For Sale
$1,575,000

2641 La Salle AveLos Angeles, CA 90018

8-unit apartment building, high upside potential.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional value-add opportunity presents an 8-unit apartment building located in the desirable West Adams neighborhood of Los Angeles, CA. The property, situated at 2641 S La Salle Ave, boasts 5,662 square feet on a 7,500 square foot lot and features a mix of one- and two-bedroom units. Currently, the building offers six one-bedroom, one-bathroom units and two two-bedroom, one-bathroom units, with two units delivered vacant upon sale. Built in 1962, this two-story Class B building offers covered parking (8 spaces total) and on-site laundry facilities. The property's current NOI is $97,268, yielding a 6.18% cap rate. However, significant upside potential exists, with a pro-forma NOI of $172,655 and a pro-forma cap rate of 10.96%, representing a potential rental increase of 45% without and 58% with the addition of a studio Accessory Dwelling Unit (ADU). The asking price is $1,575,000, translating to $278 per square foot and $196,875 per unit. The land value alone is $210 per square foot. The property is zoned RD1.5-1-O-CPIO and benefits from its central location, providing easy access to major freeways (10 and 110) and key employment centers in Downtown Los Angeles and Culver City. This prime location ensures high demand and strong rental income potential. The property's strong fundamentals and significant upside potential make it an attractive investment opportunity in a thriving Los Angeles neighborhood. The APN is 5053-019-020.

Highlights

  • Two vacant units upon delivery.
  • Potential for one Accessory Dwelling Unit (ADU) construction.
  • Significant rental upside: 45% currently, 58% with ADU.
  • Current cap rate: 6.18%.
  • Current Gross Rent Multiplier (GRM): 10.7.
  • Opportunity to implement a RUBS (Renters Utility Billing System) program.

Property Details for 2641 La Salle Ave

Property type
Apartment buildings
Square Feet
5,662 SF
Class
B
Year Built
1962
Buildings
1
Stories
2
Units
8

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.03129795
Longitude
-118.30604888
2641 La Salle Ave, Los Angeles, California

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
2641 La Salle Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message