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2241 Crenshaw Blvd 8 Unit Apartment Building $2,992,929 CAD ($374,116 CAD/Unit) 6.01% Cap Rate Los Angeles, CA 90016
Investment Highlights
- Prime Mid-City / West Adams Location Along the Crenshaw Corridor
- 7 of 8 Units Are Currently Vacant and Unrenovated
- Double the Unit Count by Adding up to 8 Detached, Fully Non-Rent-Controlled ADU Units in the Rear
- Attractive Unit Mix of 2 Studios, 5 One-Bedrooms, and 1 Two-Bedroom Unit
- Roughly 6,000 SF of Open Land in the Gated Private Backyard
- Large Two-Bedroom Unit with Potential Conversion to a Three-Bedroom
Executive Summary
Equity Union Commercial is pleased to present 2241 Crenshaw Blvd, an 8-unit multifamily investment opportunity in the heart of Los Angeles' Mid-City/West Adams submarket. Built in 1927, the property features a well-balanced unit mix of 2 studios, 5 one-bedrooms, and 1 two-bedroom unit, with 7 of the 8 units currently vacant — giving a new owner the ability to bring units online at market rents from day one rather than working through existing tenancies.
This property qualifies for up to 8 detached, fully non-rent-controlled ADUs under SB 1211, with roughly 6,000 SF of open backyard space (approximately 60' x 100') available for development. The site also carries meaningful development upside: it is zoned LAR3 with a TOC Tier 3 designation, supporting up to a 70% density bonus and the potential to build up to 31 units by-right. Combined, these entitlements offer a rare opportunity to double the unit count on one of the last remaining large-lot opportunities along this corridor.
The property sits along the Crenshaw corridor at the border of Mid-City and West Adams. The location offers convenient access to the Metro E (Expo) Line, the I-10 Freeway, and everyday retail and dining along Crenshaw & Washington, including Starbucks, Planet Fitness, CVS, Ross, and Five Guys — all within close proximity to Johnnie L. Cochran Jr. Middle School.
This property qualifies for up to 8 detached, fully non-rent-controlled ADUs under SB 1211, with roughly 6,000 SF of open backyard space (approximately 60' x 100') available for development. The site also carries meaningful development upside: it is zoned LAR3 with a TOC Tier 3 designation, supporting up to a 70% density bonus and the potential to build up to 31 units by-right. Combined, these entitlements offer a rare opportunity to double the unit count on one of the last remaining large-lot opportunities along this corridor.
The property sits along the Crenshaw corridor at the border of Mid-City and West Adams. The location offers convenient access to the Metro E (Expo) Line, the I-10 Freeway, and everyday retail and dining along Crenshaw & Washington, including Starbucks, Planet Fitness, CVS, Ross, and Five Guys — all within close proximity to Johnnie L. Cochran Jr. Middle School.
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$266,674
|
$56.50
|
| Other Income |
$5,011
|
$1.06
|
| Vacancy Loss |
$8,000
|
$1.69
|
| Effective Gross Income |
$263,685
|
$55.87
|
| Taxes |
$35,915
|
$7.61
|
| Operating Expenses |
$47,994
|
$10.17
|
| Total Expenses |
$83,909
|
$17.78
|
| Net Operating Income |
$179,776
|
$38.09
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $266,674 |
| Annual Per SF | $56.50 |
| Other Income (CAD) | |
|---|---|
| Annual | $5,011 |
| Annual Per SF | $1.06 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $8,000 |
| Annual Per SF | $1.69 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $263,685 |
| Annual Per SF | $55.87 |
| Taxes (CAD) | |
|---|---|
| Annual | $35,915 |
| Annual Per SF | $7.61 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $47,994 |
| Annual Per SF | $10.17 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $83,909 |
| Annual Per SF | $17.78 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $179,776 |
| Annual Per SF | $38.09 |
Property Facts
Amenities
Unit Amenities
- Balcony
- Disposal
- Storage Space
- Heating
- Granite Countertops
- Refrigerator
- Range
- Tub/Shower
- Large Bedrooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $2,506 CAD | - |
| 1+5 | 3 | $2,272 CAD | - |
| 2+1 | 2 | $3,480 CAD | - |
Moderately walkable
70/100
Exceptionally drivable
100/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5061-021-038 | Total Assessment | $2,872,804 CAD (2025) |
| Land Assessment | $1,941,086 CAD (2025) | Annual Taxes | $35,915 CAD ($7.61 CAD/SF) |
| Improvements Assessment | $931,718 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
5061-021-038
Land Assessment
$1,941,086 CAD (2025)
Improvements Assessment
$931,718 CAD (2025)
Total Assessment
$2,872,804 CAD (2025)
Annual Taxes
$35,915 CAD ($7.61 CAD/SF)
Tax Year
2026
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2241 Crenshaw Blvd
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