121 S Gless St · Los Angeles, CA 90033

$1,700,000

6 bd · 3.0 ba · 2,456 sqft · MultiFamily public records · 128 Days on market

Built 1924 6,997 sqft lot $692/sqft · 218% above area Est $1168k · 45% over

---

Why this score? — see what drove the C 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 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

We are pleased to present 121 S Gless Street, a value add 10-unit investment opportunity located in the Downtown-adjacent neighborhood of Boyle Heights. The property is comprised of an excellent unit mix of (9) 2 bed / 1 Bath units and (1) 1 Bed/1 Bath unit. There are currently five (5) Section 8 tenants in place, with vouchered 2 bedroom rents currently ranging from $2,015 to $2,504. There are five units that are significantly below market, offering major upside upon turnover. Section 8 Voucher Payment Standards (per HACLA) are currently at $2,887 for 2-bedroom units as of 1/2026. The property will be delivered fully occupied with a gross monthly income of $15,101, or $181,212 annually. The opportunity will yield a strong immediate annual return with approximately 49% remaining rental upside. 121 S Gless Street is centrally located less than a mile from Arts District and Downtown LA with convenient access to the 101, 10, and 5 freeways, USC Keck Hospital, and Cal State LA.

Key facts

• Excellent unit mix
• Fully occupied
• 6,997 sq ft lot

Tags

• 10 UNIT INVESTMENT OPPORTUNITY
• DOWNTOWN ADJACENT NEIGHBORHOOD
• EXCELLENT UNIT MIX
• FULLY OCCUPIED
• CONVENIENT ACCESS TO FREEWAYS

What this means for you Summary

Snapshot

• This is a 9×2bd/1ba + 1×1bd/1ba units multifamily listed at $1.70M.

Deal economics

• At list price, monthly cash flow is $5k ($65k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.70M).
• Recommended offer: $1.50M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 (-2.3%/yr); 107 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $20,533/mo this rent would consume 413% of the median local household income ($60k/yr) (locally 3159% 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 $12k of loan paydown is wiped out by about $51k 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 128 days — a 12% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $948k; list at $1.70M implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,496,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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 1924 — 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: 1.21% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.58%
• DSCR: 1.60
• GRM: 6.9

CMA / ARV

• ARV (median comp): $1,168,397
• List price: $1,700,000
• Delta: 45.50%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1613 E 1st	0.08mi	6/2.0	2,800 (+14%)	1mo	$625,000	$223	68
1613 Pennsylvania Ave	0.26mi	5/5.0 (-1)	2,578 (+5%)	3mo	$830,000	$322	64
1917 E 2nd St	0.35mi	7/4.0 (+1)	2,269 (-8%)	7mo	$1,238,000	$546	56
624 S Chicago St	0.73mi	5/2.0 (-1)	2,283 (-7%)	1mo	$930,000	$407	44
727 S St Louis St	0.72mi	5/3.0 (-1)	2,120 (-14%)	0mo	$840,000	$396	38
673 N Boyle Ave	0.64mi	6/2.0	2,088 (-15%)	10mo	$625,000	$299	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $7,191
• Equity at exit: $253,476

10-year hold

• IRR: 6.9%
• Equity multiple: 1.45×
• Total profit: $214,471
• Equity at exit: $146,985

Cash invested: $476,000 (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 90033

• Home prices YoY: -29.9%
• Rents YoY: -2.3%
• Active inventory: 107
• Price-to-rent: 68.0×

Monthly cashflow live

• Estimated rent: $20,533 high
• Mortgage (P&I): −$8,915
• Tax from tax record: −$1,211 /mo · $14,531/yr
• Insurance: −$708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,312
• Net cashflow: $5,387

Break-even live

Break-even rent $13,714

Max offer price $1,700,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 9× units	2	1	$18,756
1× unit	1	1	$1,774
Total (10 units)			$20,533

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: $425,000
• Closing costs: $51,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
644 N Boyle Ave Los Angeles, CA	5.0	4.5	1872	$4,050	$2.16	43d	1	0.58mi
2843 Folsom St Unit 2845E Los Angeles, CA	5.0	5.0	1825	$4,495	$2.46	15d	1	1.36mi

Listing history 15 events

1. 2026-06-18
   days on market $1,700,000 Active 128 DOM
2. 2026-06-17
   days on market $1,700,000 Active 127 DOM
3. 2026-06-16
   days on market $1,700,000 Active 126 DOM
4. 2026-06-15
   days on market $1,700,000 Active 125 DOM
5. 2026-06-13
   days on market $1,700,000 Active 123 DOM
6. 2026-06-09
   days on market $1,700,000 Active 119 DOM
7. 2026-06-08
   days on market $1,700,000 Active 118 DOM
8. 2026-06-07
   days on market $1,700,000 Active 117 DOM
9. 2026-06-04
   days on market $1,700,000 Active 114 DOM
10. 2026-06-03
    days on market $1,700,000 Active 113 DOM
11. 2026-06-02
    days on market $1,700,000 Active 112 DOM
12. 2026-06-01
    days on market $1,700,000 Active 111 DOM
13. 2026-05-31
    days on market $1,700,000 Active 110 DOM
14. 2026-02-10
    listed $1,700,000 Active 990-char remark

    Show marketing remark (990 chars)

    We are pleased to present 121 S Gless Street, a value add 10-unit investment opportunity located in the Downtown-adjacent neighborhood of Boyle Heights. The property is comprised of an excellent unit mix of (9) 2 bed / 1 Bath units and (1) 1 Bed/1 Bath unit. There are currently five (5) Section 8 tenants in place, with vouchered 2 bedroom rents currently ranging from $2,015 to $2,504. There are five units that are significantly below market, offering major upside upon turnover. Section 8 Voucher Payment Standards (per HACLA) are currently at $2,887 for 2-bedroom units as of 1/2026. The property will be delivered fully occupied with a gross monthly income of $15,101, or $181,212 annually. The opportunity will yield a strong immediate annual return with approximately 49% remaining rental upside. 121 S Gless Street is centrally located less than a mile from Arts District and Downtown LA with convenient access to the 101, 10, and 5 freeways, USC Keck Hospital, and Cal State LA.

15. 2016-04-11
    soldstatus $948,500

ⓘ 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: $14,531 · $1,211/mo
• Projected year-2 tax: $14,531 · $1,211/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 6/10 Major 7 d/yr ≥94°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $246,396
• − Mortgage interest: −$95,226
• − Property taxes: −$14,531
• − Insurance: −$8,500
• − Repairs & maintenance: −$19,712
• − Management: −$19,712
• − Depreciation: −$49,455
• Taxable income: $39,261
• Est. tax owed @ 24.0%: −$9,423
• After-tax cash flow: $55,219/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): 45,647
• Household income: $59,652
• Rent vs Own: 82.4% rent · 17.6% own
• Severe rent burden: 3159.0

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: Predominantly Hispanic (90%)
• Race & ethnicity: Hispanic / Latino 90% Two or more races 13% Asian 4% White 3% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 75%
• Foreign-born: 43% · Canada, South Korea, China
• Languages at home: 16% English-only · Spanish 80% Other Asian/Pacific 1% Korean 1%

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: ▼ -201.59%
• Current HPI: 472.4588
• Rent YoY: ▼ -2.34%
• 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

+79.2% since first listed

2 events — show timeline

• 2026-02-10 Listed $1,700,000 TheMLS
• 2016-04-11 Sold (Public Records) $948,500 Public Records

Property tax history

+15.0%/yr

Latest (2025): $14,531 · +1.4% YoY. Source: county tax records.