1257 S Cloverdale Ave
Four-unit apartment building at 1257 S Cloverdale Ave in the Mid-City area of Los Angeles, offered at $2,175,000 at a 5.83% cap ($126,786 NOI). That works out to $543,750 per unit, $444.97 per SF and a 12.43 GRM. One unit will be delivered vacant, and the property qualifies for 30-year fixed residential financing, which supports an owner-user purchase.
The 4,888 SF building was built in 1938 and sits on a 6,907 SF lot zoned LARD2. The unit mix is two 1BR/1BA, one 2BR/1BA and one 3BR/2BA. The vacant unit is the 3BR/2BA, with a market rent of $5,000. The other units rent at $2,995 (two 1BR units) and $3,595 (2BR), against market rents of $3,000 and $3,600. Current rent totals $14,585 per month, or $175,020 gross scheduled rent per year. After a 3% vacancy deduction and $1,209 in RUBS income, effective gross income is $170,978 against $44,192 in expenses ($11,048 per unit). Interiors have been renovated with stainless steel appliances, central HVAC, in-unit washer and dryer, hardwood floors and quartz countertops. The roof, electrical and plumbing are new, and gas and electricity are separately metered. Rear garage parking may allow an ADU conversion. The offering materials show a 20% down payment of $435,000 and a proposed $1,740,000 new loan (80% LTV) at 6.50% on a 30-year amortization, due 2031.
The property is just south of San Vicente Blvd and west of La Brea Ave, with direct access to the 10 Freeway and the Metro D Line. Midtown Shopping Center (Ralphs, CVS, Planet Fitness, Ross, Ulta) is nearby, along with LACMA, the Petersen Automotive Museum and Kaiser Permanente West LA. Walk Score is 78, Transit Score 59 and Bike Score 61. Average household income is $129,685, and 337,450 people live within three miles. Nearly 1,000 apartment units are under construction in the submarket, and the Metro Purple Line Extension and the $750 million LACMA expansion are underway nearby. Comparable one-, two- and three-bedroom rents average $3,048, $3,598 and $5,050. Four-unit sales comparables range from $1,900,000 to $2,375,000. Showings are by appointment only, and the rent figures are projections.
- One unit delivered vacant, suited to an owner-user
- Renovated interiors with new roof, electrical and plumbing
- Separately metered gas and electricity
- Rear garage parking with ADU conversion potential
- Qualifies for 30-year fixed residential financing
- Close to the 10 Freeway, Metro D Line and Midtown Shopping Center
More property details
About this property
Prime Mid-City location, just south of San Vicente Blvd and west of La Brea Ave. Mid-City is bordered by Pico-Robertson, Culver City, and West Adams, with easy access to downtown and the Westside via Venice and Washington Boulevards.
- Immediate access to the 10 Freeway;
- Metro D Line;
- Midtown Shopping Center;
- Near LACMA, Petersen Automotive Museum
Features & amenities
Location & transit
Transit/Subway
Buses
Commuter Rail
Airport
Transit data provided by Google. Times and distances are estimates.
Additional details
Mid City submarket gentrifying with strong development; nearly 1,000 units under construction; Metro Purple Line Extension ($9B, ~78,000-80,000 new daily trips); $750M LACMA expansion; 50,000+ renters.
2026 forecasts: LA multifamily inventory growth +6.2K; LA vacancy 4.7%; US vacancy 5.3%; US inventory growth 1.2%; first-time home buyer age 40 in 2025
Confidential; information unverified; rent figures are projections; showings by appointment only; non-endorsement notice; © 2024 Marcus & Millichap