2321 3rd Ave - Apartments FOR SALE


Los Angeles, CA 90018- West Adams
$1,625,000 USD
2321 3rd Ave, Los Angeles, CA for Sale
$1,625,000 USD
Apartments - FOR SALE
1/27
null | 6.15% Cap Rate

2321 3rd Ave
Los Angeles, CA 90018
West Adams


HIGHLIGHTS

  • Major upgrades include a newly installed 400-amp electrical service with new feeder lines to the subpanels
  • completion of soft-story seismic retrofit, and California's SB721 balcony requirements through newly upgraded balconies and all new steel railings
  • 3 units will be purposely delivered vacant, providing investors with the opportunity to lease at current market rates

OVERVIEW

An exceptional investment opportunity to acquire a turnkey seven-unit apartment community in the highly sought-after Historic West Adams Terrace neighborhood tucked away on a quiet cul-de-sac street . The property consists entirely of seven 2-bedroom, 1-bathroom units featuring desirable open-concept living and kitchen layouts. Ownership has invested over $100,000 in recent capital improvements. Major upgrades include a newly installed 400-amp electrical service with new feeder lines to the subpanels, completion of soft-story seismic retrofit, and California's SB721 balcony requirements through newly upgraded balconies and all new steel railings. 3 units will be purposely delivered vacant, providing investors with the rare opportunity to lease at current market rates and establish their own tenant profile from day one, while the remaining occupied units generate immediate cash flow. Additional amenities include ample on-site parking, providing convenience for residents in this highly desirable neighborhood. West Adams has emerged as one of Los Angeles' premier investment corridors, fueled by continued redevelopment, expanding employment centers, and growing demand from renters seeking a central location with authentic neighborhood character. Residents enjoy immediate access to Downtown Los Angeles, Culver City, USC, Mid-City, Koreatown, Baldwin Hills, Hollywood, the Westside, The surrounding neighborhood continues to attract new investment while preserving its historic charm. Residents are within minutes of acclaimed dining and lifestyle destinations including Tartine West Adams, Alta Adams, Farmhouse Thai, Johnny's West Adams, Truffle Brothers Spaccia Salumeria, Re/Creation Caf, Harold & Belle's, El Cholo Caf, and the Surfas Culinary District. The property also benefits from close proximity to major employment, educational, and cultural destinations including Downtown Los Angeles, Crypto.com Arena, the Los Angeles Convention Center, LACMA, the University of Southern California, and Los Angeles Trade-Technical College, all of which continue to support exceptional rental demand. Ideally positioned adjacent to the recently renovated Benny H. Potter Park and within a neighborhood poised for continued appreciation ahead of the 2028 Olympic Games, this offering represents a compelling opportunity for investors seeking a quality multifamily asset and strong long-term fundamentals in one of Los Angeles' most dynamic rental markets. Annual Gross Income takes into account that vacant units are rented at $2,400 each, which is a conservative number for 2 bed + 1 bath in this neighborhood.

FOR SALE DETAILS

PRICE

$1,625,000 USD

PRICE/SF

$280 USD /SF

# OF UNITS

7

PRICE/UNIT

$232,143

CAP RATE

6.15%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1958

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,490 SF

ZONING

LARD2

APN/PARCEL ID

5059-025-005

ASK ABOUT THIS PROPERTY

Danny MahelkaColdwell Banker RealtyMore Info

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Danny MahelkaColdwell Banker RealtyMore Info

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