2915 Burnside Ave Los Angeles, CA 90016

This 7-unit apartment building in Los Angeles' desirable West Adams neighborhood presents a compelling investment opportunity. The property, situated on a 9,288 square foot lot, comprises five one-bedroom units, one two-bedroom apartment, and one two-bedroom house. Built in 1923 and 1959, the two-story buildings offer a combined 4,108 square feet of net rentable space. The asking price is $1,995,000, representing a price per unit of $285,000 and a price per square foot of $485.64. The current NOI is $112,001, yielding a 5.61% cap rate, while the pro-forma NOI is $211,753, indicating a 10.61% pro-forma cap rate. 71% of the units have recently undergone renovations, including new kitchens, bathrooms, flooring, and appliances. The property is zoned LARD1.5 and benefits from its proximity to Cumulus, a large retail development anchored by Whole Foods, and the burgeoning tech and media presence in the area. The location offers convenient access to employment centers and retail, and there's potential for adding an Accessory Dwelling Unit (ADU), given the "RTI" status of permits. This value-add opportunity, coupled with the area's ongoing gentrification and increasing rental rates, makes this property an attractive investment with significant upside potential. The property's address is 2915 South Burnside Avenue, Los Angeles, CA 90016.