LIHTC Property | 42 Units | East Hollywood 1536 N Serrano Ave 42 Unit Apartment Building $7,995,000 ($190,357/Unit) 6.07% Cap Rate Los Angeles, CA 90027

1536 N. Serrano Avenue is a fee simple, 42-unit Low-Income Housing Tax Credit (LIHTC) multifamily asset located in the East Hollywood neighborhood of Los Angeles. Originally constructed in 1969 and placed in service on March 1, 1997 under the 9% LIHTC program, the property consists of 41 income-restricted units and one on-site manager’s unit. Designed for large-family renters, the unit mix includes spacious two- and three-bedroom layouts with a weighted average unit size of 1,441 square feet. The asset is held in fee simple ownership with no ground lease or legacy LIHTC partnership restrictions—offering clean title and long-term control for new ownership.

The property is governed by a 55-year recorded regulatory agreement that extends through 2052, with income restrictions set at 50% and 60% of Area Median Income (AMI). It also remains subject to the City of Los Angeles Rent Stabilization Ordinance (RSO).

Serrano is a three-story building constructed over a semi-subterranean gated garage, offering 72 secured parking spaces. The structure includes elevator access, open courtyards, centralized mail delivery, and a secure leasing office. Common-area features also include a landscaped front yard and a restroom near the parking level.

Recent capital improvements include a Class A/B Cool Roof (2017), upgraded LED exterior lighting, and code-compliant exit signage (2020). The elevator system was modernized with new starters in 2021 and 2022, along with a power unit replacement in 2025. Additional building systems include a monitored fire sprinkler and alarm system, a central boiler with recent maintenance, and basement-level electrical panels. Security features include full perimeter fencing, automated gates, common-area surveillance, and enhanced lighting.

As of July 2025, 61% of the income-restricted units are leased to Section 8 voucher holders, allowing for rents above LIHTC limits while maintaining full compliance. Internally, 15 of the 42 units have been renovated since 2019, featuring upgraded finishes and, in some cases, private balconies.

Serrano will be delivered free and clear of debt, allowing buyers to place new financing. MMCC estimates buyers may secure up to 65% loan-to-value (approximately $5.5 million), with interest rates in the mid-to-high 5% range and interest-only options available.

Located just south of Sunset Boulevard, the property is within walking distance to the Vermont/Sunset Metro Station, Kaiser Permanente Medical Center, Los Angeles City College, and several major employment corridors. East Hollywood continues to attract high rental demand, driven by its central location and strong transit and service infrastructure.