1321 Sycamore AveLos Angeles, CA 90028

This exceptional 39-unit apartment building, located at 1321 N Sycamore Ave in Los Angeles, CA 90028, presents a compelling investment opportunity. The 32,121 square foot building, constructed in 1987 and fully renovated in 2013, sits on a 0.37-acre lot and boasts three stories plus a below-grade parking level with 65 parking stalls. The unit mix includes six studios, fifteen one-bedroom/one-bathroom units, three two-bedroom/two-bathroom units, and fifteen two-bedroom/one-bathroom units, averaging 705 square feet each. High-end finishes throughout include quartz countertops, stainless steel sinks, white tile backsplashes, and wood plank flooring. Community amenities are extensive and include a fitness center with a dry sauna, a fireside lounge, gas barbecues, and laundry facilities on each floor. The property benefits from its prime location, one block from La Brea Avenue and the West Hollywood border, providing easy access to Hollywood and Beverly Hills. Currently operating as student housing with a lease expiring in July 2025, approximately half the units will be vacant at closing, offering a buyer the chance to quickly achieve market rents. The property is non-rent controlled and features a strong 5.30% cap rate with a Net Operating Income (NOI) of $320,767 and an asking price of $17,500,000. The property's location in a vibrant submarket with abundant retail and dining options, coupled with its high-quality renovations and strong potential for increased revenue, makes it an attractive investment. The Los Angeles County Assessor's Parcel Number (APN) is 5548-022-064. The permitted zoning is LA RD1.5.