1045 N Ardmore Ave, Los Angeles, CA 90029

Property Description

Exceptional opportunity to acquire a renovated 13-unit multifamily property in the heart of East Hollywood, offering strong day-one cash flow at a 6.5% cap rate, with 39% rental upside, and a projected 9.6% pro forma cap rate. Attractively priced at just $296/SF and $245,000 per unit, the property features a desirable unit mix of three 2-bedroom/2-bath units, nine spacious 1-bedroom/1-bath units, and one studio. Seven units have been renovated, including two newly constructed attached ADUs, providing investors with a substantially improved asset and significant remaining value-add potential. Recent improvements include upgraded kitchens, bathrooms, cabinetry, flooring, lighting, and extensive exterior enhancements, including a completed soft-story seismic retrofit. Property amenities include gated entry, on-site laundry, spacious balconies and patios, and nine parking spaces, two of which remain unassigned and offer potential additional rental income. Ideally situated in East Hollywood, the property offers convenient access to the Vermont/Santa Monica Metro Station, Silver Lake, Los Feliz, Hollywood, and West Hollywood. Residents enjoy proximity to some of Los Angeles' most popular dining, shopping, and entertainment destinations, including Courage Bagels, Saffy's, Cara Hotel, Griffith Observatory, and the Hollywood Walk of Fame. With strong in-place returns, substantial capital improvements already completed, and significant rental upside, this offering presents a compelling opportunity to acquire a cash-flowing multifamily asset with long-term appreciation and value-add potential in a centrally located Los Angeles rental market.