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10024 Elizabeth Ave 6 Unit Apartment Building $1,340,000 ($223,333/Unit) 4.38% Cap Rate South Gate, CA 90280
INVESTMENT HIGHLIGHTS
- (4) 2-Bed / 1-Bath & (2) 1-Bed / 1-Bath
- Only Subject to AB1482 Rent Caps
- Newly Resurfaced Asphalt | New Exterior Paint | New Roof (Approx. 2015)
- Over 45% Upside in Rental Income
- 12.73 GRM & 4.38% Cap Rate on Current Income & 8.66 GRM & 7.61% Cap Rate on Market Income
- (6) Detached Carport Parking Spaces, (2) Single-Car Garage Spaces & (1) Open Space
EXECUTIVE SUMMARY
Located in a strong rental pocket of South Gate, 10024 Elizabeth Ave is a clean 6-unit apartment asset with immediate income growth potential. The property features a desirable mix of (4) 2-bed/1-bath and (2) 1-bed/1-bath units, all separately metered for gas and electricity. With current rents reflecting a 4.38% cap and projected market rents pushing to 7.61%, there's meaningful room to increase cash flow. Recent improvements include a newer roof (approx. 2015), resurfaced asphalt, and fresh exterior paint. Parking includes (6) detached carports, (2) single-car attached garages, and (1) open space. Additional features include onsite laundry. Built in 1962, this 4,058 SF building sits on a 7,198 SF lot and is governed only by AB1482 rent caps - no local rent control. A compelling opportunity for investors seeking both stability and upside in a supply-constrained submarket.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$105,240
|
$25.93
|
| Other Income |
$1,224
|
$0.30
|
| Vacancy Loss |
$3,157
|
$0.78
|
| Effective Gross Income |
$103,307
|
$25.46
|
| Taxes |
$15,898
|
$3.92
|
| Operating Expenses |
$28,720
|
$7.08
|
| Total Expenses |
$44,618
|
$11.00
|
| Net Operating Income |
$58,689
|
$14.46
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $105,240 |
| Annual Per SF | $25.93 |
| Other Income | |
|---|---|
| Annual | $1,224 |
| Annual Per SF | $0.30 |
| Vacancy Loss | |
|---|---|
| Annual | $3,157 |
| Annual Per SF | $0.78 |
| Effective Gross Income | |
|---|---|
| Annual | $103,307 |
| Annual Per SF | $25.46 |
| Taxes | |
|---|---|
| Annual | $15,898 |
| Annual Per SF | $3.92 |
| Operating Expenses | |
|---|---|
| Annual | $28,720 |
| Annual Per SF | $7.08 |
| Total Expenses | |
|---|---|
| Annual | $44,618 |
| Annual Per SF | $11.00 |
| Net Operating Income | |
|---|---|
| Annual | $58,689 |
| Annual Per SF | $14.46 |
PROPERTY FACTS
| Price | $1,340,000 | Apartment Style | Low-Rise |
| Price Per Unit | $223,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 4.38% | Building Size | 4,058 SF |
| Gross Rent Multiplier | 12.73 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Zoning | SGR3YY | ||
| Price | $1,340,000 |
| Price Per Unit | $223,333 |
| Sale Type | Investment |
| Cap Rate | 4.38% |
| Gross Rent Multiplier | 12.73 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,058 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 1.48/1,000 SF |
| Zoning | SGR3YY |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 4 | - | - |
| 1+1 | 2 | - | - |
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Walk Score®
Very Walkable (87)
PROPERTY TAXES
| Parcel Number | 6208-020-012 | Total Assessment | $596,351 |
| Land Assessment | $191,681 | Annual Taxes | $15,898 ($3.92/SF) |
| Improvements Assessment | $404,670 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
6208-020-012
Land Assessment
$191,681
Improvements Assessment
$404,670
Total Assessment
$596,351
Annual Taxes
$15,898 ($3.92/SF)
Tax Year
2024
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