4 Large 1+1s (1 Vacant) + 3+2 SFR Near USC 1506 W 36th St 5 Unit Apartment Building $979,000 ($195,800/Unit) 6.54% Cap Rate Los Angeles, CA 90018

15% Price Reduction! The offering consists of a Spanish-style 4-unit building fronting 36th Street paired with a separate 3BR/2BA single-family residence at the rear of the lot. The 1-bedroom apartment units are spacious — averaging over 1,000 SF each — and the two upstairs 1-bedroom units have floorplans that easily convert to two-bedroom units. One upstairs unit is currently vacant and recently underwent extensive renovations (including new flooring, subflooring, and a renovated kitchen and bathroom), providing immediate ability to lease at market rent without tenant relocation.
Located within walking distance of USC and the LA Memorial Coliseum — site of the 2028 Olympic Games — the property offers a compelling student-housing repositioning strategy along with substantial mark-to-market rent upside on the apartment units (currently approximately 40% below market). The 3-space carport at the rear of the lot also presents potential ADU conversion opportunities for additional units and income (buyer to verify). Each unit also has its own dedicated storage space within the carport area, and the units are separately metered for gas and electricity.