324 W 51st St 6 Unit Apartment Building $1,900,000 ($316,667/Unit) 6.56% Cap Rate Los Angeles, CA 90037

FULLY RENOVATED 6 UNIT
The asset is perfectly positioned to capitalize on all of the major
developments and entertainment centers that reside near the University and in Downtown Los Angeles. Originally built in 1922, the property has undergone a complete evolution, culminating in a comprehensive gut-rehab of the existing structure and the ground-up construction of two brand-new detached Accessory Dwelling Units (ADUs) completed in 2023. The Sellers are professional developers by trade who purchased the asset in October 2021 with a clear vision for strategic repositioning.
Following this extensive construction and development timeline, the property has successfully stabilized over the last few years, presenting incoming investors with a fully turn-key, optimized, income-producing asset with zero deferred maintenance.
The developers transformed the property’s original footprint—which initially consisted of four large, one-bedroom units—by gut-rehabbing all interiors and converting them into high-demand three-bedroom configurations. To optimize layout functionality, two of these main front units feature one full bathroom, while an extra half-bathroom was seamlessly added to the remaining two front units, giving them one and
a half bathrooms each. To maximize cash flow potential, the developers also constructed two brand-new, detached, two-bedroom and one-bathroom ADUs measuring 641.5 square feet each, bringing the total unit count to six. The exterior exhibits a clean, modern stucco finish, upgraded entry doors, and gravel areas designed for minimal landscaping upkeep.