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Reduced! 13 Units 6.25% Cap w/ upside to 9.3% 1045 N Ardmore Ave 13 Unit Apartment Building $3,375,000 ($259,615/Unit) 6.25% Cap Rate Los Angeles, CA 90029
Investment Highlights
- Renovated 13-unit building with strong cash flow at a 6.25% Cap Rate from day one, offering a 37% upside to a 9.3% Cap on Proforma.
- Recent renovations include most units and two new attached ADUs, with amenities like gated entry, communal laundry, large balconies and patios & more.
- Attractive pricing at $313/SF and $259k per door, featuring a diverse unit mix.
- Prime East Hollywood location close to Vermont/Santa Monica Metro, Silverlake, Hollywood, and trendy spots such as the Hollywood Walk of Fame & more!
Executive Summary
Huge 500k Price Reduction! Renovated 13-unit building cash flowing at an amazing 6.25% Cap Rate from day 1 with 37% upside to a 9.3% Cap on Proforma! Attractively priced at only $313/SF and $259k/door with a large unit mix consisting of 3 (2bed/2bath) units, 9 spacious (1bed/1bath) units, and 1 (studio/1bath) unit. Majority of the units (7) have been renovated including 2 brand-new attached ADUs. Amenities include gated entry, communal laundry room, large balconies, large patios, as well as 9 parking spaces (4 of which have not been officially assigned and may be rented for additional income). Many units boast updated cabinets, flooring, lighting, bathrooms, and significant exterior improvements including soft-story retrofit. Prime East Hollywood location just minutes away from the Vermont/Santa Monica Metro station, Silverlake, Hollywood, West Hollywood as well as many hip neighborhood attractions, restaurants, bars, and shops such as Hollywood Walk of Fame, Griffith Observatory, Cara Hotel, Saffy's Restaurant, Courage Bagels, and many more.
Property Facts
| Price | $3,375,000 | Apartment Style | Low-Rise |
| Price Per Unit | $259,615 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 6.25% | Building Size | 10,780 SF |
| Gross Rent Multiplier | 11.15 | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | ||
| Zoning | LAR3 - LAR3 | ||
| Price | $3,375,000 |
| Price Per Unit | $259,615 |
| Sale Type | Investment |
| Cap Rate | 6.25% |
| Gross Rent Multiplier | 11.15 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 10,780 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Zoning | LAR3 - LAR3 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Gated
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 500 |
| 1+1 | 9 | - | 600 - 750 |
| 2+1 | 3 | - | 850 |
1 1
Very walkable
80/100
Very drivable
80/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5537-019-028 | Improvements Assessment | $1,047,780 |
| Land Assessment | $1,407,161 | Total Assessment | $2,454,941 |
Property Taxes
Parcel Number
5537-019-028
Land Assessment
$1,407,161
Improvements Assessment
$1,047,780
Total Assessment
$2,454,941
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Reduced! 13 Units 6.25% Cap w/ upside to 9.3% | 1045 N Ardmore Ave
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