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140 S Westmoreland Ave
Los Angeles, CA 90004
Multifamily Property For Sale
·
7 Units
INVESTMENT HIGHLIGHTS
- Potential 8.92% cap rate with additional 6 ADU’s
- Constructed in 1982 – subject to AB 1482, allowing annual rent increases of 5% + CPI
- 7-unit multifamily property situated on a 7,916 SF LAR3-zoned lot
- Not subject to Los Angeles Rent Stabilization Ordinance (RSO)
- Significant value-add opportunity to develop up to six new ground-up ADUs in the rear parking area (buyer to verify)
- On-site parking with approximately 12 spaces
EXECUTIVE SUMMARY
Kidder Mathews is pleased to present the opportunity to acquire 140
South Westmoreland Avenue, a well-located multifamily investment in
the Wilshire Center submarket of Los Angeles. The property consists
of a 7-unit apartment community situated on a 7,916 square foot LAR3-
zoned lot, offering both stable in-place income and a compelling
long-term value-add strategy.
Constructed in 1982, the property benefits from favorable rent control
characteristics, falling under AB 1482 rather than LA RSO, allowing for
annual rent increases of 5% plus CPI. The existing unit mix includes a
combination of one- and two-bedroom floor plans, many of which have
been upgraded, providing immediate upside through continued rent
growth and operational optimization.
A key differentiating feature of this offering is the ability to develop
up to six new ground-up ADUs in the rear portion of the lot, subject to
buyer verification and approvals. The existing site layout, lot size, and
zoning create a rare opportunity to meaningfully increase unit count
and cash flow without disturbing the primary residential structure. Upon
stabilization, the addition of the ADUs has the potential to significantly
enhance overall yield, improve long-term asset value, and create a
more scalable income stream in one of Los Angeles’ most supply constrained
rental markets.
Located at the intersection of Koreatown and Little Bangladesh, the
property benefits from exceptional centrality, with close proximity to
Downtown Los Angeles, Hollywood, Silver Lake, Echo Park, and major
employment hubs. Tenants enjoy access to public transportation,
freeway connectivity, dining, retail, and cultural amenities, all of which
continue to drive strong rental demand in the immediate area.
140 S. Westmoreland Avenue presents investors with a rare combination
of defensive in-place income, regulatory advantages, and a clearly
defined development upside, making it an attractive opportunity for
both long-term holders and value-add oriented buyers.
South Westmoreland Avenue, a well-located multifamily investment in
the Wilshire Center submarket of Los Angeles. The property consists
of a 7-unit apartment community situated on a 7,916 square foot LAR3-
zoned lot, offering both stable in-place income and a compelling
long-term value-add strategy.
Constructed in 1982, the property benefits from favorable rent control
characteristics, falling under AB 1482 rather than LA RSO, allowing for
annual rent increases of 5% plus CPI. The existing unit mix includes a
combination of one- and two-bedroom floor plans, many of which have
been upgraded, providing immediate upside through continued rent
growth and operational optimization.
A key differentiating feature of this offering is the ability to develop
up to six new ground-up ADUs in the rear portion of the lot, subject to
buyer verification and approvals. The existing site layout, lot size, and
zoning create a rare opportunity to meaningfully increase unit count
and cash flow without disturbing the primary residential structure. Upon
stabilization, the addition of the ADUs has the potential to significantly
enhance overall yield, improve long-term asset value, and create a
more scalable income stream in one of Los Angeles’ most supply constrained
rental markets.
Located at the intersection of Koreatown and Little Bangladesh, the
property benefits from exceptional centrality, with close proximity to
Downtown Los Angeles, Hollywood, Silver Lake, Echo Park, and major
employment hubs. Tenants enjoy access to public transportation,
freeway connectivity, dining, retail, and cultural amenities, all of which
continue to drive strong rental demand in the immediate area.
140 S. Westmoreland Avenue presents investors with a rare combination
of defensive in-place income, regulatory advantages, and a clearly
defined development upside, making it an attractive opportunity for
both long-term holders and value-add oriented buyers.
PROPERTY FACTS
| Price Per Unit | $356,429 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 3.98% | Building Size | 4,193 SF |
| Gross Rent Multiplier | 15.46 | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Parking Ratio | 2.86/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | LAR3 - Multiple Dwelling Zone | ||
| Price Per Unit | $356,429 |
| Sale Type | Investment |
| Cap Rate | 3.98% |
| Gross Rent Multiplier | 15.46 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 4,193 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1982 |
| Parking Ratio | 2.86/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LAR3 - Multiple Dwelling Zone |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Gated
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | 500 - 600 |
| 2+1 | 2 | - | 650 - 750 |
PROPERTY TAXES
| Parcel Number | 5501-016-010 | Improvements Assessment | $723,078 |
| Land Assessment | $1,352,520 | Total Assessment | $2,075,598 |
PROPERTY TAXES
Parcel Number
5501-016-010
Land Assessment
$1,352,520
Improvements Assessment
$723,078
Total Assessment
$2,075,598
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