213 E 87th Pl, Los Angeles, CA 90003

Property Overview

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213 E 87th Pl is a three-unit multifamily property in the heart of South Los Angeles, offering investors immediate cash flow and 45% rent upside. Built in 1927 and renovated in 1984, the 2,723-square-foot building sits on a 6,269-square-foot lot with a practical unit mix of 3BR/2BA, 3BR/1BA, and 2BR/1BA. One unit is currently vacant, providing an opportunity to implement rent increases or light renovations to capture full market rents.

Offered at $775,000 ($258K per unit / $285 per SF), the property delivers a 7.14% cap rate on current income and a pro forma cap rate of 11.56%, supported by strong comparables averaging $2,649–$3,668/unit. With LAR3 zoning, low operating costs, and a prime South LA location near Downtown LA, USC, and major employment hubs, 213 E 87th Pl combines immediate yield with long-term redevelopment and appreciation potential.

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Key Property Details

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• Location: 213 E 87th Pl, Los Angeles, CA 90003‍
• Lot Size: 6,269 square feet‍
• Total Building Area: 2,723 square feet‍
• Units: 3 (1 × 3BR/2BA, 1 × 3BR/1BA, 1 × 2BR/1BA)‍
• Zoning: LAR3‍
• Year Built / Renovated: 1927 / 1984‍
• Rent Control: Yes (RSO)‍
• Parking: 3 spaces

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Investment Highlights

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• Immediate Cash Flow with Growth Potential: Currently producing a 7.14% cap rate with the potential to reach 11.56% upon stabilization.
• High Rent Upside: Average rent upside of 45% as below-market leases are adjusted to competitive South LA levels.
• Accessible Entry-Level Investment: Sub-$800K price point offers a tangible, cash-flowing foothold in the Los Angeles multifamily market.
• Future Redevelopment Opportunity: LAR3-zoned 6,269 SF lot allows for ADU additions or full multifamily redevelopment in the future.
• Vacant Unit Advantage: One unit delivered vacant — ready for immediate renovation, re-leasing, or owner occupancy.
• Strong Submarket Fundamentals: Located in a growing South LA corridor benefiting from infrastructure investment, renter demand, and improving community amenities.

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Neighborhood and Accessibility

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Situated within a rapidly improving pocket of South Los Angeles, 213 E 87th Pl offers tenants quick access to Downtown LA, USC, the 110 and 105 freeways, and nearby retail corridors. The area’s affordability and ongoing revitalization continue to attract both working professionals and long-term renters, supporting stable occupancy and sustained rent growth.

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Market Trends and Financial Potential

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• ‍Current Cap Rate: 7.14%
• ‍Pro Forma Cap Rate: 11.56%
• ‍Price Per Unit (PPU): $258,333
• ‍Price Per SF (PPSF): $284.61
• ‍Annual Gross Income (Pro Forma): $113,829
• ‍Total Expenses (Pro Forma): $24,260
• ‍Net Operating Income (Pro Forma): $89,569
• ‍Lot Zoning: LAR3 (redevelopment potential)

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For more information and to schedule a viewing, please contact:

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Taylor Avakian

Founder, The Group CRE

First Vice President, Lyon Stahl