Property listed by Kidder Mathews of California, Inc., Janet Neman 858-369-3010
$4,150,000
Rare opportunity to acquire 423 N Harvard Blvd, a 16-unit value-add property ideally located in one of Los Angeles' most vibrant and rapidly evolving neighborhoods. Situated at the intersection of Beverly Boulevard and Western Avenue, this asset is positioned within close proximity to Koreatown, Hancock Park, Larchmont Village, Hollywood, and… Read More Silver Lake areas known for their high demand and consistent growth. Originally constructed in 1965, this two-story building spans approximately 11,797 square feet on a 14,373 square foot lot. The Property has been meticulously maintained and upgraded by the current owner, who has held the property for nearly 23 years, yet still offers substantial potential for further value enhancement. This asset is being sold with RTI (Ready to Issue) permits for four Accessory Dwelling Units (ADUs), presenting a significant opportunity to increase rental income (buyer to verify). 423 N Harvard Blvd offers investors a rare value-add opportunity with substantial upside potential. The property boasts a well-maintained unit mix of (10) one-bedroom, one-bath units, (3) two-bedroom, one-bath units, and (2) two-bedroom, two-bath units. Three units are currently vacant. Significant upgrades have already been made, including high-end finishes, modern flooring, remodeled kitchens with quartz countertops, new stainless-steel appliances, renovated bathrooms, new air conditioning units, ceiling fans, and extensive copper plumbing and electrical work. Additionally, the property features a recently installed roof and has completed the seismic soft-story retrofit. The on-site amenities include laundry facilities, secured entry, and 16 parking spaces, an especially valuable feature in this high-demand area. While the property has been thoughtfully upgraded, there remains ample opportunity to add value. A strategic renovation program, coupled with the potential for ADU development and the implementation of RUBS (Ratio Utility Billing Systems) to recapture utility costs, can drive significant rental income growth. 423 N Harvard Blvd is situated in one of Los Angeles' most desirable and rapidly appreciating submarkets. The Property is conveniently located near Larchmont Village, Hancock Park, Koreatown, Hollywood, and Silver Lake, some of the city's most coveted and sought-after neighborhoods. The area is brimming with top-tier restaurants, entertainment options, fitness centers, and shopping destinations, making it an attractive location for tenants. Given its prime location and the continued development of the surrounding area, 423 N Harvard Blvd offers investors an exceptional opportunity to capitalize on rental upside and value-add potential, ensuring long-term growth, appreciation, and strong returns. Read Less
Listing Snapshot
Days Online
44
Last Updated
Property Type
Other
Beds
20
Square Ft.
11,797
Lot Size
0.33 Acres
Year Built
1965
MLS Number
25507767
30 Days Snapshot Of 90004
$1,344k
-12%
(avg) sold price
12
0%
homes sold
71
+102%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Refrigerator
Building
Built in 1965, Building area total: 11,797, Levels: Two, Living area: 11797, 2 stories, 1 building
Heating
WallFurnace
Income
Gross income: $374,490, Net operating income: $246,396
Lot
0.3301 acres, 14,377 square feet, Size: 14,377
Parking
16 totals parking, Assigned
Property
Zoning: LAR3
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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