7851 Talbert St Playa Del Rey, CA 90293-8425

This exceptional six-unit apartment building, located in desirable Playa Del Rey, presents a compelling value-add investment opportunity. The property, situated on a 4,849 square foot lot at 7851 W Talbert Street, Los Angeles, CA 90293, boasts 4,937 square feet of net rentable space and features a mix of unit sizes: two 2-bedroom/2-bathroom units, one 2-bedroom/1.5-bathroom unit, one 2-bedroom/1-bathroom unit, and two 1-bedroom/1-bathroom units. Currently operating at 66% occupancy, with two vacancies (one immediately available, and one at close of escrow), the property offers significant upside potential. Built in 1960, the building has been meticulously maintained, with recent improvements including a complete exterior repaint (including trim and handrails), pressure washing of the exterior and walkways, and a new roof coating with a 10-year warranty. Six single-car garages provide ample parking, and the property's zoning (LAR3) may allow for the conversion of garages into additional dwelling units (ADUs), further enhancing its investment potential. The current Net Operating Income (NOI) is $114,918, with a pro-forma NOI of $172,052, representing a 33% rental upside. The asking price is $2,500,000, resulting in a current cap rate of 4.60% and a pro-forma cap rate of 6.88%. Rents were last increased on February 1st, 2024. This property offers a rare combination of location, value, and upside potential in a highly sought-after Los Angeles neighborhood.