124 N Westmoreland Ave · Los Angeles, CA 90004

$4,350,000

None bd · 30.0 ba · 17,730 sqft · MultiFamily public records · 125 Days on market

Built 1927 8,407 sqft lot $245/sqft · 7% above area Est $4060k · 7% over

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Why this score? — see what drove the F 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).

• ARV discount +4.3/15.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

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

124 N Westmoreland Ave | 30-Unit Rent-Controlled Multifamily Portfolio Offering in Koreatown / East Hollywood. Built in 1927, this well-located urban infill asset is comprised entirely of (30) studio units, a product type that continues to perform well in high-density, transit-oriented submarkets due to affordability, leasing velocity, and operational efficiency. The property is currently operating with multiple vacant units and below-market in-place rents, providing immediate upside through lease-up and systematic rent optimization across the rent roll. Situated along a dense residential 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 markets. Offered exclusively as part of a two-property Westmoreland Avenue portfolio, the property must be acquired together with the adjacent asset at 118 N Westmoreland Ave.

Key facts

• Studio units
• Transit oriented
• Rent controlled

Tags

• 30 UNIT MULTIFAMILY PORTFOLIO
• RENT CONTROLLED
• URBAN INFILL ASSET
• STUDIO UNITS
• HIGH DENSITY SUBMARKETS
• TRANSIT ORIENTED

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $4.35M.

Deal economics

• At list price, monthly cash flow is $-24k ($-290k/yr) — negative. Per door: $-8k/mo.
• To cash-flow at today's rent, offer at most $792k (81.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $692k (84.1% below list).
• Recommended offer: $692k (84.1% below list) — sets the bar for 1% rule.
• Cap rate -0.4% vs local median 2.1% in Los Angeles — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $6,925/mo this rent would consume 128% 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 $30k of loan paydown is wiped out by about $130k 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.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($3.83M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate 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 $692,500 (84.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 84% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.16% ✗
• Cap rate: -0.38%
• Cash-on-cash: -23.81%
• DSCR: -0.06
• GRM: 52.3

CMA / ARV

• ARV (median comp): $4,059,752
• List price: $4,350,000
• Delta: 7.15%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -70.4%
• Equity multiple: -0.86×
• Total profit: $-2,264,831
• Equity at exit: $648,599

10-year hold

• IRR: —
• Equity multiple: -2.31×
• Total profit: $-4,033,576
• Equity at exit: $376,108

Cash invested: $1,218,000 (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: 157.0×

Monthly cashflow live

• Estimated rent: $6,925 medium
• Mortgage (P&I): −$22,812
• Tax from tax record: −$5,018 /mo · $60,215/yr
• Insurance: −$1,812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,454
• Net cashflow: $-24,172

Break-even live

Break-even rent $37,522

Max offer price $791,626

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$6,924
Total (3 units)			$6,925

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: $1,087,500
• Closing costs: $130,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 S Mariposa Ave Unit 2 Los Angeles, CA	1.0	16.0	14257	$1,695	$0.12	8d	1	0.67mi
695 S Vermont Ave Los Angeles, CA	3.0	1.0–3.0	6378	$4,108	$0.64	21d	29	0.98mi
1021 Mariposa Ave Unit 4 Los Angeles, CA	2.0	1.0	13207	$2,495	$0.19	25d	1	1.27mi

Listing history 16 events

1. 2026-06-18
   days on market $4,350,000 Active 125 DOM
2. 2026-06-17
   days on market $4,350,000 Active 124 DOM
3. 2026-06-16
   days on market $4,350,000 Active 123 DOM
4. 2026-06-15
   days on market $4,350,000 Active 122 DOM
5. 2026-06-13
   days on market $4,350,000 Active 120 DOM
6. 2026-06-09
   days on market $4,350,000 Active 116 DOM
7. 2026-06-08
   days on market $4,350,000 Active 115 DOM
8. 2026-06-07
   days on market $4,350,000 Active 114 DOM
9. 2026-06-04
   days on market $4,350,000 Active 111 DOM
10. 2026-06-03
    days on market $4,350,000 Active 110 DOM
11. 2026-06-02
    days on market $4,350,000 Active 109 DOM
12. 2026-06-01
    days on market $4,350,000 Active 108 DOM
13. 2026-05-31
    days on market $4,350,000 Active 107 DOM
14. 2026-02-02
    listed $4,350,000 Active 972-char remark

    Show marketing remark (972 chars)

    124 N Westmoreland Ave | 30-Unit Rent-Controlled Multifamily Portfolio Offering in Koreatown / East Hollywood. Built in 1927, this well-located urban infill asset is comprised entirely of (30) studio units, a product type that continues to perform well in high-density, transit-oriented submarkets due to affordability, leasing velocity, and operational efficiency. The property is currently operating with multiple vacant units and below-market in-place rents, providing immediate upside through lease-up and systematic rent optimization across the rent roll. Situated along a dense residential 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 markets. Offered exclusively as part of a two-property Westmoreland Avenue portfolio, the property must be acquired together with the adjacent asset at 118 N Westmoreland Ave.

15. 2025-07-30
    historical $1,650
16. 2025-05-13
    listed $1,650

ⓘ 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: $60,215 · $5,018/mo
• Projected year-2 tax: $60,215 · $5,018/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 5/10 Major FEMA zone X (unshaded) · 26% 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: $83,100
• − Mortgage interest: −$243,668
• − Property taxes: −$60,215
• − Insurance: −$21,750
• − Repairs & maintenance: −$6,648
• − Management: −$6,648
• − Depreciation: −$126,545
• Taxable loss: −$382,374
• Est. tax savings @ 24.0%: +$91,770
• After-tax cash flow: $-198,288/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

+263536.4% since first listed

3 events — show timeline

• 2026-02-02 Listed $4,350,000 TheMLS
• 2025-07-30 Rental Removed $1,650 CRMLS
• 2025-05-13 Listed for Rent $1,650 CRMLS

Property tax history

+13.3%/yr

Latest (2025): $60,215 · +1.3% YoY. Source: county tax records.