Property listed by Marcus & Millichap, Jason Tuvia 818-212-2700
$3,150,000
We are 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… Read More 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. Read Less
Listing Snapshot
Days Online
18
Last Updated
3/4 Baths
27
Square Ft.
14,502
Lot Size
0.21 Acres
Year Built
1923
MLS Number
26988197
Additional Details
Building
Built in 1923, Living area: 14502.0, 1 building, Levels: Two
Income
Gross Income: $384,131, Net Operating Income: $215,074
Lot
0.2114 acres
Parking
Uncovered
Taxes
Parcel Number: 5153004018, Zoning: LAR4
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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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