Pico-Union Multifamily Broker: Apartment Building Sales
Pico-Union sits immediately west of Downtown LA, offering some of the highest Walk and Transit Scores of any submarket in this portfolio. Its dense, predominantly rent-controlled housing stock makes it a consistent source of value-add multifamily opportunities, with strong long-term rental demand driven by proximity to Downtown and USC employment.
Get a Free Broker Opinion of Value in Pico-UnionTransit Access
- Metro D Line (Purple): Westlake/MacArthur Park station nearby
- Metro J Line (Silver) express bus along the Harbor Transitway
- Direct bus access to Downtown LA and USC
Local Retail
- Pico Blvd and Union Ave commercial corridors
- Local markets and restaurants serving a dense Central American immigrant community
- Close proximity to the LA Convention Center and Crypto.com Arena district
Major Employers
- Downtown LA financial and civic core (short commute)
- USC (short commute)
- LA Convention Center / event and hospitality employment
Pico-Union Multifamily Sales So Far This Year
Buildings built before 1978 fall under the LA Rent Stabilization Ordinance (RSO) and trade differently than newer buildings under AB 1482, so we break them out separately. Confirmed Pico-Union sales through September 2026. Figures are shown only when there are enough sales to be meaningful.
Built Before 1978 (RSO)
- Median Price Per Unit
- $184,000
- 11 Pico-Union sales
- Median Price Per SF
- $294
- 11 Pico-Union sales
- Typical Cap Rate
- 7.00% – 8.00%
- 5 Pico-Union sales
Built 1978 or Later (AB 1482)
- Median Price Per Unit
- Not enough data
- Fewer than 3 Pico-Union sales in this category
- Median Price Per SF
- Not enough data
- Fewer than 3 Pico-Union sales in this category
- Typical Cap Rate
- Not enough data
- Fewer than 5 Pico-Union sales reporting a cap rate
Curious what your own Pico-Union property could be worth? Try our free value calculator →
Pico-Union Apartment Owners: Higher Cap Rates, Larger Buildings, and Knowing Your RSO Status
Pico-Union is a dense neighborhood west of Downtown LA, and its apartment stock is predominantly older, rent-controlled housing. That shapes how buildings here are priced. Buyers in Pico-Union accept a higher return than they do in most of the neighborhoods we cover, so the same net income is worth less here than it would be in, say, Santa Monica.
- 7.00% to 8.00%typical cap rate for older Pico-Union buildings in 2026 (5 reported)
- $184,000median price per unit for older buildings (11 sales)
- 24 unitsthe size of the 1136 S Alvarado St building we sold, in a 1031 exchange
Confirm your RSO status before anything else
Enter your address in ZIMAS and check the Rent Stabilization Ordinance field under Housing: Yes means at least one unit is covered. Because the search shows only whether any unit is covered, a building can be partly covered, and the Housing Department asks owners with questions to call (866) 557-7368. Know the answer before a buyer asks.
Higher cap rates mean buyers pay less per dollar of income
Older Pico-Union buildings sold at 7.00% to 8.00% cap rates in 2026, the highest range of the neighborhoods we cover. Santa Monica’s was 4.81% to 5.96%. A higher cap rate means a buyer pays less for each dollar of net income, which is why price per unit here is lower. Clean, accurate income and expenses matter, because buyers will check them.
Plan an exchange before you list
If you want to defer the tax on a sale, a 1031 exchange has hard deadlines: 45 days to identify a replacement property and 180 days to close. Our client who sold 1136 S Alvarado St, a 24-unit building, exchanged into two triple-net properties, one in Florida and one in Georgia. Read our 1031 exchange guide and line up your plan before you list.
We have closed sales in Pico-Union, including the 24-unit 1136 S Alvarado St.
Sources: LA Housing Department RSO Property Search (housing.lacity.gov); Highlight analysis of CoStar sold multifamily comps, January to September 2026. The cap rate range is the middle half of sales that reported one. Checked October 2026.
Rent Control in Pico-Union, in Plain English
Pico-Union is inside the City of Los Angeles, so most older apartment buildings here fall under LA’s Rent Stabilization Ordinance (RSO). Rent control is the biggest single factor in what a buyer will pay, because buyers price in how far below market the current rents are. Here is how to tell which rules cover your building.
- Rent can rise once a year by the city’s set percentage: 3% from July 1, 2026 to June 30, 2027
- Tenants can only be evicted for reasons the ordinance allows
- No-fault move-outs require relocation payments
- The building must be registered with the LA Housing Department every year
- LA’s Just Cause Ordinance limits evictions
- Once a building is more than 15 years old, the statewide AB 1482 cap (5% plus inflation, up to 10%) may apply
- Confirm the status of your units with the city or an attorney
Three rent control rules every Pico-Union seller should know
- Market rent comes back only when a tenant leaves on their own. Under the state’s Costa-Hawkins law, you can set a new rent when a tenant moves out voluntarily. That reset is the upside buyers are paying for.
- You can only raise rent if your registration is current. LA requires every RSO building to be registered and its fees paid each year. Buyers check this, and gaps become credits in escrow.
- Relocation payments rise every July. If a buyer plans to renovate or redevelop, the relocation cost for each tenant is part of their math, and it shows up in their offer.
How Many Units Before Measure ULA Hits a Pico-Union Building?
Measure ULA, the City of LA’s “mansion tax,” takes 4% of the entire price once a sale goes over $5.4 million, and 5.5% at $10.9 million or more. At Pico-Union’s median of $184,000 per unit for older buildings, that line arrives at about 30 units. Here is what that looks like.
Illustration only, using the median price per unit for Pico-Union buildings built before 1978 (January-September 2026). Your building’s price depends on its own rents and condition. ULA thresholds for closings after June 30, 2026, from the City of Los Angeles Office of Finance.
Going from 29 to 30 units adds about $184,000 in value but can add roughly $220,800 in tax. If your building is anywhere near the line, price it with the tax in mind and compare offers on what you keep, not the headline number. Our guide to Measure ULA thresholds walks through the “dead zone” above each line.
Three Moves to Make Before You List a Pico-Union Building
Take this year’s rent increase first
Buyers pay for the rent roll they see. If you have skipped the 3% RSO increase, serve the notices before you list (one increase per 12 months, and only with current registration).
Have your soft-story certificate ready
LA requires older wood-frame buildings with weak ground floors (think tuck-under parking) to be retrofitted, and most deadlines have passed. Buyers and lenders expect the city’s certificate of compliance. Find yours, or the permits showing the work is underway, before a buyer asks.
Know your “rent gap”
List each unit’s rent, move-in year, and what a vacant unit would rent for today. The gap between the two is the upside buyers are paying for. Having it ready shows that upside and keeps the price conversation on your terms.
What Pico-Union Apartment Buildings Sell For
Older, rent-controlled buildings in Pico-Union sold for a median of $184,000 per unit in January-September 2026, across 11 sales, with cap rates typically between 7.00% and 8.00%. Here is how that compares with the other neighborhoods we cover.
Source: Highlight Multifamily Group analysis of CoStar sold multifamily comps. Neighborhoods with fewer than 3 sales are left out.
What to Gather Before Selling a Pico-Union Apartment Building
- Current rent roll with each tenant’s move-in date and current rent
- This year’s LA Housing Department registration and proof the fees are paid
- Copies of the last rent increase notices served
- Soft-story certificate of compliance, or permits for work underway
- Your SB 721 balcony and stair inspection report, if the building has elevated wood balconies, decks, or stairs (see our SB 721 guide)
- A zoning printout for your parcel from the city’s ZIMAS site
- Two years of operating expenses and utility bills
- Any buyout agreements, relocation payments, or pending tenant matters
Not sure where to start? We will walk you through it as part of a free Broker Opinion of Value. Request yours here.
Closed Sales in Pico-Union
Thinking of Selling an Apartment Building in Pico-Union?
Pico-Union Multifamily FAQs
What is the price per unit for an apartment building in Pico-Union?
Among buildings built before 1978 sold in Pico-Union so far in 2026, the median price per unit was $184,000 across 11 sales, and the median price per square foot was $294. Figures are through September 2026 and move with the market.
What cap rate do Pico-Union apartment buildings sell for?
Buildings built before 1978 sold in Pico-Union in 2026 had a typical cap rate range of 7.00% – 8.00%, based on 5 sales that reported one (the middle half of those sales). Cap rates vary with building age, condition, and rent levels, so your building can sit above or below the range.
Does rent control apply to apartment buildings in Pico-Union?
Pico-Union is in the City of Los Angeles. Buildings with a certificate of occupancy issued before October 1, 1978 are generally covered by the Rent Stabilization Ordinance, and newer buildings typically fall under the statewide AB 1482 cap. Rent control affects value because buyers price in below-market rents, as we explain in our guides.
2026 AB 1482 rent cap · Selling with rent-controlled tenants
How much can landlords raise rent on rent-controlled apartments in Pico-Union?
Under the LA Rent Stabilization Ordinance, the allowable increase is 3% from July 1, 2026 through June 30, 2027. Rent can go up once every 12 months, with proper notice, and only if the building's registration with the LA Housing Department is current.
Does Measure ULA apply to Pico-Union apartment buildings?
Yes. Pico-Union is in the City of Los Angeles, so sales above $5.4 million pay a 4% ULA tax on the entire price, and sales at $10.9 million or more pay 5.5%. At Pico-Union's 2026 median of $184,000 per unit for older buildings, a building of about 30 units or more is likely to cross the $5.4 million line.
How do I find out if my Pico-Union apartment building is rent controlled?
Look up your address on the City of Los Angeles’ ZIMAS site. Under the Housing section, the Rent Stabilization Ordinance (RSO) field says Yes if at least one unit in the building is covered, so a building can be only partly covered. Buildings first occupied on or before October 1, 1978 are generally covered, and newer buildings typically fall under the statewide AB 1482 cap. The LA Housing Department answers questions at (866) 557-7368.
What cap rate do Pico-Union apartment buildings sell for?
Older Pico-Union buildings had a typical cap rate range of 7.00% to 8.00% in 2026, based on 5 sales that reported one, the highest range of the neighborhoods we cover. A higher cap rate means a buyer pays less for each dollar of income.
What apartment buildings has Highlight sold in Pico-Union?
Highlight has closed sales in Pico-Union, including 1136 S Alvarado St (24 units, $4.29M), 946 S Burlington Ave (28 units, $3.04M), and 2233 W 14th St (10 units, $1.58M). Every closed sale is listed with its details on our closed sales page.
1136 S Alvarado St · 946 S Burlington Ave · 2233 W 14th St · All closed sales
Why do investors buy apartment buildings in Pico-Union?
Pico-Union is in Central LA, with a Walk Score of 90 (Walker's Paradise; 7th most walkable neighborhood in LA) and a Transit Score of 83. Transit includes Metro D Line (Purple): Westlake/MacArthur Park station nearby. Nearby employers and anchors include Downtown LA financial and civic core (short commute), USC (short commute), and LA Convention Center / event and hospitality employment. Walkable, transit-connected neighborhoods with local jobs tend to keep renter demand steady.
Are there apartment buildings for sale in Pico-Union right now?
We do not have an active Pico-Union listing at the moment. Contact us and we will tell you about upcoming and off-market opportunities as they arise.
What is my Pico-Union apartment building worth?
Start with our free property value calculator, which prices your building using Pico-Union's own 2026 sales. Then request a free Broker Opinion of Value for a number based on your actual rent roll, expenses, and condition.
Free property value calculator · Free Broker Opinion of Value
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