138 S Westmoreland Ave is a 33-unit multifamily property in Rampart Village, on the northern edge of Koreatown, offered at $3,400,000 ($103,030/unit, $182.76/SF). Built in 1926, the property is a classic value-add opportunity in one of Los Angeles's most supply-constrained rental submarkets. It enters roughly 12.7% below the per-unit average of six recent comparable sales. The building has 31 studios averaging 445 SF and two 1+1s at 625 SF, across 18,604 SF of building area. Twenty-one of the 28 occupied units rent below the $1,395 studio market rent. Four long-term tenancies, dating from 2005 to 2011, sit 34% to 67% below market. Unit 306, at $834.56, is the single largest upside opportunity in the portfolio. Four vacant studios are available for immediate lease-up at market. The property is subject to the Los Angeles Rent Stabilization Ordinance, so the incoming owner captures rent increases systematically at each vacancy. Current NOI of $214,289 grows to $262,239 at market rents, a 22% increase that moves the cap rate from 6.30% to 7.71%. That makes 138 S Westmoreland a day-one income asset with a clearly defined upside path.