1609 Oak St Los Angeles, CA 90015

This 6-unit apartment building, located at 1609 Oak Street in Los Angeles, CA 90015, presents a compelling value-add investment opportunity. The property, built in 1922, comprises 5,518 square feet on a 4,745 square foot lot and features two studios and four one-bedroom units. Currently generating a NOI of $45,108, with a cap rate of 4.96%, the property offers significant upside potential. A pro-forma NOI of $76,778 and a pro-forma cap rate of 8.44% illustrate the potential for increased profitability through renovations. The asking price is $910,000, translating to $164.91 per square foot and $151,666.67 per unit. The property benefits from its location in a designated Opportunity Zone, potentially offering preferential tax treatment. Situated west of the 110 Freeway and south of Venice Boulevard, it's approximately 0.9 miles from LA Live and Crypto.com Arena, with a Walk Score of 78. Its proximity to major venues for the 2028 Summer Olympics, including the LA Memorial Coliseum, Crypto.com Arena, and BMO Stadium, further enhances its long-term prospects. The property is zoned LAM1 and has been family-owned and operated for the past 11 years. The existing units offer a 40% rental upside through interior renovations, making this an ideal investment for those seeking to capitalize on the westward expansion and revitalization of the Downtown Los Angeles submarket.