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Prime West LA/Sawtelle Location 11565 Iowa Ave 3 Unit Apartment Building $1,850,000 ($616,667/Unit) 4.81% Cap Rate Los Angeles, CA 90025
Investment Highlights
- Prime West LA/Sawtelle Location: Steps from Sawtelle Japantown's acclaimed dining corridor and adjacent to Santa Monica.
- Fully Permitted ADU Conversion: Garage converted to legal ADU under California AB 494/SB 229 with Certificate of Occupancy issued April 2022.
- Entry-Level Westside Investment: At $1,850,000, the property offers access to a prime West LA location below the $5M ULA threshold.
- Renovated Turnkey Condition: Comprehensive 2022 renovation includes modern finishes, in-unit washer/dryer in all three units, and central air/heat.
- Desirable All Two-Bedroom Unit Mix: Three 2BR/2BA units represent the most sought-after configuration in the West LA rental market.
Executive Summary
The LAAA Team of Marcus & Millichap is pleased to present 11565 Iowa Avenue, a renovated three-unit multifamily investment offering turnkey condition, a fully permitted ADU, in West LA's highly desirable Sawtelle neighborhood. Situated steps from the celebrated Sawtelle Japantown dining district and moments from Santa Monica, the property appeals to both investors seeking a stabilized asset in a premier location and owner-users looking to live in one unit while generating rental income from the remaining two.
Originally constructed in 1928, the property was comprehensively renovated in 2022 and includes a garage-to-ADU conversion completed under permit with Certificate of Occupancy issued April 2022. The property totals approximately 2,192 rentable square feet across three two bedroom units, each featuring modern finishes, in-unit washer/dryer, and central air conditioning. The garage conversion to ADU means the property offers no on-site parking, though street parking is readily available on this quiet residential street. The current owner has maintained the property in excellent condition with scheduled rents of $121,140 annually, reflecting a 4.81% cap rate at the $1,850,000 asking price.
The property is fully occupied and stabilized, providing immediate, consistent cash flow and long-term income stability for an investor. The all two-bedroom unit mix represents the most desirable configuration for the West LA rental market, where strong demographics—including 71.8% renter households and a $104,627 median household income, support consistent tenant demand and rental rate stability.
Originally constructed in 1928, the property was comprehensively renovated in 2022 and includes a garage-to-ADU conversion completed under permit with Certificate of Occupancy issued April 2022. The property totals approximately 2,192 rentable square feet across three two bedroom units, each featuring modern finishes, in-unit washer/dryer, and central air conditioning. The garage conversion to ADU means the property offers no on-site parking, though street parking is readily available on this quiet residential street. The current owner has maintained the property in excellent condition with scheduled rents of $121,140 annually, reflecting a 4.81% cap rate at the $1,850,000 asking price.
The property is fully occupied and stabilized, providing immediate, consistent cash flow and long-term income stability for an investor. The all two-bedroom unit mix represents the most desirable configuration for the West LA rental market, where strong demographics—including 71.8% renter households and a $104,627 median household income, support consistent tenant demand and rental rate stability.
Property Facts
| Price | $1,850,000 | Property Subtype | Apartment |
| Price Per Unit | $616,667 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.81% | Building Size | 2,182 SF |
| Gross Rent Multiplier | 15.27 | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1928/2022 |
| Zoning | - | ||
| Price | $1,850,000 |
| Price Per Unit | $616,667 |
| Sale Type | Investment |
| Cap Rate | 4.81% |
| Gross Rent Multiplier | 15.27 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Building Size | 2,182 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1928/2022 |
| Zoning | - |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | - | 672 - 825 |
| 2+2 | 2 | - | 694 |
Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (82)
Property Taxes
| Parcel Number | 4261-013-022 | Improvements Assessment | $270,608 |
| Land Assessment | $1,082,432 | Total Assessment | $1,353,040 |
Property Taxes
Parcel Number
4261-013-022
Land Assessment
$1,082,432
Improvements Assessment
$270,608
Total Assessment
$1,353,040
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Prime West LA/Sawtelle Location | 11565 Iowa Ave
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