1776 Rimpau Blvd Los Angeles, CA 90019

This 38-unit apartment building, located at 1776 S Rimpau Blvd, Los Angeles, CA 90019, presents a compelling value-add investment opportunity. The property, built in 1962, comprises 30,489 square feet on a 37,528 square foot lot and features 32 one-bedroom, five two-bedroom, and one three-bedroom unit. With a current NOI of $376,373 and a pro-forma NOI of $664,742, the property offers a 4.43% cap rate and a pro-forma cap rate of 7.82%. The asking price is $8,500,000, translating to $278.79 per square foot and $223,684.21 per unit. The building benefits from a desirable 1.18:1 parking ratio and on-site laundry facilities. A soft-story parking retrofit has already been completed. The property's location in the Mid-City neighborhood provides convenient access to shopping, restaurants, museums, and entertainment options in Mid-City, Miracle Mile, West Adams, and Koreatown. The potential for adding Accessory Dwelling Units (ADUs) further enhances the long-term growth potential. This is a rare opportunity to acquire a significant presence in a sought-after Los Angeles submarket poised for rent growth. The property is zoned LARD1.5.