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646 N Madison Ave
Los Angeles, CA 90004
10 Unit Near Hancock Park · Multifamily Property For Sale
·
10 Units
Investment Highlights
- Built in 1988 – Not Subject to LA RSO Rent Control
- 7,134 SF Building Situated on a 7,513 SF Lot
- Approximately 60% Upside in Rental Income
- Located in an Opportunity Zone and Designated TOC Tier 3
- Desirable Unit Mix: (4) 1 Bed / 1 Bath Units and (6) 2 Bed / 1 Bath Units
- 21 Ground Level Parking Spaces
Executive Summary
We are pleased to present 646 N Madison Ave, a 10-unit multifamily investment opportunity in the heart of East Hollywood, Los Angeles, featuring 1988 construction and not subject to LA RSO rent control. Situated in an Opportunity Zone and designated TOC Tier 3, the property offers strong long term investment fundamentals with potential density and development advantages. The building totals approximately 7,134 square feet on a 7,513 square foot lot and features a desirable unit mix of (4) one bedroom one bath units and (6) two bedroom one bath units, appealing to a broad tenant base. The asset includes 21 ground level parking spaces, gated tuck under parking access, and a coin operated shared laundry facility, providing both tenant convenience and additional income potential. With solid in place income and approximately 60% upside in rental income, the property presents a compelling value add opportunity. Based on projected market rents, the property offers an estimated 10.26% market cap rate, positioning 646 N Madison Ave as a rare high yield acquisition in one of Los Angeles’ most consistently strong rental markets.
Property Facts
| Price Per Unit | $224,900 | Building Size | 7,134 SF |
| Sale Type | Investment | Average Occupancy | 97% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | Parking Ratio | 2.94/1,000 SF |
| Building Class | B | Opportunity Zone |
Yes
|
| Lot Size | 0.17 AC |
| Price Per Unit | $224,900 |
| Sale Type | Investment |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 7,134 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1988 |
| Parking Ratio | 2.94/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $3,379 | - |
| 2+1 | 6 | $6,004 | - |
Property Taxes
| Parcel Number | 5539-024-008 | Improvements Assessment | $975,732 |
| Land Assessment | $836,341 | Total Assessment | $1,812,073 |
Property Taxes
Parcel Number
5539-024-008
Land Assessment
$836,341
Improvements Assessment
$975,732
Total Assessment
$1,812,073
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