5228 Hermitage AveLos Angeles, CA 91607

This 15-unit apartment building in desirable Valley Village, Los Angeles presents a compelling value-add opportunity. The property, built in 1970, comprises 13,207 square feet on a 0.35-acre lot and features a mix of twelve 2-bedroom units, two 1-bedroom units, and one studio. Eight units have been recently renovated, leaving significant potential for rent increases (approximately 33% upside). The property boasts a gated courtyard with landscaping, a pool, BBQ area, and ample parking, including some private garages. It's located in a highly walkable area (79 Walk Score) with convenient access to transportation, shopping, dining, and employment centers. The property is subject to Los Angeles Rent Stabilization Ordinance (RSO) but does not require an on-site manager. The asking price is $4,320,000, significantly below the ULA Mansion Tax threshold. Additional value could be created by converting existing garages into Accessory Dwelling Units (ADUs). The current Net Operating Income (NOI) is $235,291, with a pro-forma NOI of $349,672, representing a 5.45% cap rate and a pro-forma cap rate of 8.09%. The property's zoning is (Q)R3-1. This is an exceptional investment for those seeking to capitalize on the Valley Village rental market.