5345 La Mirada AveLos Angeles, CA 90029

Property Details for 5345 La Mirada Ave

Year built

1965

Lot size

0.17 AC

Property size (Sq ft)

8,648 SF

Zone code

LARD1.5

Property type

Apartment buildings

APN

5537-003-024

APU

5537003024

Description

This 10-unit apartment building in Los Angeles, CA presents a compelling value-add investment opportunity. Located at 5345 La Mirada Ave, in the desirable East Hollywood neighborhood (zip code 90029), this three-story, 1965-built property boasts 8,648 square feet of net rentable space, currently offering a 3.36% cap rate with a pro-forma cap rate of 6.29%. The asking price is $2,500,000, or $250,000 per unit. The building comprises a mix of spacious one- and two-bedroom units (8 one-bedrooms and 2 two-bedrooms), ranging from 600 to 800 square feet. Five units have undergone recent renovations, featuring new kitchens, bathrooms, dual-pane windows, fixtures, closets, and paint. Amenities include hardwood flooring, A/C units, ample storage, ceiling fans, and an on-site laundry facility. The building also features eight tandem and two single covered parking spaces, security fencing, a gated entrance, and remote security cameras. A completed seismic retrofit (2019) ensures structural integrity. The property is separately metered for gas and electricity and benefits from a quiet location with easy access to transportation, shopping, schools, and Hollywood attractions. The large lot size (7,500 sq ft) and existing parking present a significant potential for the addition of accessory dwelling units (ADUs), further enhancing the investment potential. The property's strong unit mix, recent renovations, and prime location make it an attractive investment prospect with significant upside potential. The projected NOI is $156,614, with a pro-forma NOI of $330,803. Occupancy is projected for March 25, 2024. The property is zoned LARD1.5.

• CAP approach

  CAP return

  Valuation

  6%

  $3,162,980

  6.5%

  $2,919,673

  7%

  $2,711,125

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,548,981

  Geo Method

  $2,548,981

• Alternative Use

  Use

  Valuation

  Residential

  $2,919,673

  Hospitality

  $2,674,405

  Educational

  $2,225,074

  Medical

  $2,301,597

  Retail

  $3,461,226

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0942

Longitude

-118.306

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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