2050 Commonwealth Ave Los Angeles, CA 90027-2825

Property Details for 2050 Commonwealth Ave

Year built

1928

Construction

WOOD

Lot size

0.31 lot acres

Property size

12,251 SF

Zone code

LAR1

Property type

Apartment buildings

APN

5591-008-027

APU

5591008027

Description

This charming 17-unit apartment building, built in 1928, presents a compelling value-add investment opportunity in Los Angeles' desirable Los Feliz neighborhood (90027). The property boasts 12,251 square feet of improvements on a 13,499 square foot lot, featuring a mix of studio, one-bedroom, and two-bedroom units. The unit mix includes two two-bedroom/one-bathroom units, eleven one-bedroom/one-bathroom units, and four studio apartments. Each unit offers desirable features such as hardwood floors, built-in storage, and period details, accessed primarily through a landscaped courtyard. The building has undergone significant capital improvements, including a completed soft-story seismic retrofit (2020), stair railing replacements (2022), a new roof (2005), and a new water heater (2019). Parking is provided for 14 vehicles, with 11 on-grade spaces and 3 enclosed garages. Utilities are separately metered. The property includes a common laundry room and ample storage. With a current occupancy of 94%, a NOI of $257,986, and a pro-forma NOI of $372,876, this property offers a 5.16% cap rate and a pro-forma cap rate of 7.46%. The asking price is $5,000,000, translating to $294,118 per unit. The property's Walk Score of 89 reflects its highly walkable location, close to dining, coffee shops, and major employment centers in Hollywood and Downtown Los Angeles. The permitted zoning is LAR1. This is a rare opportunity to acquire an irreplaceable asset in a thriving Los Angeles market.