1633 N Laurel Ave 30 Unit Apartment Building $9,650,000 ($321,667/Unit) 5.02% Cap Rate Los Angeles, CA 90046

The Neema Group of Marcus & Millichap is pleased to present 1633 N Laurel Avenue, a 30-unit multifamily investment opportunity located in the City of Los Angeles, situated just north of Sunset Boulevard on the border of West Hollywood, one of the most supply-constrained and high-barrier rental submarkets in all of Los Angeles. The property features an ideal unit mix of twenty one-bedroom/one-bath units (avg. 810 SF), eight two-bedroom/one-bath units (avg. 1,035 SF), and two three-bedroom/two-bath units (avg. 1,411 SF), totaling approximately 29,283 gross square feet on a 32,692 SF (0.75 AC) lot.
The asset is exceptionally well-parked for its vintage with 30 on-site spaces, 18 covered and 12 exterior, a meaningful operational advantage in a dense urban infill location where parking is scarce. This offering represents the first time the property has been brought to market in over 60 years. Legacy ownership has maintained the asset with extensive capital improvements, including a new roof completed in 2024, updated panels, upgraded plumbing, individual furnaces replaced for each unit, updated kitchen fixtures, new security cameras, and refreshed common area lighting and landscaping. First-floor units feature original oak hardwood floors.
At the asking price, the property is offered at $321,667 per unit and $329 per square foot at a 5.02% current cap rate and 12.08 GIM on in-place income, with a market cap rate of 6.09% and market GIM of 10.40, representing approximately 16% revenue upside as below-market leases roll to current levels. The West Hollywood submarket is one of the most supply-constrained rental markets in all of Los Angeles, with no new supply delivered in 2026 YTD, fewer than 225 units currently under construction across the entire submarket, and vacancy rates well below the broader Los Angeles metro average.
The surrounding area features exceptionally strong demographics, with a median household income of $93,206 within a two-mile radius and a median home value exceeding
$1,092,000, creating a significant and persistent affordability gap between renting and homeownership that continues to support stable occupancy and consistent rent growth. Located steps from the intersection of Laurel Avenue and Sunset Boulevard, residents benefit from walkable access to the dining, retail, and entertainment corridors of West Hollywood and Hollywood. The submarket offers proximity to major employment hubs including the entertainment industry, healthcare centers, and the broader westside, driving consistent, deep renter demand across all economic cycles.