3317 Castle Heights Ave Los Angeles, CA 90034

This 8-unit apartment building, located at 3317 Castle Heights Ave, Los Angeles, CA 90034, presents a compelling value-add investment opportunity. The property, built in 1953 and renovated in 2018, boasts 5,980 square feet on a 7,500 square foot lot, zoned LAr3. The building features a mix of spacious one- and two-bedroom units, each with an enclosed garage. Six units have undergone recent renovations, including new kitchens with granite countertops and new cabinets, updated appliances, tile or vinyl plank flooring, new bathrooms, and new windows. The entire building has been replumbed with copper pipes. On-site laundry facilities add to tenant convenience. The property currently generates a NOI of $118,564, with a pro-forma NOI of $163,174, representing a 4.60% cap rate and a pro-forma cap rate of 6.70%. The asking price is $2,595,000, or $324,375 per unit. The property's prime location in the Cheviot Hills neighborhood offers easy access to major freeways (I-10 and I-405) and is within walking distance of shopping, dining, and amenities, including Vons, Rite Aid, and Starbucks. The property can be delivered with either three vacant units or fully occupied. This is an exceptional opportunity to acquire a well-maintained multifamily asset in a highly desirable Los Angeles location with significant upside potential.