The Steinway
The Steinway, a fully occupied five-unit multifamily property at 931 Everett St in Los Angeles' Echo Park, is offered at $1,795,000 ($359,000 per unit) at a 6.83% cap rate on $128,011 of NOI. The sale is a traditional, stabilized investment. Current gross scheduled rent is $181,822 with 3% vacancy, and the unit mix is four 1BR/1BA apartments and one 3BR/2BA home.
Note: the record lists the asking price as $1,795,000, while the Price Per Unit callout ($375,000) and the source brochure's $1,875,000 list price are consistent with each other. Buyers should confirm the price with the listing broker.
The property is on two buildings. The four one-bedroom units are in a front fourplex, and the three-bedroom home sits in the rear with a basement that can be used for an office or storage. The buildings total 4,893 SF on a 5,791 SF LAR3 lot (APN 5406-016-008). Built in 1917 and renovated in 2016, the property has Craftsman interiors with hardwood floors, central HVAC, and an in-unit washer and dryer in each unit. Recent work includes new electrical and plumbing and a reinforced foundation. Gas and electricity are separately metered.
Current rents total $15,152 per month against a market figure of $18,200. One-bedrooms average $3,034 now versus $3,200 at market, and the three-bedroom rents at $3,017 versus $4,600. On market rents the pro-forma NOI is $162,072 (8.64% cap). Expenses are $48,357 (27.4% of income), including $22,500 in taxes. The offering assumes a new loan of $1,406,250 (75% LTV) at 5.90% on a 30-year amortization, which gives a 1.28 DCR and 5.96% cash-on-cash return.
The building is just off Sunset Boulevard, with access to Echo Park Avenue and Temple Street and quick access to the 101 and 110 freeways. Echo Park Lake, Elysian Park, Sunset Junction, and Union Station are nearby. Echo Park has about 33,161 residents, a median age of 38, and a median household income of $95,706. Some 544,947 people live within three miles. Walk Score is 93, Transit Score 62, and Bike Score 50. The 327-unit Sunset + Everett development at 1185 to 1247 Sunset Blvd is within walking distance. Recent sales of five- and six-unit buildings in the area ranged from 5.47% to 6.95% caps.
- 100% occupied, five units in two structures
- 6.83% cap rate on $128,011 NOI, with 8.64% pro-forma cap on market rents
- Rents about $3,000 below market on the three-bedroom home
- New electrical, plumbing, and foundation work; Craftsman interiors
- In-unit washer and dryer, central HVAC, separate gas and electric meters
- Walk Score of 93 near Sunset Boulevard and Echo Park Lake
More property details
About this property
Marcus & Millichap is pleased to present a five-unit apartment building located at 931 Everett Street in the highly desirable Echo Park neighborhood of Los Angeles, just off Sunset Boulevard. The property features an attractive unit mix consisting of four one-bedroom apartments in the front fourplex and a separate three-bedroom home with a basement suitable for office or storage use. The interiors showcase classic Craftsman architecture complemented by high-quality finishes, hardwood flooring, central HVAC, and in-unit washers and dryers. Recent improvements include upgraded electrical and plumbing systems, along with a reinforced foundation. The spacious units offer flexible layouts, with select dining areas featuring pull-out beds, while separate gas and electricity meters provide additional convenience. The property benefits from excellent connectivity to Sunset Boulevard, Echo Park Avenue, and Temple Street, as well as immediate access to the 101 and 110 Freeways. Surrounded by major developments, diverse retail and dining options, and recreational attractions such as Echo Park Lake, the property combines timeless architectural appeal, modern upgrades, and a prime location, presenting an attractive investment opportunity with long-term potential.
- Dominant access to Sunset Blvd, Echo Park Ave, Temple St; near Echo Park Lake, Elysian Park, Sunset Junction, Union Station
Features & amenities
Location & transit
Transit/Subway
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Commuter Rail
Airport
Transit data provided by Google. Times and distances are estimates.
Additional details
Sunset + Everett by Aragon Properties, 1185-1247 Sunset Blvd: two seven-story buildings, 327 units, 9,462 SF ground-floor commercial, 263 parking spaces, 41 very low-income affordable units; designed by KTGY; fitness room, community room, lounge. Also 62-unit 222 N Alvarado St (avg rent $2,450) and The Court Residences 189 units workforce housing.
2026 forecast: LA multifamily inventory growth +6.2K; LA vacancy 4.7% vs U.S. 5.3%; U.S. inventory growth +1.2%. Millennials drive apartment demand; first-time home buyer age 40 in 2025.
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Great Echo Park location; classic Craftsman interiors with modern finishes; close to Sunset Junction and Echo Park Lake