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19-Units Value-Add Near Larchmont Village 510 N Harvard Blvd 19 Unit Apartment Building $3,500,000 ($184,211/Unit) 5.49% Cap Rate Los Angeles, CA 90004
INVESTMENT HIGHLIGHTS
- Long term ownership – the subject property has been owned for 40 years, offering a rare acquisition opportunity
- Located in a highly sought-after pocket just 1 mile from Larchmont Village, offering convenient access to boutique shops, popular eateries, and coffee
- The government required seismic retrofit work has already been completed, which saves a new investor substantially in capital and time
- There is 25 percent remaining rental upside through interior renovations
- Electrical sub-panels have been upgraded in 2025 - Buyer to verify
- New ownership may add ADUs, offering potential for increased rental income and long-term appreciation (buyer to verify)
EXECUTIVE SUMMARY
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 19-unit apartment community located at 510 North Harvard Boulevard. The subject property is located south of Melrose Avenue and east of Western Avenue.
The property is in a desirable pocket bordering Larchmont, East Hollywood, & Koreatown. The building is near an array of shopping, along with a slew of vibrant restaurants, cafes, bars, theaters, grocery stores, gyms, and entertainment options. This provides residents with convenient access to employment centers, retail and entertainment in the immediate area.
Situated on a 15,007 square foot parcel, the property is comprised of two bachelors, five studios, 10 one-bedroom units & two two-bedroom units. The property has 25% remaining rental upside through unit renovations along with on-site parking and on-site laundry facilities.
510 North Harvard Boulevard offers investors an opportunity to acquire a mid-sized asset in a desirable submarket in Los Angeles. The desirability of the surrounding area along with the value-add potential for a new owner, make 510 North Harvard Boulevard an excellent acquisition opportunity.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
The property is in a desirable pocket bordering Larchmont, East Hollywood, & Koreatown. The building is near an array of shopping, along with a slew of vibrant restaurants, cafes, bars, theaters, grocery stores, gyms, and entertainment options. This provides residents with convenient access to employment centers, retail and entertainment in the immediate area.
Situated on a 15,007 square foot parcel, the property is comprised of two bachelors, five studios, 10 one-bedroom units & two two-bedroom units. The property has 25% remaining rental upside through unit renovations along with on-site parking and on-site laundry facilities.
510 North Harvard Boulevard offers investors an opportunity to acquire a mid-sized asset in a desirable submarket in Los Angeles. The desirability of the surrounding area along with the value-add potential for a new owner, make 510 North Harvard Boulevard an excellent acquisition opportunity.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $3,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $184,211 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.49% | Building Size | 13,140 SF |
| Gross Rent Multiplier | 10.57 | No. Stories | 2 |
| No. Units | 19 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 1.45/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LAR3 | ||
| Price | $3,500,000 |
| Price Per Unit | $184,211 |
| Sale Type | Investment |
| Cap Rate | 5.49% |
| Gross Rent Multiplier | 10.57 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 13,140 SF |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.45/1,000 SF |
| Zoning | LAR3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 7 | - | - |
| 1+1 | 10 | - | - |
| 2+2 | 2 | - | - |
1 1
Walk Score®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 5521-010-027 | Improvements Assessment | $341,307 |
| Land Assessment | $127,364 | Total Assessment | $468,671 |
PROPERTY TAXES
Parcel Number
5521-010-027
Land Assessment
$127,364
Improvements Assessment
$341,307
Total Assessment
$468,671
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19-Units Value-Add Near Larchmont Village | 510 N Harvard Blvd
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