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Clover on Carlton 5643 Carlton Way 24 Unit Apartment Building $5,900,000 ($245,833/Unit) 5.51% Cap Rate Los Angeles, CA 90028
INVESTMENT HIGHLIGHTS
- A COMPELLING TURN-KEY WITH UPSIDE - Offers investors a proven interior renovation scope to emulate and capture 29% in remaining rental income upside.
- HIGH IMPACT IMPROVEMENTS - Notable capital improvements include seismic retrofitting in the parking garage, fully re-building rear balconies, & more.
- A TRUE LIVE, WORK, PLAY LOCATION - Offers residents a true live, work, play environment just steps from Franklin Village and some of Hollywood's best.
- COMMON AREA CAPEX NEEDS ALREADY ADDRESSED
- STEPS FROM HOLLYWOOD BOULEVARD - Hollywood is a high demand rental market. 96% of the population are renters and 58% are between the ages of 20 and 44
- STRONG RECENT LEASING - The Property recently achieved $2,399 on a renovated 1-bedroom and $2,999 on a renovated 2-bedroom.
EXECUTIVE SUMMARY
Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Clover on Carlton (the “Property”), a 24-unit multifamily community located in the Hollywood submarket of Los Angeles.
Originally constructed in 1964, current ownership has spent $479K on capital expenditures to completely transform the property. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
13 of the 24 unit interiors (54%) have been extensively renovated, including new cabinetry, new stainless-steel appliances, plank vinyl flooring, quartz countertops, backsplash, new dual-pane windows, recessed LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 11 units (46%) and capture 29%+ upside in rental income.
OFFERED CONCURRENTLY WITH BLU ON BURNS (28 UNITS IN SILVER LAKE). OPPORTUNITY TO PURCHASE INDIVIDUALLY OR TOGETHER.
Originally constructed in 1964, current ownership has spent $479K on capital expenditures to completely transform the property. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
13 of the 24 unit interiors (54%) have been extensively renovated, including new cabinetry, new stainless-steel appliances, plank vinyl flooring, quartz countertops, backsplash, new dual-pane windows, recessed LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 11 units (46%) and capture 29%+ upside in rental income.
OFFERED CONCURRENTLY WITH BLU ON BURNS (28 UNITS IN SILVER LAKE). OPPORTUNITY TO PURCHASE INDIVIDUALLY OR TOGETHER.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $5,900,000 | Building Class | B |
| Price Per Unit | $245,833 | Lot Size | 0.39 AC |
| Sale Type | Investment | Building Size | 21,651 SF |
| Cap Rate | 5.51% | No. Stories | 3 |
| No. Units | 24 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.11/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R4-2 | ||
| Price | $5,900,000 |
| Price Per Unit | $245,833 |
| Sale Type | Investment |
| Cap Rate | 5.51% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.39 AC |
| Building Size | 21,651 SF |
| No. Stories | 3 |
| Year Built | 1964 |
| Parking Ratio | 1.11/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R4-2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Disposal
- Storage Space
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Intercom
SITE AMENITIES
- Controlled Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Gated
- Online Services
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 14 | - | 725 |
| 2+2 | 10 | - | 1,017 |
Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 5544-026-023 | Improvements Assessment | $3,502,728 |
| Land Assessment | $5,254,093 | Total Assessment | $8,756,821 |
PROPERTY TAXES
Parcel Number
5544-026-023
Land Assessment
$5,254,093
Improvements Assessment
$3,502,728
Total Assessment
$8,756,821
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Clover on Carlton | 5643 Carlton Way
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