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1637-1639 1/2 Micheltorena St 8 Unit Apartment Building $3,150,000 ($393,750/Unit) 5.43% Cap Rate Los Angeles, CA 90026
INVESTMENT HIGHLIGHTS
- 8-Unit Apartment Community in Prime Silver Lake, Offered at a Current 5.43% Cap Rate
- 7 of 8 Units Fully Renovated or Newly Constructed in 2023, Two New-Construction Units NOT Subject to Rent Control
- Modern Unit Interiors with High-End Finishes and In-Unit Laundry
- Exceptional Location Near Silver Lake Reservoir and Sunset Boulevard
- 7 On-Site Parking Spaces
- Major Systems Replaced: Electrical, Plumbing, Drain Lines, Windows, Doors
EXECUTIVE SUMMARY
Realty Investment Advisors is pleased to present 1637–1639 Micheltorena Street, an 8-unit apartment community located in the heart of prime Silver Lake, one of Los Angeles’ most sought-after rental submarkets. The property has undergone a comprehensive redevelopment, with 7 of the 8 units either fully gut-renovated or newly constructed in 2023, offering a largely new asset with modern systems and future upside.
The unit mix is spread across three separate buildings. The front building consists of five units (four 1-bed/1-bath units and one 2-bed/1-bath unit). The rear of the property features a freestanding 3-bed/2-bath home with central heat/AC, along with a 2023-constructed duplex comprised of a 3-bed/2-bath unit and a 1-bed/1-bath unit. The two new-construction units are not subject to rent control, providing operational flexibility and long-term income upside.
Renovated units feature luxury vinyl plank flooring, quartz countertops, custom cabinetry, stainless steel appliances, designer tile, in-unit washer/dryers, and upgraded heat/AC systems. Major capital improvements include new electrical, plumbing, drain lines, windows, and doors, significantly reducing near-term cap-ex exposure. Two of the three buildings also feature new roofs, and all structures were refreshed with smooth stucco exteriors.
The exterior was redesigned with drought-tolerant landscaping, a newly poured driveway, and 7 on-site parking spaces. Located just steps from the Silver Lake Reservoir, Micheltorena Street is one of the neighborhood’s most iconic and desirable addresses. Residents enjoy immediate access to some of Silver Lake’s most acclaimed dining, shopping, and lifestyle amenities, as well as everyday conveniences—all within moments of the property. Offered at a current 5.43% cap rate, this is a rare opportunity to acquire a largely new, high-quality asset in one of Los Angeles’ most sought-after rental submarkets.
The unit mix is spread across three separate buildings. The front building consists of five units (four 1-bed/1-bath units and one 2-bed/1-bath unit). The rear of the property features a freestanding 3-bed/2-bath home with central heat/AC, along with a 2023-constructed duplex comprised of a 3-bed/2-bath unit and a 1-bed/1-bath unit. The two new-construction units are not subject to rent control, providing operational flexibility and long-term income upside.
Renovated units feature luxury vinyl plank flooring, quartz countertops, custom cabinetry, stainless steel appliances, designer tile, in-unit washer/dryers, and upgraded heat/AC systems. Major capital improvements include new electrical, plumbing, drain lines, windows, and doors, significantly reducing near-term cap-ex exposure. Two of the three buildings also feature new roofs, and all structures were refreshed with smooth stucco exteriors.
The exterior was redesigned with drought-tolerant landscaping, a newly poured driveway, and 7 on-site parking spaces. Located just steps from the Silver Lake Reservoir, Micheltorena Street is one of the neighborhood’s most iconic and desirable addresses. Residents enjoy immediate access to some of Silver Lake’s most acclaimed dining, shopping, and lifestyle amenities, as well as everyday conveniences—all within moments of the property. Offered at a current 5.43% cap rate, this is a rare opportunity to acquire a largely new, high-quality asset in one of Los Angeles’ most sought-after rental submarkets.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$259,015
|
$46.30
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,770
|
$1.39
|
| Effective Gross Income |
$251,245
|
$44.91
|
| Taxes |
$37,800
|
$6.76
|
| Operating Expenses |
$42,288
|
$7.56
|
| Total Expenses |
$80,088
|
$14.32
|
| Net Operating Income |
$171,157
|
$30.60
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $259,015 |
| Annual Per SF | $46.30 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $7,770 |
| Annual Per SF | $1.39 |
| Effective Gross Income | |
|---|---|
| Annual | $251,245 |
| Annual Per SF | $44.91 |
| Taxes | |
|---|---|
| Annual | $37,800 |
| Annual Per SF | $6.76 |
| Operating Expenses | |
|---|---|
| Annual | $42,288 |
| Annual Per SF | $7.56 |
| Total Expenses | |
|---|---|
| Annual | $80,088 |
| Annual Per SF | $14.32 |
| Net Operating Income | |
|---|---|
| Annual | $171,157 |
| Annual Per SF | $30.60 |
PROPERTY FACTS
| Price | $3,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $393,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 5.43% | Building Size | 5,594 SF |
| Gross Rent Multiplier | 12.16 | Average Occupancy | 83% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1928/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.25/1,000 SF |
| Zoning | LAR2 - R2 | ||
| Price | $3,150,000 |
| Price Per Unit | $393,750 |
| Sale Type | Investment |
| Cap Rate | 5.43% |
| Gross Rent Multiplier | 12.16 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 5,594 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built/Renovated | 1928/2023 |
| Parking Ratio | 1.25/1,000 SF |
| Zoning | LAR2 - R2 |
AMENITIES
UNIT AMENITIES
- Balcony
- Kitchen
- Oven
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | $2,635 | 700 |
| 2+1 | 1 | $858.00 | 850 |
| 3+2 | 2 | $3,775 | 1,000 |
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Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 5429-026-006 | Total Assessment | $1,703,238 |
| Land Assessment | $1,273,449 | Annual Taxes | $37,800 ($6.76/SF) |
| Improvements Assessment | $429,789 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
5429-026-006
Land Assessment
$1,273,449
Improvements Assessment
$429,789
Total Assessment
$1,703,238
Annual Taxes
$37,800 ($6.76/SF)
Tax Year
2025
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1637-1639 1/2 Micheltorena St
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