2641 La Salle Ave Los Angeles, CA 90018-2771

Property Details for 2641 La Salle Ave

Year built

1962

Construction

WOOD

Lot size

0.17 lot acres

Property size

5,662 SF

Zone code

LARD1.5

Property type

Apartment buildings

APN

5053-019-020

APU

5053019020

Description

This exceptional value-add opportunity presents an 8-unit apartment building located in the desirable West Adams neighborhood of Los Angeles, CA. The property, situated at 2641 S La Salle Ave, boasts 5,662 square feet on a 7,500 square foot lot and features a mix of one- and two-bedroom units. Currently, the building offers six one-bedroom, one-bathroom units and two two-bedroom, one-bathroom units, with two units delivered vacant upon sale. Built in 1962, this two-story Class B building offers covered parking (8 spaces total) and on-site laundry facilities. The property's current NOI is $97,268, yielding a 6.18% cap rate. However, significant upside potential exists, with a pro-forma NOI of $172,655 and a pro-forma cap rate of 10.96%, representing a potential rental increase of 45% without and 58% with the addition of a studio Accessory Dwelling Unit (ADU). The asking price is $1,575,000, translating to $278 per square foot and $196,875 per unit. The land value alone is $210 per square foot. The property is zoned RD1.5-1-O-CPIO and benefits from its central location, providing easy access to major freeways (10 and 110) and key employment centers in Downtown Los Angeles and Culver City. This prime location ensures high demand and strong rental income potential. The property's strong fundamentals and significant upside potential make it an attractive investment opportunity in a thriving Los Angeles neighborhood. The APN is 5053-019-020.