1429 Bates Ave 8 Unit Apartment Building $1,600,000 ($200,000/Unit) 4.23% Cap Rate Los Angeles, CA 90027

1429 Bates Avenue is an eight-unit multifamily property located Franklin Hills. Built in 1964, the two-story property totals approximately 6,524 square feet of living space situated on a 6,793 square foot LARD1.5-zoned lot. The property features a unit mix consisting of three (3) one-bedroom/one-bathroom units and five (5) two-bedroom/one-bathroom units. 1429 Bates Ave offers eight (8) on-site parking spaces, an on-site laundry room equipped with a new washer and dryer, and is separately metered for gas and electricity. Recent improvements include a seismic retrofit completed in 2018 & SB 721 balcony inspection completed in 2025. Additional upgrades include exterior paint completed in 2024, a reroof completed approximately seven years ago, copper re-piping throughout in 2005, approximately 75% ABS drain pipe replacement with accessible clean-outs completed in 2025, and replacement of the community 100-gallon water heater in 2021. The house electrical sub-panel in the laundry room was also replaced in 2025, and outlets and switches within units have been updated as needed.
Located in Franklin Hills and adjacent to Sunset Junction and Hollywood, 1429 Bates Avenue is positioned in one of Los Angeles’ most vibrant rental corridors. Rated “Very Walkable” with a Walk Score of 87, the property offers residents convenient access to everyday amenities, popular dining destinations, entertainment venues, and neighborhood retail along Sunset Boulevard and Vermont Avenue. The property is also just an 11-minute walk to the Metro Red Line Vermont/Sunset Station, providing direct connectivity to Downtown Los Angeles, Hollywood, and Universal City. 1429 Bates Avenue is also within close proximity to major institutions and employers including Kaiser Permanente Los Angeles Medical Center, Children's Hospital Los Angeles, and Los Angeles City College. Nearby neighborhood favorites include Figaro Bistrot, Home Restaurant, and Bacari Silverlake, Lazy Acres Market, Erewhon, Pine and Crane, and Alcove.
The subject property is located within the city of Los Angeles and subject to rent control.