8% cap rate in Los Angeles? wtf?

[Ross Kane]

hi guys

I am new to real estate market. I am looking at this property

12906 venice blvd 90066

price is $1495000

As you can see in the listing, they claim this property is rented at $10,000 a month

$120,000 / 1495000 = 8%

any idiot (even me) knows in Los Angeles you would be lucky to get a cap rate of 4%

what's going on here? is this a fake listing? why is nobody buying this property?