803 N Detroit St, Los Angeles, CA 90046

Description

803 N Detroit Street is a beautiful 10-unit character multifamily property located just east of West Hollywood near the Fairfax District. Built in 1929, the property features a desirable unit mix of (8) 1BR/1BA units and (2) studio units and is currently 100% occupied, providing investors with stable in-place income from day one. The property is offered at an attractive basis of approximately $220,000 per unit, $290 per square foot, a 6.05% cap rate, and a 10.33 GRM. Current rents remain approximately 42% below market, presenting a compelling value-add opportunity for an investor to significantly grow income over time while owning a well-located vintage asset in one of Los Angeles' strongest rental markets. Ownership has completed several meaningful capital improvements in recent years, including the full replacement of the building's rear exterior stairs in 2024 and upgrades to the electrical main panel, breakers and subpanels to a 400-amp Siemens system in 2021, per LADBS records. The property also includes two single-car garages providing additional parking or storage. 803 N Detroit Street is ideally positioned just east of West Hollywood near Plummer Park, the Fairfax District, Pan Pacific Park and The Grove. The property is also minutes from the Sunset Strip and Melrose Avenue, providing residents convenient access to some of Los Angeles' most popular restaurants, nightlife, shopping and entertainment.