2819 3Rd Ave, Los Angeles, CA 90018

Description

Turnkey income property generating $10,483 per month (4 units + detached ADU), approx. 7.18% market cap rate! Rare investment in the highly desirable Jefferson Park / West Adams neighborhood. Properties offering this combination of current income, major capital improvements, and remaining upside are increasingly difficult to find in Los Angeles. The property features four charming bungalow-style residences PLUS a newly built, permitted detached 2-bedroom/1-bath ADU (2022) with its own Certificate of Occupancy. Three residences have been renovated into desirable 2-bedroom/1-bath homes, while one updated 1-bedroom/1-bath residence offers additional value-add potential through a future conversion to a 2-bedroom floor plan (buyer to verify). Three units are currently occupied under month-to-month tenancies, providing additional operational flexibility for the next owner. Major capital improvements completed within the past five years include updated PEX water supply lines, a trenchless CIPP-lined main sewer line, significant electrical and roof improvements, and the ground-up construction of the detached ADU. Each residence features its own in-unit washer and dryer, mini-split A/C, updated kitchen and bathroom, dual-pane windows, modern finishes, and access to four gated off-street parking spaces. Professionally fumigated in 2023 and recently passed the City's required inspections, the property has been proactively maintained and is ready for its next owner. Ideally located minutes from Culver City, USC, Downtown Los Angeles, the Expo Line, restaurants, shopping, and major employment centers, this is an exceptional opportunity for investors and 1031 exchange buyers seeking immediate income with meaningful long-term appreciation potential in one of Los Angeles's most desirable rental neighborhoods. Buyer to independently verify all information. Unit 1: 2 Bed / 1 Bath | Actual Rent: $1,995 | Projected Rent: $2,400 | Lease: Month-to-Month Unit 2: 2 Bed / 1 Bath | Actual Rent: $2,300 | Projected Rent: $2,400 | Lease: Month-to-Month (Expired 04/2024) Unit 3: 2 Bed / 1 Bath | Actual Rent: $1,995 | Projected Rent: $2,400 | Lease: 1-Year (Exp: 07/2027) Unit 4: 1 Bed / 1 Bath | Actual Rent: $2,034 | Projected Rent: $2,200 | Lease: Month-to-Month (Expired 04/2024) Unit 5: (2022 ADU): 2 Bed / 1 Bath | Actual Rent: $1,990 | Projected Rent: $2,500 | Lease: 1-Year (Exp: 02/2027)