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50% Upside + Development Potential 2942 W 12th St 3 Unit Apartment Building $1,593,026 CAD ($531,009 CAD/Unit) 5.20% Cap Rate Los Angeles, CA 90006
Investment Highlights
- Value Add Opportunity With Over 50% Upside in Rents
- Detached 5 Bed / 2 Bath Craftsman House Delivered Vacant - Great Owner Occupant Opportunity
- Low Price Per Square Foot - $229
- Pro Forma 8.97% Cap Rate
- R-3 Medium Density Zoning + Tier 2 TOC Program (Density Bonus)
- Walk Score: 93 - Daily Errands Do Not Require a Car
Executive Summary
2942 W 12th Street, is an exceptionally located value-add triplex in the heart of Koreatown/Olympic Park consisting of a detached 5BD/2BA Craftsman house and a duplex with (1) 3BD/1BA unit and (1) 4BD/2BA unit, totaling approximately 5,020 rentable square feet on a 5,917 square foot LAR3 lot.
The property offers a compelling investment profile with the two occupied units currently generating just $2,959/month combined at below-market rents, while the detached front house will be delivered vacant, providing immediate lease-up or owner-user flexibility. Current income is approximately $89,504 annually, with pro forma gross income projected at approximately $131,400, representing over 50% upside in rents and a clear path to stronger in-place returns.
In addition to the value-add cash flow component, the property benefits from LAR3 zoning and Tier 2 TOC eligibility, creating longer-term redevelopment and density bonus potential in one of Los Angeles’ most transit-oriented rental markets. Offered at an attractive price per square foot in a high-demand location near Koreatown, Downtown LA, Metro access, and major employment hubs, this is a rare opportunity for investors seeking both current income upside and future development optionality
The property offers a compelling investment profile with the two occupied units currently generating just $2,959/month combined at below-market rents, while the detached front house will be delivered vacant, providing immediate lease-up or owner-user flexibility. Current income is approximately $89,504 annually, with pro forma gross income projected at approximately $131,400, representing over 50% upside in rents and a clear path to stronger in-place returns.
In addition to the value-add cash flow component, the property benefits from LAR3 zoning and Tier 2 TOC eligibility, creating longer-term redevelopment and density bonus potential in one of Los Angeles’ most transit-oriented rental markets. Offered at an attractive price per square foot in a high-demand location near Koreatown, Downtown LA, Metro access, and major employment hubs, this is a rare opportunity for investors seeking both current income upside and future development optionality
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$182,021
|
$36.26
|
| Other Income |
$3,740
|
$0.75
|
| Vacancy Loss |
$5,461
|
$1.09
|
| Effective Gross Income |
$180,300
|
$35.92
|
| Taxes |
$19,900
|
$3.96
|
| Operating Expenses |
$17,565
|
$3.50
|
| Total Expenses |
$37,465
|
$7.46
|
| Net Operating Income |
$142,835
|
$28.45
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $182,021 |
| Annual Per SF | $36.26 |
| Other Income (CAD) | |
|---|---|
| Annual | $3,740 |
| Annual Per SF | $0.75 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $5,461 |
| Annual Per SF | $1.09 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $180,300 |
| Annual Per SF | $35.92 |
| Taxes (CAD) | |
|---|---|
| Annual | $19,900 |
| Annual Per SF | $3.96 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $17,565 |
| Annual Per SF | $3.50 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $37,465 |
| Annual Per SF | $7.46 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $142,835 |
| Annual Per SF | $28.45 |
Property Facts
| Price | $1,593,026 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $531,009 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.20% | Building Size | 5,020 SF |
| Gross Rent Multiplier | 12.85 | Average Occupancy | 66% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1925 |
| Property Subtype | Apartment | Parking Ratio | 0.2/1,000 SF |
| Zoning | LAR3 - Medium Density Residential + Tier 2 TOC Area | ||
| Price | $1,593,026 CAD |
| Price Per Unit | $531,009 CAD |
| Sale Type | Investment |
| Cap Rate | 5.20% |
| Gross Rent Multiplier | 12.85 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,020 SF |
| Average Occupancy | 66% |
| No. Stories | 2 |
| Year Built | 1925 |
| Parking Ratio | 0.2/1,000 SF |
| Zoning | LAR3 - Medium Density Residential + Tier 2 TOC Area |
Amenities
Unit Amenities
- Washer/Dryer Hookup
- Heating
- Hardwood Floors
- Double Pane Windows
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 1 | - | 1,236 |
| 4+2 | 1 | - | 1,650 |
| 5+2 | 1 | - | 2,134 |
Very walkable
80/100
Moderately drivable
70/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5080-020-001 | Total Assessment | $2,045,860 CAD (2025) |
| Land Assessment | $1,576,163 CAD (2025) | Annual Taxes | $19,900 CAD ($3.96 CAD/SF) |
| Improvements Assessment | $469,696 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
5080-020-001
Land Assessment
$1,576,163 CAD (2025)
Improvements Assessment
$469,696 CAD (2025)
Total Assessment
$2,045,860 CAD (2025)
Annual Taxes
$19,900 CAD ($3.96 CAD/SF)
Tax Year
2026
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50% Upside + Development Potential | 2942 W 12th St
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