423 N Harvard Blvd, Los Angeles, CA 90004

423 N Harvard Blvd, Los Angeles, CA 90004

Los Angeles, CA
$4,700,000

Property Description

423 N Harvard Blvd is a 16-unit apartment building located in the neighborhood of Oakwood. This Central Los Angeles Location is nestled between the sought-after neighborhoods of Hancock Park, Koreatown, Silverlake, and Hollywood. The building is in great condition with a new roof and has had most units upgraded with quartz countertops, wood flooring, new appliances and new AC units, commercial grade copper plumbing, and the whole building was recently retrofitted with top-of-the-line upgrades. This includes the highest-quality steel girders, reinforced rebar, high-quality institutional-level cement, custom-crafted stiffening elements, and well-constructed reinforcement materials throughout. That retrofit was fully approved by the City Inspectors and all the paperwork approving it was timely submitted and is recorded in the City’s Records. This building also has plans for (4) ADUs that will make the acquisition of the property for $4,700,000 a wise and flourishing investment. Those four ADUs have been designed by a gifted Architectural Designer, are drawn up in finalized plans, have been reviewed and approved by a licensed structural engineer, and are now in Final Plan Check with the City of Los Angeles. This is an incredible opportunity to take advantage of LA’s need to add more housing and increase capital through building ADUs on land you already own. On top of the ADU potential, this building offers an outstanding rent upside of nearly 25% w/ immediate improvement available. The location of this property is nearly unbeatable – offering easy access to trendy walkable neighborhoods such as Larchmont Village and Virgil Village. For the Savvy Real Estate Investor, this apartment building can almost immediately operate with a 5.01% return, plus a great opportunity for immediate value-add with the opportunity to add ADUs. This well-located and well-maintained building is a solid investment opportunity in the great rental market of LA!

Property Features

  • Sale Price: $4,700,000
  • Area Size: 11,797 Sq. Ft.
  • Land Area: 0.33 Acres
  • Year Built: 1965
  • Listing Date: 12/20/2023
  • Units: 16
  • Current GRM: 14.37
  • Current Cap Rate: 4.47%
  • Price Per Unit: $293,750
  • Market GRM: 10.94
  • Market Cap Rate: 6.41%
  • Current NOI: $210,011

Lyon Stahl Investment Real Estate

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