1322 5th Ave 6 Unit Apartment Building Offered at $1,200,000 at a 4.91% Cap Rate Los Angeles, CA 90019

1322 5th Ave is a 6-unit multifamily property located in the heart of Mid-City Los Angeles. Built in 1925, the property spans approximately 3,922 square feet of building area on a 5,939-square-foot lot. The unit mix includes a blend of one studio, 1-bedroom, and 2-bedroom units, catering to strong renter demand in this well-established neighborhood.
Ideally situated in Mid City—a historic, centrally located neighborhood known for its tree-lined streets and architectural charm—the property enjoys proximity to Koreatown, Mid-City, and Downtown LA. Residents benefit from nearby transit options and cultural landmarks, including the Metro B and D lines, major freeways (10, 110, and 101), LACMA, and Crypto.com Arena. The area's strong community feel, nearby parks, and transit connectivity make it highly attractive to families and professionals alike.
Tenants are drawn to this property for its prime location and convenience. With a total of 3 tandem parking spots and fenced property with secure access. The easy access to a wide range of entertainment and dining options in nearby neighborhoods like Koreatown, Larchmont Village, Miracle Mile, and Downtown LA, residents are never far from the action.
For investors, 1322 5th Ave offers significant operational upside. The property is currently master-metered with an approximately 45% expense ratio. However, based on existing leases, 50% of tenants are already obligated to pay for utilities. A savvy investor can immediately implement full utility reimbursements, increasing the cap rate by approximately 153 basis points to an estimated 6.44%. With roughly 29% rental upside and full utility pass-through in place, the pro forma cap rate improves further to approximately 8.57%. Overall, the asset offers unique value-add opportunity.