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239 W 113th St 6 Unit Apartment Building $1,371,179 CAD ($228,530 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 |
$159,229
|
$67.02
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$6,369
|
$2.68
|
| Effective Gross Income |
$152,861
|
$64.34
|
| Taxes |
$18,874
|
$7.94
|
| Operating Expenses |
$44,546
|
$18.75
|
| Total Expenses |
$63,419
|
$26.69
|
| Net Operating Income |
$89,441
|
$37.64
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $159,229 |
| Annual Per SF | $67.02 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $6,369 |
| Annual Per SF | $2.68 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $152,861 |
| Annual Per SF | $64.34 |
| Taxes (CAD) | |
|---|---|
| Annual | $18,874 |
| Annual Per SF | $7.94 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $44,546 |
| Annual Per SF | $18.75 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $63,419 |
| Annual Per SF | $26.69 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $89,441 |
| Annual Per SF | $37.64 |
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 | $1,407,833 CAD |
| Land Assessment | $738,633 CAD | Annual Taxes | $18,874 CAD ($7.94 CAD/SF) |
| Improvements Assessment | $669,201 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
6074-023-031
Land Assessment
$738,633 CAD
Improvements Assessment
$669,201 CAD
Total Assessment
$1,407,833 CAD
Annual Taxes
$18,874 CAD ($7.94 CAD/SF)
Tax Year
2025
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239 W 113th St
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