324 W 51st St 6 Unit Apartment Building $2,050,000 ($341,667/Unit) 6.08% 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.