240 E 60th Street, Los Angeles, CA 90003
About the Property
240 E 60th Street is a 10-unit, courtyard-style apartment property located in South Los Angeles, positioned minutes from several of the area’s primary north-south and east-west corridors including Broadway, Main Street, Manchester Boulevard, and the 110 Freeway. The property sits within a dense residential pocket where demand is supported by transit access, employment connectivity, and relative affordability compared to submarkets closer to Downtown Los Angeles.
Built in 1965, 240 E 60th Street reflects a classic South LA apartment configuration that continues to trade actively among value-add investors. The combination of unit sizes, courtyard layout, and in-place rents provid443es a clear runway for repositioning without reliance on structural changes or speculative redevelopment.
Courtyard Layout With Functional Building Design
The property is arranged around a central open-air courtyard, with exterior walkways providing direct access to each unit. This layout supports efficient circulation, natural light, and straightforward management, characteristics that have historically performed well across South Los Angeles.
Units are distributed across two levels, maintaining separation between residences while preserving a compact and efficient footprint. The courtyard configuration also allows for clear visibility throughout the property, contributing to ease of operation and tenant oversight.
Unit Mix Aligned With South LA Demand
240 E 60th Street consists of a mix of larger-format units that remain in demand within this portion of South Los Angeles. The unit composition supports household tenants seeking more space than typical studio or one-bedroom offerings common in nearby submarkets.
Current rents remain significantly below renovated market comparables in the surrounding area, creating a measurable value-add opportunity through interior upgrades and rent resets over time rather than aggressive operational changes.
Offered at 5.94% CAP With 63% Rental Upside
From an investment standpoint, 240 E 60th Street is offered at a 5.94% CAP rate and a 9.87 GRM on current rents, with pricing at $185,000 per unit and $209 per square foot. Based on renovated unit comparables in the immediate area, the property offers approximately 63% rental upside.
At projected market rents, the asset is expected to stabilize at a 12.09% CAP rate and a 6.05 GRM, providing a clear value-add profile driven by rent growth rather than speculative assumptions. This positioning makes the property particularly compelling for buyers focused on yield expansion through renovation and lease-up execution.
Gated Access, Parking, and On-Site Laundry
Property amenities include gated entry, carport parking accessed from the rear, and on-site laundry facilities. These features align with tenant expectations in South Los Angeles and support consistent occupancy while maintaining operational efficiency.
The parking configuration preserves the residential frontage while providing functional off-street parking, an important consideration in this corridor.
South Los Angeles Location With Strong Connectivity
240 E 60th Street benefits from proximity to major thoroughfares including Broadway, Main Street, Manchester Boulevard, and the 110 Freeway, allowing residents to access employment centers throughout South Los Angeles, Downtown LA, and surrounding submarkets.
This connectivity continues to support rental demand from tenants prioritizing commute efficiency and transit access while remaining priced out of higher-cost neighborhoods to the north and west.
Conclusion: Clear Value-Add Opportunity in South Los Angeles
240 E 60th Street offers a 10-unit courtyard apartment asset in South Los Angeles with in-place income, significant rental upside, and pricing metrics that support a defined value-add strategy. The combination of unit sizes, courtyard layout, gated access, parking, and proximity to major corridors positions the property as a strong candidate for investors targeting yield growth through renovation in an active South LA rental market.
Marketing Package:
Property Location
Sold Price
$1,850,000
Information
Number of Units
10 Units
Price per. Unit
Bldg. Size
Price per Foot
Lot Size
Year Built
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Current CAP
Market CAP
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Zoning
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