511 S UNION AVE
Value-add 27-unit apartment building at 511 S Union Ave in the Westlake neighborhood of Los Angeles, offered at $3,150,000 at a 6.83% cap ($215,074 NOI). The property also has one additional non-conforming unit and an all-studio unit mix. The listing cites roughly 25% rental upside.
The Spanish-style building was built in 1923 and has 14,502 SF on a 9,210 SF lot (0.21 acres) zoned LAR4-1. It has one parking space, on-site laundry, separate gas and electric meters, and a recently installed roof. APN is 5153-004-018.
Income can be increased in two ways beyond bringing rents up to market. The non-conforming unit could be legalized as an accessory dwelling unit (ADU), and the vacant storage space could be rented for about $500 per month.
The property sits just north of 6th Street and east of Alvarado Street. Wilshire and Beverly Boulevards, the Metro B Line, and the 101 and 110 freeways are all close. Nearby are MacArthur Park, Vista Hermosa Natural Park, Lafayette Recreation Center, Grocery Outlet, Starbucks, the Grier Musser Museum, and MacArthur Park Shopping Center.
- 27 studio units plus one non-conforming unit
- About 25% rental upside
- Possible ADU legalization of the non-conforming unit
- About $500 per month from renting vacant storage space
- Separate gas and electric meters, recently installed roof
- Near the Metro B Line and the 101 and 110 freeways
More property details
About this property
Marcus & Millichap is pleased to present a 27-unit apartment building with one additional non-conforming unit located at 511 S Union Avenue in Los Angeles, California, in the Westlake neighborhood, just north of 6th Street and east of Alvarado Street. This classic Spanish-style multifamily property features an all-studio unit mix and offers approximately 25% rental upside, providing investors with an opportunity to increase income and achieve long-term value growth. Additional value-add opportunities include the potential to legalize the non-conforming unit as an accessory dwelling unit (ADU) and generate approximately $500 per month by renting the vacant storage space. The property also features separate gas and electric meters, on-site laundry, one parking space, and a recently installed roof. Residents benefit from convenient access to Wilshire and Beverly Boulevards, the Metro B Line, and the 101 and 110 freeways, as well as nearby amenities such as MacArthur Park, Vista Hermosa Natural Park, Lafayette Recreation Center, Grocery Outlet, Starbucks, the Grier Musser Museum, and MacArthur Park Shopping Center. With multiple opportunities to increase rental income, additional unit legalization potential, and the ability to monetize existing storage space, the property presents an attractive value-add investment opportunity in the established Westlake submarket.
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