Just Listed: A Completely Vacant South LA Duplex With a Two Story Master Suite at $795,000
Completely vacant duplexes in Los Angeles are rare. One with a newly upgraded 3 bed, 2 bath front unit that lives like a two story master suite is rarer still, and this one is priced at $795,000.
113 E 95th St, a two building duplex in South Los Angeles just east of Main Street, came to market this morning. Both units are empty and will be delivered vacant at close of escrow. For a buyer, that changes everything. There is no rent roll to inherit, no below market tenant to wait out, and no guessing at what the units could earn. You set the rents, or you move in.
I spent a lot of time walking this property before we priced it, because the front unit does not read like a typical South LA duplex. Here is what a buyer is actually getting.
The front unit is the story
Unit 113 is a newly upgraded 3 bed, 2 bath with plank flooring throughout, a galley kitchen with quartz counters, a remodeled second bath with a marble look surround, and washer and dryer hookups inside the unit.
What makes it different is the layout. The third bedroom sits at the base of a private stair, and the stair leads up to a full master bedroom with an ensuite bath, a walk in closet, and a slider to a private balcony. Used together, the two levels function as a two story master suite. Used separately, they are two more bedrooms. Either way, it is a floor plan you do not find in a 1959 duplex very often, and it is the reason we have been leading with the front unit in every conversation about this property.
The back unit is bigger than it should be
Unit 115 is a 1 bed, 1 bath, and I hesitate to call it a one bedroom because it is massive. The living and dining room is one open space with windows on three sides. The kitchen is a full L shaped kitchen, not a kitchenette. And the unit has its own laundry room with washer and dryer hookups, which is almost unheard of in a back unit of this size. It sits in its own building behind the front house with a covered porch and a patio.
The numbers, without the varnish
→ List price: $795,000
→ Price per unit: $397,500
→ Price per building SF: $408.53
→ Building: 1,946 SF on a 4,371 SF lot, two separate buildings, built in 1959
→ Market rents: $3,250 for the front unit and $2,250 for the back unit, $5,500 per month, $66,000 per year
→ Market cap rate: 5.94%
→ Market GRM: 12.05
We pulled eight closed duplex sales in the immediate area to price this. The average came in at $386,938 per unit and $396.87 per square foot, which puts 113 E 95th St in line with what the market has already paid for two unit properties nearby. The most telling comp is 127 E 95th St, on the same block, which closed at $820,000, its full asking price.
Who this property is for
The owner user gets the cleanest win. Live in the 3 bed, 2 bath front unit with the two story master suite, and let the back unit offset a large share of the mortgage. A one bedroom of this size in this location rents quickly.
The investor gets two vacant units and the ability to set both rents at market from day one, with no turnover cost and no waiting. At $5,500 per month in market rent, the property supports a 5.94% cap rate at the asking price.
Either way, vacant delivery means the first day of ownership is the first day of your plan, not someone else's.
The neighborhood
The property sits on a residential block among single family homes and small income properties. The 110 Freeway is within a mile to the west, which puts Downtown Los Angeles about eight miles north and the South Bay directly south. SoFi Stadium, the Intuit Dome and Hollywood Park are roughly four miles west, and LAX is about eight miles out. Two unit properties on the surrounding blocks trade actively, which is exactly what the comp set shows.
Questions owners ask
What does delivered vacant mean for a duplex buyer?
It means both units are empty when escrow closes and the buyer takes possession with no tenants in place. The buyer can move into either unit or lease both at current market rent. There is no waiting on a move out and no inherited lease terms.
Can I live in one unit of a duplex and rent the other?
Yes, and it is one of the most common ways to buy a first income property in Los Angeles. At 113 E 95th St, an owner could occupy the 3 bed, 2 bath front unit and lease the back unit at a market rent of about $2,250 per month. Owner occupied financing may also be available, subject to lender approval.
Is $795,000 a fair price for a duplex in this part of Los Angeles?
The eight closed duplex sales we pulled averaged $386,938 per unit and $396.87 per square foot. At $397,500 per unit and $408.53 per square foot, this listing sits right at the range, and 127 E 95th St on the same block closed at $820,000. Buyers should verify all figures independently before close of escrow.
See it for yourself
All property showings are by appointment only. The offering memorandum covers the full financials, comparable sales, rent roll and site details. Email me with the address in the subject line and I will send it over the same day.
Own units in Los Angeles? Call or text Chandler at 310.405.7632 or send the address and I will tell you what it is worth as it sits today, tenants and all.
Chandler Rockwell, Broker, The Rockwell Group, DRE 02080782
Disclaimer: All information is from sources deemed reliable and subject to change. Buyers are advised to independently verify the accuracy of all information, including rent control status, zoning, square footage, permits and financial projections, prior to close of escrow.
