8521 Horner St · Los Angeles, CA 90035

$3,395,000

8 bd · 8.0 ba · 7,363 sqft · MultiFamily public records · 17 Days on market

Built 1931 9,802 sqft lot Est $2378k · 43% over

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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
• Appreciation +6.4/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

We are proud to offer an outstanding 35-Unit RTI Multifamily Development Opportunity located at 8521 Horner Street, Los Angeles, CA 90035, in the highly desirable Pico-Robertson area. The project is situated on an approximately 9,800 SF lot and is designed as a 5-story residential building with one level of subterranean parking. The approved plans currently include 29 base units, with additional storage areas that may be converted into ADU units. The ADU component can be designed as either 3 larger two-bedroom/two-bathroom ADUs of approximately 850 SF each, or as 6 studio ADUs of approximately 425 SF each, subject to final design and buyer verification. The planned project is currently pres

Key facts

• Subterranean parking
• Adu component
• 29 base units

Tags

• 5 STORY RESIDENTIAL BUILDING
• SUBTERRANEAN PARKING
• ADU COMPONENT
• 29 BASE UNITS
• 6 VERY LOW INCOME UNITS
• PUBLIC TRANSIT HUBS

Property features AI

Finance

• Other: No disclosures reported
• Financial info: Assessor parcel number 4303-032-022

Exterior

• Home design: Residential land
• Exterior features: Lot approximately 9,802 sq ft (0.225 acres); Has city and city lights views; Zoned [Q]R3-1-O

Interior

• Interior features: City and city lights views

What this means for you Summary

Snapshot

• This is a 8-bed/8.0-bath multifamily listed at $3.40M.

Deal economics

• At list price, monthly cash flow is $58k ($702k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($102k rent vs $3.40M).
• Recommended offer: $3.34M (1.5% below list) — sets the bar for market timing.
• Cap rate 27.0% 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 (-1.6%/yr); 106 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).

Forward outlook

• In year one you build about $116k of equity ($23k loan paydown + $92k appreciation (2.7% local appreciation)).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.7% appreciation + 0.0% rent growth), your $951k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$289k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($3.34M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y 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.
• Current owner paid $2.40M; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,344,075 (1.5% below list)

Questions for the listing agent

1. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 3.00% ✓
• Cap rate: 26.96%
• Cash-on-cash: 73.82%
• DSCR: 4.28
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $2,378,249
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8553 Alcott St	0.19mi	8/8.0	7,000 (-5%)	4mo	$1,610,000	$230	80
1243 S La Cienega Blvd	0.29mi	8/10.0	6,842 (-7%)	13mo	$2,212,500	$323	56
1239 S La Cienega Blvd	0.30mi	8/10.0	6,842 (-7%)	13mo	$2,212,500	$323	55
1947 S Shenandoah St	0.69mi	9/10.0 (+1)	6,816 (-7%)	17mo	$1,814,999	$266	28

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

Projected returns pro-forma

2.72% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 75.2%
• Equity multiple: 4.98×
• Total profit: $3,784,922
• Equity at exit: $1,472,767

10-year hold

• IRR: 74.0%
• Equity multiple: 9.38×
• Total profit: $7,968,032
• Equity at exit: $2,228,757

Cash invested: $950,600 (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 90035

• Home prices YoY: 0.7%
• Rents YoY: -1.6%
• Active inventory: 106
• Price-to-rent: 97.1×

Monthly cashflow live

• Estimated rent: $101,927 high
• Mortgage (P&I): −$17,804
• Tax from tax record: −$2,825 /mo · $33,905/yr
• Insurance: −$1,415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$21,405
• Net cashflow: $58,479

Break-even live

Break-even rent $27,903

Max offer price $3,395,000

Occupancy floor 38%

Sensitivity live

Price	-10% $60,400	-5% $59,440	+0% $58,479	+5% $57,518	+10% $56,557
Rent	-10% $50,426	-5% $54,452	+0% $58,479	+5% $62,505	+10% $66,531
Rate	-1.0pp $60,188	-0.5pp $59,342	base $58,479	+0.5pp $57,599	+1.0pp $56,704

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

Units	Beds	Baths	Est. rent
▸ 35× units	2	2	$101,920
Total (35 units)			$101,927

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: $848,750
• Closing costs: $101,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9041 Cattaraugus Ave Los Angeles, CA	8.0	8.0	5689	$15,500	$2.72	44d	1	1.26mi

Listing history 12 events

1. 2026-06-18
   days on market $3,395,000 Active 17 DOM
2. 2026-06-17
   days on market $3,395,000 Active 16 DOM
3. 2026-06-16
   days on market $3,395,000 Active 15 DOM
4. 2026-06-15
   days on market $3,395,000 Active 14 DOM
5. 2026-06-13
   days on market $3,395,000 Active 12 DOM
6. 2026-06-09
   days on market $3,395,000 Active 8 DOM
7. 2026-06-08
   days on market $3,395,000 Active 7 DOM
8. 2026-06-07
   days on market $3,395,000 Active 6 DOM
9. 2026-06-04
   days on market $3,395,000 Active 3 DOM
10. 2026-06-03
    days on market $3,395,000 Active 2 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $3,395,000 Active 1 DOM

ⓘ 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: $33,905 · $2,825/mo
• Projected year-2 tax: $33,905 · $2,825/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 (shaded) · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥88°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,223,124
• − Mortgage interest: −$190,173
• − Property taxes: −$33,905
• − Insurance: −$16,975
• − Repairs & maintenance: −$97,850
• − Management: −$97,850
• − Depreciation: −$98,764
• Taxable income: $687,608
• Est. tax owed @ 24.0%: −$165,026
• After-tax cash flow: $536,717/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): 29,000
• Household income: $105,013
• Rent vs Own: 69.5% rent · 30.5% own
• Severe rent burden: 2317.0

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 0.57)
• Race & ethnicity: White 64% Hispanic / Latino 14% Two or more races 11% Asian 7% Black 7%
• Hispanic origin (detail): Mexican 7% Cuban 1%
• Common ancestry: Scotch-Irish 4% Italian 3% Romanian 3%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 72% English-only · Other Indo-European 8% Spanish 7% Russian/Polish/Slavic 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: ▲ 2.72%
• Current HPI: 394.903
• Rent YoY: ▼ -1.60%
• 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

+1606.0% since first listed

16 events — show timeline

• 2026-06-01 Listed $3,395,000 TheMLS
• 2026-02-16 Relisted — TheMLS
• 2026-02-13 Price Changed — TheMLS
• 2025-10-20 Price Changed — TheMLS
• 2025-08-05 Listed — TheMLS
• 2018-09-09 Listing Removed — SDMLS
• 2018-09-09 Delisted — TheMLS
• 2018-08-15 Listed $2,699,000 SDMLS
• 2018-08-15 Listed — TheMLS
• 2018-03-01 Sold (Public Records) $5,825,000 Public Records
• 2018-03-01 Sold (MLS) $2,400,000 SDMLS
• 2018-03-01 Sold (MLS) $2,400,000 TheMLS
• 2017-12-21 Pending — TheMLS
• 2017-12-12 Listed $2,350,000 SDMLS
• 2017-12-12 Listed $2,350,000 TheMLS
• 1979-07-20 Sold (Public Records) $199,000 Public Records

Property tax history

+12.0%/yr

Latest (2025): $33,905 · +1.1% YoY. Source: county tax records.