1008 S Gage Avenue, Los Angeles, California 90023, Los Angeles, 90023 - 8 bed, 6 bath
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1008 S Gage Avenue
Los Angeles, California 90023
ACTIVE
CONDITION: EXCELLENT
8Beds
6Baths
3,064Sq Ft
6,299Lot Size
Property Price
LIST PRICE$1,350,000
EST. MARKET VALUE
$1,421,717
5% BelowMARKET VALUE
SUMMARY
This Strong Value Opportunity is a Turnkey Triplex listed at $1,350,000, positioned well below the $1,421,717 Fair Market Value by 5%. This valuation gap offers $71,717 in Instant Equity. Featuring a completely renovated main house and two brand-new ADUs, the property maintains a High-End Condition Rating. With a projected 6.0% cap rate, this asset is perfectly suited for Buy-and-Hold Investors or Owner-Occupants seeking a high-yield, low-maintenance rental property within six miles of Downtown Los Angeles.
Estimated Market Value
$1,421,717+$71,717 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Los Angeles.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1008 S Gage Avenue Subject 8 bd · 6 ba · 3,064 sqft · $464 | $1,350,000* List Price | 8 | 6 | 3,064 | $464 | - |
A 1231 S Rowan Avenue Active 0 bd · 0 ba · 2,873 sqft · $519 · 0.3 mi | $1,490,000 List Price | 0 | 0 | 2,873 | $519 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Excellent
TeardownExcellent
Property is new construction or fully renovated.
The property is a completely renovated triplex featuring two brand-new ADUs. The interiors showcase mint-condition modern kitchens with quartz countertops and stainless appliances, along with updated bathrooms featuring contemporary tiling and LED mirrors. Systems are fully updated with individual metering and new electrical panels, qualifying it as a high-end renovation under 5 years old.
PROSSTRENGTHS & OPPORTUNITIES
- High Yield Investment Potential
With a pro forma cap rate of 6.0% and a projected gross scheduled income of $115,200, this property offers a strong cash-flow opportunity rarely seen in the Los Angeles market.
- Turnkey Multi-Unit Configuration
The property features a completely renovated main house and two brand-new ADUs, all individually metered with private laundry and appliances, minimizing immediate capital expenditures and management overhead.
- Strategic Urban Location
Located less than six miles from Downtown Los Angeles in the appreciating Boyle Heights area, the property ensures high rental demand and long-term appreciation potential due to its proximity to major employment hubs.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Living area discrepancy between mls listing and other public or private record. mls listing living area = 3064, other record living area = 1064. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 8, other record bedroom count = 3.
- Parking Density Concerns
Accommodating tenants for three separate units totaling eight bedrooms may exceed the capacity of the driveway, potentially creating a reliance on competitive street parking.
- Solar Lease Obligation
The requirement to assume or purchase the solar lease on the detached ADU adds a fixed monthly expense or an upfront cost that buyers must factor into their financial evaluation.
About 1008 S Gage Avenue
This completely renovated 3-unit property, with a brand-new attached and detached ADU, offers immense flexibility to both investors and owner-users. Live in one unit and rent the others, or hold the whole property as a cash-flow investment. Pro forma GSI is ~$115,200 with a 6.0% cap. Unit mix consists of 1) Front 3-bd / 2-ba of ~1,064 sf, 2) Newly built attached ADU 2-bd / 2-ba of ~798 sf, and 3) Newly built detached ADU of 3-bd / 2-ba of ~1,200 sf. All units are individually metered and addressed, and each comes with its own laundry and appliances. Solar lease on the detached ADU can be assumed or purchased. The long driveway provides some parking spaces, and street parking is readily available. With little to no landscaping needed, operating expenses are limited to water, which can be passed through, and acute/routine maintenance. Located within 6 miles of Downtown LA, this property presents a welcoming opportunity to stake a foothold in the robust LA rental market.
Property Details
Public Facts
- Property Type
- Triplex
- Year Built
- 1920
- Lot Size
- 6,299 Sq. Ft.
Interior
- Total Bedrooms
- 8
- Total Bathrooms
- 6 (6 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 8.0 | 4.5 |
| Baths | 6.0 | 2.9 |
| Square foot | 3,064 | 2,090.331 |
| Lot Size | 6,299 | 5,852.908 |
| Price | $1.35M | $830.9K |
| Price per sq ft | $441 | $394 |
| Built year | 1920 | 1928 |
| HOA | $0 | $0 |
| Days on market | 9 | 87 |
Pricing History
Listed for Sale
Oct 31, 2026
$1,350,000
Initial Listing
Sold
Mar 20, 2024
$540,000
Public Record