326 S Bonnie Brae St

326 S Bonnie Brae Street is a historic five-unit multifamily property built in 1911 and located in Los Angeles’ highly sought-after Westlake neighborhood, an area known for strong rental demand due to its proximity to Downtown Los Angeles, public transportation, employment centers, and cultural attractions. Situated on a 6,509-square-foot lot and encompassing approximately 5,019 square feet of rentable space, the property presents a compelling value-add investment opportunity with significant potential for income growth through targeted interior renovations and operational improvements. The unit mix consists of spacious one- and two-bedroom apartments averaging roughly 1,000 square feet, appealing to a broad tenant base that includes young professionals, small families, and long-term residents. Current rents are estimated to be approximately 20% below market levels, creating an opportunity to increase revenue through cosmetic upgrades such as modernized kitchens and bathrooms, new flooring, and updated appliances without requiring major structural work. Based on projected stabilized operations, the property is expected to generate approximately $114,000 in annual gross income, supporting a projected 4.75% cap rate at the asking price of $1.5 million. Additional upside exists through the potential development of one or two Accessory Dwelling Units (ADUs), subject to City of Los Angeles approvals, under the site’s LAR4 zoning, which allows for higher residential density. While some deferred maintenance and cosmetic capital improvements are needed, no significant structural concerns have been identified, allowing investors to focus on cost-effective enhancements. Although parking is limited to driveway access, abundant street parking and the property’s transit-oriented location help mitigate this constraint. Subject to the Los Angeles Rent Stabilization Ordinance (RSO), all units are currently leased on a month-to-month basis, providing flexibility for future rent adjustments. Overall, the property offers investors a core-plus multifamily asset with strong rent-growth potential, ADU expansion opportunities, and long-term stability in one of Los Angeles’ most resilient and supply-constrained rental markets.