118 N Westmoreland Ave · Los Angeles, CA 90004

$3,750,000

24 bd · 48.0 ba · 18,765 sqft · MultiFamily public records · 125 Days on market

Built 1926 8,406 sqft lot $200/sqft · 13% below area Est $4311k · 13% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +13.4/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 24 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

118 N Westmoreland Ave | 24-Unit Rent-Controlled Multifamily Portfolio Offering in Koreatown / East Hollywood. Built in 1926, this classic Los Angeles multifamily asset features a balanced unit mix of (12) studios and (12) 1-bed/1-bath units, supporting broad renter appeal and leasing flexibility. The property is currently operating with multiple vacant units and below-market in-place rents, providing immediate upside through lease-up and mark-to-market rent growth across the rent roll. Situated in a dense, transit-oriented infill corridor with proximity to major employment centers, neighborhood retail, and public transportation, the asset benefits from durable tenant demand in one of Los Angeles' most supply-constrained rental submarkets. Offered exclusively as part of a two-property Westmoreland Avenue portfolio, the property must be acquired together with the adjacent asset at 124 N Westmoreland Ave.

Key facts

• 8,406 sq ft lot
• Built 1926
• Listed 125 days

What this means for you Summary

Snapshot

• This is a 24 × 1-bed/1-bath units multifamily listed at $3.75M.

Deal economics

• At list price, monthly cash flow is $16k ($190k/yr) — positive. Per door: $659/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($55k rent vs $3.75M).
• Recommended offer: $3.30M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.7%/yr); 137 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $54,835/mo this rent would consume 1015% of the median local household income ($65k/yr) (locally 6512% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $26k of loan paydown is wiped out by about $112k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $1.05M cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($3.30M) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts; this cycle's ask is 340809% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $1.88M; list at $3.75M implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,300,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.46% ✓
• Cap rate: 11.35%
• Cash-on-cash: 18.08%
• DSCR: 1.80
• GRM: 5.7

CMA / ARV

• ARV (median comp): $4,311,070
• List price: $3,750,000
• Delta: -13.01%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.23×
• Total profit: $240,796
• Equity at exit: $559,137

10-year hold

• IRR: 12.5%
• Equity multiple: 1.85×
• Total profit: $893,094
• Equity at exit: $324,231

Cash invested: $1,050,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90004

• Rents YoY: -1.7%
• Active inventory: 137
• Price-to-rent: 136.8×

Monthly cashflow live

• Estimated rent: $54,835 high
• Mortgage (P&I): −$19,665
• Tax from tax record: −$6,275 /mo · $75,304/yr
• Insurance: −$1,562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$11,515
• Net cashflow: $15,816

Break-even live

Break-even rent $34,814

Max offer price $3,750,000

Occupancy floor 66%

24-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 24× units	1	1	$54,840
Total (24 units)			$54,835

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $937,500
• Closing costs: $112,500
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $3,750,000 Active 125 DOM
2. 2026-06-17
   days on market $3,750,000 Active 124 DOM
3. 2026-06-16
   days on market $3,750,000 Active 123 DOM
4. 2026-06-15
   days on market $3,750,000 Active 122 DOM
5. 2026-06-13
   days on market $3,750,000 Active 120 DOM
6. 2026-06-09
   days on market $3,750,000 Active 116 DOM
7. 2026-06-08
   days on market $3,750,000 Active 115 DOM
8. 2026-06-07
   days on market $3,750,000 Active 114 DOM
9. 2026-06-04
   days on market $3,750,000 Active 111 DOM
10. 2026-06-03
    days on market $3,750,000 Active 110 DOM
11. 2026-06-02
    days on market $3,750,000 Active 109 DOM
12. 2026-06-01
    days on market $3,750,000 Active 108 DOM
13. 2026-05-31
    days on market $3,750,000 Active 107 DOM
14. 2026-05-20
    listed $1,100
15. 2026-05-19
    historical $1,100
16. 2026-05-14
    listed $1,100
17. 2026-05-13
    historical $1,100
18. 2026-05-11
    historical $1,100
19. 2026-05-08
    price $1,100
20. 2026-04-19
    price $1,168
21. 2026-04-19
    price $1,380
22. 2026-04-18
    listed $1,420
23. 2026-04-18
    historical $1,420
24. 2026-04-09
    listed $1,420
25. 2026-04-09
    listed $1,214
26. 2026-04-08
    historical $1,420
27. 2026-04-08
    historical $1,420
28. 2026-04-02
    historical $1,214
29. 2026-04-02
    price $1,214
30. 2026-04-02
    listed $1,535
31. 2026-03-17
    listed $1,535
32. 2026-03-17
    listed $1,237
33. 2026-03-17
    historical $1,535
34. 2026-03-06
    price $1,535
35. 2026-02-18
    listed $1,675
36. 2026-02-09
    listed $3,750,000 Active 916-char remark

    Show marketing remark (916 chars)

    118 N Westmoreland Ave | 24-Unit Rent-Controlled Multifamily Portfolio Offering in Koreatown / East Hollywood. Built in 1926, this classic Los Angeles multifamily asset features a balanced unit mix of (12) studios and (12) 1-bed/1-bath units, supporting broad renter appeal and leasing flexibility. The property is currently operating with multiple vacant units and below-market in-place rents, providing immediate upside through lease-up and mark-to-market rent growth across the rent roll. Situated in a dense, transit-oriented infill corridor with proximity to major employment centers, neighborhood retail, and public transportation, the asset benefits from durable tenant demand in one of Los Angeles' most supply-constrained rental submarkets. Offered exclusively as part of a two-property Westmoreland Avenue portfolio, the property must be acquired together with the adjacent asset at 124 N Westmoreland Ave.

37. 2015-07-31
    soldstatus $1,878,500
38. 1997-09-12
    soldstatus $360,000
39. 1997-09-12
    soldstatus $340,000
40. 1985-01-09
    soldstatus $307,270

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $75,304 · $6,275/mo
• Projected year-2 tax: $75,304 · $6,275/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥92°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $658,020
• − Mortgage interest: −$210,058
• − Property taxes: −$75,304
• − Insurance: −$18,750
• − Repairs & maintenance: −$52,642
• − Management: −$52,642
• − Depreciation: −$109,091
• Taxable income: $139,533
• Est. tax owed @ 24.0%: −$33,488
• After-tax cash flow: $156,309/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 58,484
• Household income: $64,826
• Rent vs Own: 83.8% rent · 16.2% own
• Severe rent burden: 6512.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 46% Asian 25% White 21% Two or more races 11% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Lithuanian 1% Romanian 1% Scotch-Irish 1%
• Foreign-born: 47% · Canada, South Korea, China
• Languages at home: 34% English-only · Spanish 40% Korean 10% Tagalog/Filipino 8%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -896.52%
• Current HPI: 421.3689
• Rent YoY: ▼ -1.71%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-99.6% since first listed

27 events — show timeline

• 2026-05-20 Listed for Rent $1,100 SHOWMOJO
• 2026-05-19 Rental Removed $1,100 SHOWMOJO
• 2026-05-14 Listed for Rent $1,100 SHOWMOJO
• 2026-05-13 Rental Removed $1,100 SHOWMOJO
• 2026-05-11 Rental Removed $1,100 SHOWMOJO
• 2026-05-08 Price Changed $1,100 SHOWMOJO
• 2026-04-19 Price Changed $1,168 SHOWMOJO
• 2026-04-19 Price Changed $1,380 SHOWMOJO
• 2026-04-18 Listed for Rent $1,420 SHOWMOJO
• 2026-04-18 Rental Removed $1,420 SHOWMOJO
• 2026-04-09 Listed for Rent $1,420 SHOWMOJO
• 2026-04-09 Listed for Rent $1,214 SHOWMOJO
• 2026-04-08 Rental Removed $1,420 SHOWMOJO
• 2026-04-08 Rental Removed $1,420 SHOWMOJO
• 2026-04-02 Rental Removed $1,214 SHOWMOJO
• 2026-04-02 Price Changed $1,214 SHOWMOJO
• 2026-04-02 Listed for Rent $1,535 SHOWMOJO
• 2026-03-17 Listed for Rent $1,535 SHOWMOJO
• 2026-03-17 Listed for Rent $1,237 SHOWMOJO
• 2026-03-17 Rental Removed $1,535 SHOWMOJO
• 2026-03-06 Price Changed $1,535 SHOWMOJO
• 2026-02-18 Listed for Rent $1,675 SHOWMOJO
• 2026-02-09 Listed $3,750,000 TheMLS
• 2015-07-31 Sold (Public Records) $1,878,500 Public Records
• 1997-09-12 Sold (Public Records) $340,000 Public Records
• 1997-09-12 Sold (Public Records) $360,000 Public Records
• 1985-01-09 Sold (Public Records) $307,270 Public Records

Property tax history

+15.0%/yr

Latest (2025): $75,304 · +1.3% YoY. Source: county tax records.