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239 W 113th St 6 Unit Apartment Building $1,349,450 CAD ($224,908 CAD/Unit) 6.56% Cap Rate Los Angeles, CA 90061
Investment Highlights
- Current scheduled gross income of $114,384 annually, with average in-place rents at $1,589 per unit versus market rents estimated at $1,925
- 21.2% loss-to-lease on offering underwriting
- Operational asset delivering day-one cash flow with significant rent growth potential.
- Largest rent gap concentrated in Unit 4 at $1,000/month
Executive Summary
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.
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.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$156,706
|
$65.95
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$6,268
|
$2.64
|
| Effective Gross Income |
$150,438
|
$63.32
|
| Taxes |
$18,574
|
$7.82
|
| Operating Expenses |
$43,840
|
$18.45
|
| Total Expenses |
$62,414
|
$26.27
|
| Net Operating Income |
$88,024
|
$37.05
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $156,706 |
| Annual Per SF | $65.95 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $6,268 |
| Annual Per SF | $2.64 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $150,438 |
| Annual Per SF | $63.32 |
| Taxes (CAD) | |
|---|---|
| Annual | $18,574 |
| Annual Per SF | $7.82 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $43,840 |
| Annual Per SF | $18.45 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $62,414 |
| Annual Per SF | $26.27 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $88,024 |
| Annual Per SF | $37.05 |
Property Facts
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Good public transit
70/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 6074-023-031 | Total Assessment | $1,385,523 CAD |
| Land Assessment | $726,927 CAD | Annual Taxes | $18,574 CAD ($7.82 CAD/SF) |
| Improvements Assessment | $658,596 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
6074-023-031
Land Assessment
$726,927 CAD
Improvements Assessment
$658,596 CAD
Total Assessment
$1,385,523 CAD
Annual Taxes
$18,574 CAD ($7.82 CAD/SF)
Tax Year
2025
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239 W 113th St
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