028 Summer Games are expected to drive growth, upgrading infrastructure, neighborhoods, and key venues like the LA Coliseum and Crypto.com Arena
  • While two ADUs have been added by current ownership, SB 1211 expands the potential to add additional units to the property (buyer to verify)

OVERVIEW

PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT LISTING TEAM FOR DETAILS. The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 16-unit (14 + 2 ADU) apartment community located at 1024 W. 24th Street. The subject property is located north of Adams Boulevard and east of Hoover Street, within the USC Patrol Zone. The property is within walking distance of popular cafes, restaurants, and entertainment venues, as well as minutes from the University of Southern California (USC), the Coliseum, and Exposition Park. Its central location provides residents with convenient access to major employment hubs in Downtown Los Angeles, and beyond, supported by nearby public transit options and proximity to the I-10 and I-110 Freeways. Situated on a 10,542-square-foot parcel, the property features one studio, five bachelors, seven one-bedroom units, and three two-bedroom units. The unit-mix consists of two recently added ADUs. Fifty-six percent of the units have been turned and renovated over the last 18 months, providing, a proven interior renovation strategy to capture USC students. 1024 W. 24th Street presents investors with a rare opportunity to acquire a mid-sized, value-add property close to the USC campus. A new investor can continue to operate as student housing or convert to Section 8 rentals as leases expire, which offers $200+ rent premiums.

FOR SALE DETAILS

PRICE

$3,750,000 USD

PRICE/SF

$396 USD /SF

# OF UNITS

16

PRICE/UNIT

$234,375

CAP RATE

4.46%

% LEASED

90%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

16-Unit Value-Add Within the USC Patrol Zone

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1963

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.24 AC

LAND SF

10,542 SF

ZONING

LARD1.5

APN/PARCEL ID

5124-008-018

ASK ABOUT THIS PROPERTY

Sean RosenzweigMarcus & MillichapMore Info
213-943-1897

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Sean RosenzweigMarcus & MillichapMore Info
213-943-1897

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.