447 W 118th Pl, Los Angeles, CA 90061

Aug 4

Written By Jake Glaser

Triplex in Harbor Gateway North | Sold to FHA Buyer

Sold: $565,000

Property Highlights

Triplex located in Los Angeles built in 1948
Sold for $188,333/unit, 10.74x GRM, and a 6.37% cap rate
Unit mix consists of (3) 1BR/1BA units across 1,610 SF of living space
Offered at an attractive $191,666 $/Unit
Each unit averages 537 SF and are separately metered for electricity and gas
15 minutes from LAX & Dockweiler Beach
Situated in a cul-de-sac off of Figueroa St
Corner lot features a gated wraparound patio
Existing 36% of rental upside for future growth
Direct access to the 105 & 110 freeways, the Los Angeles Metro light rail, and close proximity to the South Figueroa Retail Corridor

The Deal Story

The Glaser Group is proud to announce the successful closing of 447 W 118th Pl—a triplex located in the Harbor Gateway North neighborhood of South Los Angeles. This asset totaled 3 1B/1BA units situated on a cul-de-sac off of a stretch of Figueroa.

By strategically marketing the building as an opportunity for owner-occupiers & FHA buyers, we generated several qualified offers and secured a first-time buyer looking to enter the apartment market and utilize FHA financing. We also negotiated a cash-for-keys buyout during escrow that satisfied both the long-term tenant and the buyer as well.

The building sold for $565,000 and offered significant value-add potential, with approximately 36% upside in rental income. All three of the units had their bathroom flooring replaced with laminate and one was entirely upgraded with a new enclosed shower and tub, with the subfloor replaced concurrently. Each unit also has a hookup for in-unit washer and dryer.

The final closing metrics were $188,333/unit, 10.74x GRM, and a 6.37% cap rate.

We're currently facilitating the seller's 1031 exchange into a single family rental home in the South Bay near his primary residence, placing his equity closer to home and minimizing his tenant management exposure.

If you’re considering a sale or 1031 exchange of your own, contact our team at (310) 230-5157. Let’s discuss how we can help you achieve your multifamily investment goals.