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$5,650,000
Est. payment /mo
1 Bed
47 Baths
26,096 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 26,096 sqft
Price per Sqft $216
MLS Listing ID 25517287
Bedrooms 1
HOA Y/N No
Year Built 1928
Lot Size 0.310 Acres
Property Description
We are excited to present Sylvester Apartments, a 47-unit multifamily investment opportunity in the heart of Pico-Union. Positioned between W Pico Blvd and Venice Blvd, this well-maintained property offers a compelling blend of strong in-place cash flow and value-add potential. The unit mix consists of 46 singles and one one-bedroom, currently operating at a 6.56% CAP rate and 7.90 GRM at the asking price, with an additional 16% rental upside as units turn. Adding to its appeal, the offering includes an adjacent 6,000 SF parking lot with 24 spaces, generating $2,500 in monthly income. Further upside may be possible with the potential for an additional ADU (Buyer to verify). Sylvester Apartments is separately metered for electricity and features an on-site community laundry room leased with Wash, offering four washers and four dryers. With a high Walk Score of 89, residents enjoy convenient access to Metro rail and bus lines, as well as major freeways, providing easy connectivity to Downtown LA, Koreatown, Westlake, and Mid-City. Additionally, the property is just half a mile from Loyola High School, enhancing its desirability for long-term tenancy in this dense, infill Los Angeles location.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Uncovered
Total Parking Spaces 24
Building
Story 4
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 5056005015
Special Listing Condition Standard
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Listed by Neema Ahadian • Marcus & Millichap