856 W 47th St
Multifamily | 4 Units | $350,000/unit
Marketing description
856 W 47th St is a 4-unit multifamily investment located in a high-demand South Los Angeles rental submarket, offering strong day-one cash flow with additional income stability through government-supported tenancy. Built in 1914 and renovated in 2025, the 4,510-square-foot building sits on a 7,778-square-foot lot and features an in-demand unit mix of (4) 3-bedroom / 2-bath units, including two ADUs—providing durable tenant appeal and simplified management. The property is subject to rent control, while the ADU units provide additional operational flexibility.
Offered at $1,400,000 ($350,000 per unit / $310.42 per square foot), the asset currently operates at approximately a 9.41% cap rate with an 8.25 GRM, supporting immediate cash flow and a compelling long-term hold strategy in a supply-constrained corridor of South Los Angeles.
Investment highlights
Strong Day-One Yield:
The asset offers an attractive 9.41% in-place cap rate, supporting immediate cash flow from acquisition.Stable Occupancy with Section 8–Supported Income:
The property is fully leased with tenants supported by Section 8 housing vouchers, providing reliable rent collections and durable income stability.Efficient Expense Profile:
Operating expenses total approximately $29,500 annually ($7,375 per unit), representing roughly 18% of EGI, allowing a larger share of rental income to convert into NOI.Durable 3BR/2BA Unit Mix:
All four units feature large 3-bedroom / 2-bath layouts averaging approximately 1,106 SF, a configuration that typically attracts long-term tenants seeking larger living spaces.Modest Rent Upside Through Market Alignment:
Current rents average approximately $3,536 per unit, compared to projected market rents of $3,668 per unit, representing about 4% upside as rents align with market levels over time.
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