511 S Union Ave - Apartments FOR SALE


Los Angeles, CA 90017- Westlake North
$3,150,000 USD
818-448-4415
511 S Union Ave, Los Angeles, CA for Sale
$3,150,000 USD
Apartments - FOR SALE
1/9
null | 6.83% Cap Rate

511 S Union Ave
Los Angeles, CA 90017
Westlake North


HIGHLIGHTS

  • Opportunity to Legalize a Non-Conforming Unit as an ADU
  • One (1) Parking Space Available
  • Property has New Roof
  • Vacant Storage Available - Can be Rented Out Immediately ($500/Month Pro Forma)
  • Solid Rental Upside (+25%)
  • Classic Spanish-Style Architecture

OVERVIEW

Marcus and Millichap is pleased to present a twenty-seven (27) unit plus one (1) non-conforming unit apartment building located at 511 S Union Ave in Los Angeles, California. The subject property is located in a solid Westlake location, just north of 6th St and east of Alvarado St. Located in the heart of Westlake, this classic Spanish-style apartment building offers convenient access to Wilshire Boulevard, Beverly Boulevard, the Metro B Line, and the 101 and 110 freeways. The property features an efficient all-studio unit mix with approximately 25% rental upside, creating an attractive opportunity for investors seeking long-term growth. Additional value-add potential includes legalizing a nonconforming unit as an ADU and renting the vacant storage space for a projected $500 per month. Operational features include separate gas and electric meters, on-site laundry, one parking space, and a recently installed roof. Residents enjoy proximity to MacArthur Park, Vista Hermosa Natural Park, Lafayette Recreation Center, Grocery Outlet, Starbucks, the Grier Musser Museum, and MacArthur Park Shopping Center, among other neighborhood amenities. With significant rental upside, ADU conversion potential, and immediately rentable storage space, the property offers multiple avenues to increase income and enhance long-term value. For OM, please visit: https://www.lamultifamilydeals.com/active-listings/511-s-union-ave

FOR SALE DETAILS

PRICE

$3,150,000 USD

PRICE/SF

$217 USD /SF

# OF UNITS

27

PRICE/UNIT

$116,667

CAP RATE

6.83%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1923

PARKING SPACES

1

LAND DETAILS

LAND ACRES

0.21 AC

LAND SF

9,210 SF

ZONING

R4

APN/PARCEL ID

5153-004-018

ASK ABOUT THIS PROPERTY

Jason TuviaMarcus & MillichapMore Info
818-448-4415

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Jason TuviaMarcus & MillichapMore Info
818-448-4415

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.