239 W 113Th St, Los Angeles, CA 90061
6 Units | 8.61 Actual GRM | Plus Major Upside in One Unit
Marketing description
239 W 113th Street is a six-unit operator deal with day-one cash flow and visible rent upside. At the asking price of $985,000, the property is offered at $164,167 per unit and underwrites to a 6.56% current cap rate and 8.61 current GRM based on the offering financials.
The deal works because the in-place income is there on day one. Scheduled gross income is $114,384, and the asset is separately metered for gas and electricity, which helps contain utility exposure.
The upside is real, but it is execution-based. Current average rent is $1,589 per unit versus underwritten market rent of $1,925, with one unit at $1,000 creating a large portion of the rent gap. This is not a heavy repositioning deal. It is a cash-flowing six-unit with selective rent reset potential over time.
For South LA small-balance buyers, the deal offers day-one income, separate utility metering, excess parking, and rent upside tied to turnover rather than heavy repositioning.
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Investment highlights
o 6.56% current cap rate and 8.61 current GRM at the asking price
o $164,167 per unit
o $114,384 scheduled gross income with day-one in-place cash flow
o 21.2% loss-to-lease on offering underwriting
o Largest rent gap concentrated in Unit 4 at $1,000/month
o Six gas meters and six electric meters
o Approximately 14 on-site parking spaces
o Three separate structures support phased turnover and unit-by-unit execution
o 12,420 SF LAR2 lot
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