4905 W Adams Blvd · Los Angeles, CA 90016

$4,950,000

108 bd · 1296.0 ba · 8,299 sqft · MultiFamily · 111 Days on market

Built 1964 Good condition 0.31 ac lot $596/sqft · 59% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.2/5.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 36 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

Discover a prime investment opportunity at West Adams Studios! Located at 4905 W Adams Blvd, Los Angeles, CA 90016, this 36-unit property in the thriving West Adams market presents an attractive option for savvy investors. Renovated in 2018 with over $500,000 in upgrades, including new plumbing, electrical systems, and modern finishes, this turn-key asset promises a hassle-free ownership experience. Boasting a high-efficiency micro-unit model, with studios comprising 91% of the unit mix, West Adams Studios offers a lucrative rental yield per square foot. With a current cap rate of 8.03%, this property demonstrates strong stabilized income generation potential. Don't miss out on this opportunity to invest in a well-maintained property in a desirable location with excellent income prospects. Take the next step towards maximizing your real estate portfolio with West Adams Studios! Turn-Key Renovated Asset with Significant Capital Improvements: This 36-unit apartment building underwent a comprehensive renovation in 2018, with over $500,000 in completed upgrades. The renovation included new plumbing, electrical systems, drywall, paint, flooring, and cabinetry, offering a modernized, turn-key investment for savvy investors. Proven "Micro Unit" Model Maximizing High PSF Rental Yield: Comprised primarily of studio units (91% of the unit mix), the property utilizes a high-efficiency micro-unit model that is easier to rent in the Los Angeles market. This design yields an impressive actual rent of $5.40 per square foot—with some units reaching as high as $6.67 PSF—justifying the asset’s valuation through proven rental performance. Substantial Built-in Value Add via ADU Potential: The property offers an unparalleled opportunity to capitalize on the city's Accessory Dwelling Unit (ADU) ordinance. Investors can potentially add 9+ units in the existing parking areas, significantly increasing the total unit count and exponentially growing the property’s longterm asset value. Exceptional Current Yield and Financial Stability: Offered at $4,950,000, the asset delivers a strong current CAP rate of 8.03% and a 9.99% Cash-on-Cash return. Maintaining a robust 95% occupancy rate, the property acts as a "cash flow machine, " providing immediate and reliable Net Operating Income of $397,612.

Key facts

• Renovated in 2018
• New plumbing
• 0.31 acre lot

Tags

• RENOVATED IN 2018
• NEW PLUMBING
• NEW ELECTRICAL SYSTEMS

What this means for you Summary

Snapshot

• This is a 36 × 1-bed/1-bath units multifamily listed at $4.95M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $32k ($380k/yr) — positive. Per door: $880/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($83k rent vs $4.95M).
• Recommended offer: $4.50M (9.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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 rising (+1.1%/yr); 149 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $83,385/mo this rent would consume 1361% of the median local household income ($74k/yr) (locally 3450% 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 $34k of loan paydown is wiped out by about $148k 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 + 1.1% rent growth), your $1.39M cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($4.50M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 3y 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 $4,504,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% 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 1964 — 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: 1.68% ✓
• Cap rate: 13.97%
• Cash-on-cash: 27.42%
• DSCR: 2.22
• GRM: 4.9

CMA / ARV

• ARV (median comp): $3,112,477
• List price: $4,950,000
• Delta: 59.04%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.12% rent growth · sell at horizon

5-year hold

• IRR: 19.3%
• Equity multiple: 1.77×
• Total profit: $1,061,121
• Equity at exit: $738,061

10-year hold

• IRR: 26.3%
• Equity multiple: 3.10×
• Total profit: $2,914,275
• Equity at exit: $427,986

Cash invested: $1,386,000 (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 90016

• Rents YoY: 1.1%
• Active inventory: 149
• Price-to-rent: 178.1×

Monthly cashflow live

• Estimated rent: $83,385 high
• Mortgage (P&I): −$25,958
• Tax est. 1.5%: −$6,188 /mo · $74,250/yr
• Insurance: −$2,062
• HOA: −$0
• Vacancy / Maint / Mgmt: −$17,511
• Net cashflow: $31,666

Break-even live

Break-even rent $43,302

Max offer price $4,950,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 36× units	1	1	$83,376
Total (36 units)			$83,385

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: $1,237,500
• Closing costs: $148,500
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $4,950,000 Active 111 DOM
2. 2026-06-17
   days on market $4,950,000 Active 110 DOM
3. 2026-06-16
   days on market $4,950,000 Active 109 DOM
4. 2026-06-15
   days on market $4,950,000 Active 108 DOM
5. 2026-06-13
   days on market $4,950,000 Active 106 DOM
6. 2026-06-09
   days on market $4,950,000 Active 102 DOM
7. 2026-06-08
   days on market $4,950,000 Active 101 DOM
8. 2026-06-07
   days on market $4,950,000 Active 100 DOM
9. 2026-06-04
   days on market $4,950,000 Active 97 DOM
10. 2026-06-03
    days on market $4,950,000 Active 96 DOM
11. 2026-06-02
    days on market $4,950,000 Active 95 DOM
12. 2026-06-01
    days on market $4,950,000 Active 94 DOM
13. 2026-05-31
    days on market $4,950,000 Active 93 DOM
14. 2026-02-27
    listed $4,950,000 Active 2354-char remark

    Show marketing remark (2354 chars)

    Discover a prime investment opportunity at West Adams Studios! Located at 4905 W Adams Blvd, Los Angeles, CA 90016, this 36-unit property in the thriving West Adams market presents an attractive option for savvy investors. Renovated in 2018 with over $500,000 in upgrades, including new plumbing, electrical systems, and modern finishes, this turn-key asset promises a hassle-free ownership experience. Boasting a high-efficiency micro-unit model, with studios comprising 91% of the unit mix, West Adams Studios offers a lucrative rental yield per square foot. With a current cap rate of 8.03%, this property demonstrates strong stabilized income generation potential. Don't miss out on this opportunity to invest in a well-maintained property in a desirable location with excellent income prospects. Take the next step towards maximizing your real estate portfolio with West Adams Studios! Turn-Key Renovated Asset with Significant Capital Improvements: This 36-unit apartment building underwent a comprehensive renovation in 2018, with over $500,000 in completed upgrades. The renovation included new plumbing, electrical systems, drywall, paint, flooring, and cabinetry, offering a modernized, turn-key investment for savvy investors. Proven "Micro Unit" Model Maximizing High PSF Rental Yield: Comprised primarily of studio units (91% of the unit mix), the property utilizes a high-efficiency micro-unit model that is easier to rent in the Los Angeles market. This design yields an impressive actual rent of $5.40 per square foot—with some units reaching as high as $6.67 PSF—justifying the asset’s valuation through proven rental performance. Substantial Built-in Value Add via ADU Potential: The property offers an unparalleled opportunity to capitalize on the city's Accessory Dwelling Unit (ADU) ordinance. Investors can potentially add 9+ units in the existing parking areas, significantly increasing the total unit count and exponentially growing the property’s longterm asset value. Exceptional Current Yield and Financial Stability: Offered at $4,950,000, the asset delivers a strong current CAP rate of 8.03% and a 9.99% Cash-on-Cash return. Maintaining a robust 95% occupancy rate, the property acts as a "cash flow machine, " providing immediate and reliable Net Operating Income of $397,612.

15. 2025-07-17
    listed Active
16. 2024-05-10
    historical $1,695
17. 2024-05-04
    listed $1,695
18. 2024-04-12
    historical $1,595
19. 2024-04-10
    listed $1,595
20. 2024-04-10
    historical $1,495
21. 2024-04-05
    listed $1,495
22. 2024-04-05
    historical $1,595
23. 2024-03-31
    listed $1,595
24. 2024-03-31
    historical $1,595
25. 2024-03-13
    price $1,595
26. 2024-01-24
    historical $1,462
27. 2024-01-24
    listed $1,462
28. 2023-12-20
    listed $1,495

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

Taxation est. · year 1

• Rental income: $1,000,620
• − Mortgage interest: −$277,277
• − Property taxes: −$74,250
• − Insurance: −$24,750
• − Repairs & maintenance: −$80,050
• − Management: −$80,050
• − Depreciation: −$144,000
• Taxable income: $320,244
• Est. tax owed @ 24.0%: −$76,859
• After-tax cash flow: $303,131/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.

Condition & rehab AI · 12 photos

Good 85/100 Cosmetic rehab

This 36-unit multi-family property in West Adams, Los Angeles, is in good condition with recent renovations. It offers a prime investment opportunity with strong rental potential.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Clean and maintain landscaping — Well-maintained landscaping improves curb appeal and adds value
• Both Install energy-efficient windows — Energy-efficient windows reduce energy costs and improve property value
• Both Upgrade HVAC systems — Upgraded HVAC systems improve comfort and energy efficiency
• Both Install smart home technology — Smart home technology enhances convenience and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Clean and maintain landscaping — Well-maintained landscaping improves curb appeal and adds value ↑
• Both Install energy-efficient windows — Energy-efficient windows reduce energy costs and improve property value ↑
• Both Upgrade HVAC systems — Upgraded HVAC systems improve comfort and energy efficiency ↑
• Both Install smart home technology — Smart home technology enhances convenience and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 46,457
• Household income: $73,516
• Rent vs Own: 65.1% rent · 34.9% own
• Severe rent burden: 3450.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 52% Black 27% Two or more races 18% White 12% Asian 4%
• Hispanic origin (detail): Mexican 34%
• Common ancestry: British 1% Scotch-Irish 1% Romanian 1%
• Foreign-born: 30% · Canada, South Korea, China
• Languages at home: 47% English-only · Spanish 47% French/Haitian/Cajun 1% Chinese 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: ▼ -991.94%
• Current HPI: 584.0673
• Rent YoY: ▲ 1.12%
• 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

+331003.7% since first listed

15 events — show timeline

• 2026-02-27 Listed $4,950,000 CRMLS
• 2025-07-17 Listed — TheMLS
• 2024-05-10 Rental Removed $1,695 APPFOLIO
• 2024-05-04 Listed for Rent $1,695 APPFOLIO
• 2024-04-12 Rental Removed $1,595 APPFOLIO
• 2024-04-10 Listed for Rent $1,595 APPFOLIO
• 2024-04-10 Rental Removed $1,495 APPFOLIO
• 2024-04-05 Listed for Rent $1,495 APPFOLIO
• 2024-04-05 Rental Removed $1,595 APPFOLIO
• 2024-03-31 Listed for Rent $1,595 APPFOLIO
• 2024-03-31 Rental Removed $1,595 APPFOLIO
• 2024-03-13 Price Changed $1,595 APPFOLIO
• 2024-01-24 Rental Removed $1,462 APPFOLIO
• 2024-01-24 Listed for Rent $1,462 APPFOLIO
• 2023-12-20 Listed for Rent $1,495 APPFOLIO