1333 Bates Ave 4 Unit Apartment Building $2,300,000 ($575,000/Unit) 5.21% Cap Rate Los Angeles, CA 90027

A Rare Opportunity in One of L.A.'s Most Coveted Neighborhoods
1333 Bates Ave is a charming 4-unit residential income property in the heart of Los Feliz — one of Los Angeles' most desirable and tightly held submarkets. Built in 1988, this two-story quadruplex sits on a 6,794 SF lot and delivers a compelling combination of character, location, and upside that is exceedingly difficult to find in the 90027 zip code.
The Property
Each of the four units features 3 bedrooms and 3 bathrooms, offering spacious floor plans that command strong rents and attract quality, long-term tenants. With 12 total bedrooms and approximately 3,720 SF of gross building area, the property provides generous living spaces throughout. Hardwood-style flooring, large living rooms, and ample closet space lend each unit a warmth and livability that distinguishes this asset from newer commodity construction.
The Investment Case
What truly sets 1333 Bates Ave apart is its non-rent controlled status — a genuine rarity in the 90027 zip code, where the vast majority of comparable multifamily inventory is subject to the Los Angeles Rent Stabilization Ordinance. As a post-1978 construction building, this property falls outside RSO coverage, giving the next owner full flexibility to set and adjust rents to market upon turnover. Current rents represent meaningful upside, and for an investor seeking a value-add play without RSO constraints, this asset offers a clear and executable path to materially improved cash flow.
Location
Situated north of Fountain Ave and just south of Sunset, the property places residents steps from the best of Los Feliz and Silver Lake — boutique dining, coffee, and nightlife along Sunset Blvd, Griffith Observatory, Barnsdall Art Park, and Vermont Ave's eclectic retail corridor. The Vermont/Sunset Metro station is under a mile away, with easy access to the 101 and 5 freeways and the employment centers of Hollywood, Downtown, Glendale, and Burbank.
One unit can be delivered as vacant if preferred.
Highlights
4 units | 3 bed / 3 bath each | ~3,720 SF building | 6,794 SF lot with ADU potential
Built 1988 | 2 stories | Non-rent controlled (RSO exempt)
Strong rental upside with below-market in-place rents
Owner-occupant friendly: live in one, rent the remaining three
Walker's Paradise | Strong transit access | Minutes to Griffith Park, Hollywood & DTLA, Children's Hospital