635 W 15th St · Los Angeles, CA 90731

$3,350,000

17 bd · 13.0 ba · 12,696 sqft · MultiFamily public records · 31 Days on market

Built 1979 10,007 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• 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: 13 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

NO RENT CONTROL! CLEAN NEWER RESIDENTIAL INCOME PROPERTY ON 2 ICTY LOTS WITH A FULL TILE ROOF. QUALITY CONSTRUCTION WITH FULL SUBTERRANEAN PARKING UNDER A 12 INCH CONCRETE DECK. SECURITY BUILDING WITH LARGE COURTYARD IN THE CENTER. GREAT INVESTMENT OPPORTUNITY.

Key facts

• 0.23 acre lot
• 17 garage spots
• Built 1979

Tags

• PRIME SAN PEDRO LOCATION
• COMMUNITY LAUNDRY FACILITIES
• ON-SITE PARKING SPACES
• SEPARATELY METERED UTILITIES
• CLOSE PROXIMITY TO WATERFRONT
• WEST HARBOR REDEVELOPMENT

Property features AI

Finance

• Other: Net operating income reported; Laundry generates additional income
• Financial info: Gross income and expense figures indicate an income-producing multi-unit property (detailed operating income and expenses available); Tenant pays gas and electricity
• HOA & community: Community features include biking, street lighting and sidewalks

Exterior

• Parking: Assigned community garage parking; 17 parking spaces total; Many units include at least one garage space; some units include two
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: District/public water; Public sewer; Natural gas connected; Electricity connected; Standard electric service
• Home design: Attached multi-unit building; One building; Three stories
• Construction: Year built per assessor; 2+ common walls
• Exterior features: Tile roof; No pool; Landscaped grounds; Rectangular lot shape; Lot in the 10,000–19,999 sq ft range

Interior

• Kitchen: Garbage disposal; Range/stove hood; Gas range; Gas oven; Dishwasher
• Bedrooms: Multiple 1-bedroom units and several 2-bedroom units across the property (see unit breakdown)
• Flooring: Tile; Vinyl; Carpet
• Bathrooms: Units include full bathrooms
• Heating & cooling: Radiant heating
• Interior features: Intercom; Carbon monoxide and smoke detectors; Blinds and window screens; Front entry; Three or more levels; primary entry on level 2
• Laundry & utility: Community laundry area

What this means for you Summary

Snapshot

• This is a 13 × 17-bed/13.0-bath units multifamily listed at $3.35M.

Deal economics

• At list price, monthly cash flow is $13k ($159k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($45k rent vs $3.35M).
• Recommended offer: $3.25M (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (-1.4%/yr); 123 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $45,459/mo this rent would consume 714% of the median local household income ($76k/yr) (locally 4568% 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 $23k of loan paydown is wiped out by about $100k 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 $938k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($3.25M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y ago 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.

Recommended offer $3,249,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.36% ✓
• Cap rate: 11.04%
• Cash-on-cash: 16.94%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 4.8%
• Equity multiple: 1.18×
• Total profit: $167,614
• Equity at exit: $499,496

10-year hold

• IRR: 11.3%
• Equity multiple: 1.77×
• Total profit: $718,563
• Equity at exit: $289,647

Cash invested: $938,000 (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 90731

• Rents YoY: -1.4%
• Active inventory: 123
• Price-to-rent: 79.8×

Monthly cashflow live

• Estimated rent: $45,459 medium
• Mortgage (P&I): −$17,568
• Tax from tax record: −$3,709 /mo · $44,503/yr
• Insurance: −$1,396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,546
• Net cashflow: $13,240

Break-even live

Break-even rent $28,699

Max offer price $3,350,000

Occupancy floor 66%

Sensitivity live

Price	-10% $15,137	-5% $14,189	+0% $13,240	+5% $12,292	+10% $11,344
Rent	-10% $9,649	-5% $11,445	+0% $13,240	+5% $15,036	+10% $16,832
Rate	-1.0pp $14,927	-0.5pp $14,092	base $13,240	+0.5pp $12,372	+1.0pp $11,489

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

Units	Beds	Baths	Est. rent
▸ 13× units	17	13	$45,461
Total (13 units)			$45,459

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: $837,500
• Closing costs: $100,500
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $3,350,000 Active 31 DOM
2. 2026-06-18
   days on market $3,350,000 Active 28 DOM
3. 2026-06-17
   days on market $3,350,000 Active 27 DOM
4. 2026-06-16
   days on market $3,350,000 Active 26 DOM
5. 2026-06-15
   days on market $3,350,000 Active 25 DOM
6. 2026-06-13
   days on market $3,350,000 Active 23 DOM
7. 2026-06-09
   days on market $3,350,000 Active 19 DOM
8. 2026-06-08
   days on market $3,350,000 Active 18 DOM
9. 2026-06-07
   days on market $3,350,000 Active 17 DOM
10. 2026-06-04
    days on market $3,350,000 Active 14 DOM
11. 2026-06-03
    days on market $3,350,000 Active 13 DOM
12. 2026-06-02
    days on market $3,350,000 Active 12 DOM
13. 2026-06-01
    days on market $3,350,000 Active 11 DOM
14. 2026-05-31
    days on market $3,350,000 Active 10 DOM
15. 2026-05-21
    listed $3,350,000 Active
16. 2023-10-20
    historical
17. 2023-07-28
    listed
18. 2023-07-24
    historical
19. 2018-06-27
    soldstatus $3,150,000 Closed Sale 262-char remark

    Show marketing remark (261 chars)

    NO RENT CONTROL! CLEAN NEWER RESIDENTIAL INCOME PROPERTY ON 2 ICTY LOTS WITH A FULL TILE ROOF. QUALITY CONSTRUCTION WITH FULL SUBTERRANEAN PARKING UNDER A 12 INCH CONCRETE DECK. SECURITY BUILDING WITH LARGE COURTYARD IN THE CENTER. GREAT INVESTMENT OPPORTUNITY.

20. 2018-06-27
    soldstatus $3,150,000 261-char remark

    Show marketing remark (261 chars)

    NO RENT CONTROL! CLEAN NEWER RESIDENTIAL INCOME PROPERTY ON 2 ICTY LOTS WITH A FULL TILE ROOF. QUALITY CONSTRUCTION WITH FULL SUBTERRANEAN PARKING UNDER A 12 INCH CONCRETE DECK. SECURITY BUILDING WITH LARGE COURTYARD IN THE CENTER. GREAT INVESTMENT OPPORTUNITY.

21. 2018-06-27
    soldstatus $3,150,000

    Show marketing remark (261 chars)

    NO RENT CONTROL! CLEAN NEWER RESIDENTIAL INCOME PROPERTY ON 2 ICTY LOTS WITH A FULL TILE ROOF. QUALITY CONSTRUCTION WITH FULL SUBTERRANEAN PARKING UNDER A 12 INCH CONCRETE DECK. SECURITY BUILDING WITH LARGE COURTYARD IN THE CENTER. GREAT INVESTMENT OPPORTUNITY.

22. 2018-02-24
    historical Active Under Contract 262-char remark

    Show marketing remark (262 chars)

    NO RENT CONTROL! CLEAN NEWER RESIDENTIAL INCOME PROPERTY ON 2 ICTY LOTS WITH A FULL TILE ROOF. QUALITY CONSTRUCTION WITH FULL SUBTERRANEAN PARKING UNDER A 12 INCH CONCRETE DECK. SECURITY BUILDING WITH LARGE COURTYARD IN THE CENTER. GREAT INVESTMENT OPPORTUNITY.

23. 2018-02-13
    listed $3,100,000 Active 262-char remark

    Show marketing remark (261 chars)

    NO RENT CONTROL! CLEAN NEWER RESIDENTIAL INCOME PROPERTY ON 2 ICTY LOTS WITH A FULL TILE ROOF. QUALITY CONSTRUCTION WITH FULL SUBTERRANEAN PARKING UNDER A 12 INCH CONCRETE DECK. SECURITY BUILDING WITH LARGE COURTYARD IN THE CENTER. GREAT INVESTMENT OPPORTUNITY.

24. 2018-02-13
    listed $3,100,000 261-char remark

    Show marketing remark (261 chars)

    NO RENT CONTROL! CLEAN NEWER RESIDENTIAL INCOME PROPERTY ON 2 ICTY LOTS WITH A FULL TILE ROOF. QUALITY CONSTRUCTION WITH FULL SUBTERRANEAN PARKING UNDER A 12 INCH CONCRETE DECK. SECURITY BUILDING WITH LARGE COURTYARD IN THE CENTER. GREAT INVESTMENT OPPORTUNITY.

25. 1997-04-30
    historical
26. 1996-06-05
    listed $550,000
27. 1996-06-05
    historical
28. 1996-02-29
    listed $598,000
29. 1986-02-14
    soldstatus $865,000

ⓘ 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: $44,503 · $3,709/mo
• Projected year-2 tax: $44,503 · $3,709/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥84°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $545,508
• − Mortgage interest: −$187,652
• − Property taxes: −$44,503
• − Insurance: −$16,750
• − Repairs & maintenance: −$43,641
• − Management: −$43,641
• − Depreciation: −$97,455
• Taxable income: $111,867
• Est. tax owed @ 24.0%: −$26,848
• After-tax cash flow: $132,037/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): 61,944
• Household income: $76,395
• Rent vs Own: 67.4% rent · 32.6% own
• Severe rent burden: 4568.0

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 0.60)
• Race & ethnicity: Hispanic / Latino 57% White 27% Two or more races 18% Asian 5% Black 5% Native American 1%
• Hispanic origin (detail): Mexican 44%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 26% · Canada, South Korea, Jamaica
• Languages at home: 53% English-only · Spanish 39% Other Indo-European 2% Other Asian/Pacific 2%

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: ▼ -781.38%
• Current HPI: 310.5659
• Rent YoY: ▼ -1.44%
• 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

+287.3% since first listed

15 events — show timeline

• 2026-05-21 Listed $3,350,000 CRMLS
• 2023-10-20 Rental Removed — APPFOLIO
• 2023-07-28 Listed for Rent — APPFOLIO
• 2023-07-24 Rental Removed — APPFOLIO
• 2018-06-27 Sold (Public Records) $3,150,000 Public Records
• 2018-06-27 Sold (MLS) $3,150,000 SDMLS
• 2018-06-27 Sold (MLS) $3,150,000 CRMLS
• 2018-02-24 Contingent — CRMLS
• 2018-02-13 Listed $3,100,000 SDMLS
• 2018-02-13 Listed $3,100,000 CRMLS
• 1997-04-30 Listing Removed — CRMLS
• 1996-06-05 Listing Removed — CRMLS
• 1996-06-05 Listed $550,000 CRMLS
• 1996-02-29 Listed $598,000 CRMLS
• 1986-02-14 Sold (Public Records) $865,000 Public Records

Property tax history

+10.3%/yr

Latest (2025): $44,503 · +1.3% YoY. Source: county tax records.