• Broker Nicholas Petrosian 9496077096

10024 Elizabeth Ave 6 Unit Apartment Building $1,340,000 ($223,333/Unit) 4.38% Cap Rate South Gate, CA 90280

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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.

ATTACHMENTS

10024 Elizabeth Avenue, South Gate - Offering Memorandum

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 - -
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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ADDITIONAL PHOTOS

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  • Listing ID: 36322731

  • Date on Market: 6/19/2025

  • Last Updated: 6/27/2025

  • Address: 10024 Elizabeth Ave, South Gate, CA 90280