SoldBroker Activity · Entry № 66

What Does $112,500 Per Unit Look Like in Los Angeles?

This 54-unit Lennox apartment community traded for $6.08 million, or $112,500 per unit, at an 8.99 GRM—another useful comp for investors tracking.

PublishedJuly 3, 2026
StatusSold · Just Closed
DatelineThe Tape · Inglewood, Los Angeles
10600 S Inglewood Ave hero photo
FIG. 01, 10600 S Inglewood Ave, Inglewood, CA 90304. Listing photo via KW Commercial SoCal.
Four takeawaysFour things an operator needs to know about 10600 S Inglewood Ave.
  1. One of the Lowest Price-Per-Unit Sales You'll See for 1950's Product.  At $112,500 per unit, this transaction sits far below the Los Angeles multifamily average, providing a valuable reference point for workforce housing and older apartment assets.
  2. An 8.99 GRM Remains a Useful Benchmark  The sale closed at an 8.99 Gross Rent Multiplier, giving investors another real data point for pricing similar, lower-rent apartment communities.
  3. 54 units averaging just 316 square feet. These are 54 studios averaging just 316 square feet. While smaller units can produce higher rent per square foot, the turn over on studios is painful and adds additional operating expenses when the units get to market.
  4. I'm Not Buying This at an 8.99 GRM.The $112,500 per-unit price initially looks attractive, but I'd budget at least $10,000 per unit or roughly $540,000 to renovate these 54 studios. At an average size of just 316 square feet, I also don't see much room for rent growth. Market estimates market rent at approximately $1,300 per month, which is already close to where I believe renovated units would top out. After investing another half-million dollars, I don't think the return justifies paying an 8.99 GRM. I'd need to be closer to an 8 GRM, and even then, this probably wouldn't fit my investment strategy.
Deal Stats · 10600 S Inglewood Ave
Sale Price
$6,075,000
confirmed close · Jul 1 2026
List Price
$7,500,000
initial ask
Bid-Ask Delta
($1,425,000)
19% below ask
Units
54
53 studios · 1 one-bed
Price / Unit
$112,500
per door
Price / SF
$218.53/SF
27,800 gross SF
GRM (Current)
8.99 GRM
at close · broker stated
Implied Gross Income
$675,751
annual · implied from GRM
Avg In-Place Rent
$1,043/mo
implied per unit
Year Built
1957
RSO applicable · Inglewood
ULA Tax Estimate
$243,000
Measure ULA · above threshold
Vacancy (Subject)
1.9%
vs. 5.8% submarket

What an Operator Sees

It's easy to get excited about $112,500 per unit, but that's only the beginning of the underwriting.

I'd estimate at least $540,000 in future renovations to bring these units to market condition.  Add another $50,000 to paint the building and improve landscaping.   The problem is that, at 316 square feet, I don't believe there's enough rent upside to justify that investment. Zillow estimates market rent at approximately $1,300 per month, which is already close to where I think these units would stabilize.

For me, this isn't an 8.99 GRM deal. I'd need to be closer to an 8 GRM, and even then I'd probably pass.

The lesson is simple: don't buy based on price per unit. Buy based on how much value you can create after you own it and the Location.  

I track every multifamily sale in Los Angeles so you don't have to.
If you found this useful, share it.
OMs: David@AtlasBrief.LA

Coming Soon:

Atlas Home Pro — Trusted maintenance, capital improvements, and rebuild services for California property owners.
https://atlashomepro.com

Atlas Tax Dispute — Helping California property owners reduce their property tax assessments.
https://atlasbrief.la/tax-appeals

Brokers
Listing Broker
Joshua Cohen
KW Commercial SoCal
Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

Send a ListingBack to Board
Comments