645 West 97th St is a newer-construction South Los Angeles triplex that combines strong in-place income, modern systems, and full exemption from both local and state rent control. Built in 2020, the property operates outside the City of Los Angeles Rent Stabilization Ordinance and CA AB-1482, allowing rents to be increased annually without percentage caps, subject to buyer verification.

The asset is currently offered at a 7.39% CAP and 10.72 GRM on current rents, providing immediate yield in a market where newer construction and clean operating profiles are increasingly difficult to source. A vacant 4-bed, 3-bath front unit is delivered at close of escrow, creating flexibility for both leasing strategy and buyer profile.

Strong In-Place Income Supported by Newer Construction

At current rents, 645 West 97th St produces a 7.39% CAP and 10.72 GRM, reflecting a level of in-place income that stands out for a 2020-built triplex. Based on comparable market rents for similar large-format units in the area, the property is projected to stabilize at a 7.88% market CAP and 10.19 GRM, driven by unit size, bedroom count, and modern construction rather than aggressive assumptions.

The financial profile is supported by straightforward operations, tenant-paid utilities, and minimal near-term capital exposure, allowing income growth to flow through without the drag typically associated with older Los Angeles multifamily assets.

Oversized 4-Bed Layouts That Continue to Lease

The triplex consists of (3) 4-bed, 3-bath units, each averaging approx. 1,600 SF. These layouts appeal to a wide range of tenant profiles, including larger households and shared living arrangements, a segment that continues to show durable demand across South Los Angeles.

Two-Building Configuration That Simplifies Ownership

The property is arranged across two separate buildings on a 6,301 SF lot, with the front structure delivered vacant and the rear structure configured as a duplex. An open parking area separates the buildings, creating physical separation between units and a more residential feel than a stacked apartment layout.

Modern Interiors and a Clean Operating Profile

All units reflect modern construction standards and are well maintained. Interior finishes include wood-style vinyl flooring, recessed lighting, central A/C, and in-unit laundry hookups. Kitchens feature updated cabinetry, tile backsplash, and ample counterspace, while bathrooms are finished with contemporary vanities and tilework.

Tenants pay their own utilities, supporting predictable expense management and insulating ownership from rising operating costs. The 2020 construction year significantly reduces near-term maintenance risk relative to vintage housing stock in the surrounding area.

Rent Control Exemption That Preserves Long-Term Growth

Built in 2020, 645 West 97th St is exempt from both city and statewide rent control regulations, subject to buyer verification. This exemption allows ownership to implement annual rent increases without percentage limitations, preserving long-term income growth that is no longer available across most Los Angeles multifamily assets. For investors focused on flexibility and future rent positioning, this regulatory profile is a defining characteristic of the asset.

Conclusion: Why 645 West 97th St Works in Today’s Market

645 West 97th St offers a rare combination of strong current yield, modern construction, oversized unit layouts, and full rent control exemption in a South Los Angeles submarket that continues to support demand for larger-format housing.

With a 7.39% CAP on current rents, a vacant front unit delivered at COE, and a clean operating profile built around tenant-paid utilities and minimal capex exposure, the property is positioned for buyers seeking durable income today with flexibility for tomorrow. For investors prioritizing numbers that stand on their own, reduced operational friction, and regulatory clarity, 645 West 97th St represents a disciplined acquisition aligned with the realities of today’s Los Angeles multifamily market.