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1045 S Cloverdale Ave
Los Angeles, CA 90019
Multifamily Property For Sale
·
8 Units
Investment Highlights
- 8 units in Miracle Mile pocket; built in 1954. Mix consists of (7) 1BR/1BA units & (1) 2BR/1BA unit
- All windows replaced with dual glazed in 2009 (except from front upstairs unit). First time marketed for sale in nearly 26 years
- Plumbing repiped to copper in 2003 per LADBS permit records (buyer to verify accuracy).Close proximity to Beverly Hills, The Grove and parks.
- Foundation was bolted in 2019 per LADBS permit records (Buyer to verify accuracy); emergency GSV installed
- Tuck under parking in front and rear of the building can accommodate 8 vehicles (12 tandem). Property is separately metered for gas and electricity
- Rents are 33% below market value providing investors with future upside potential to realize
Executive Summary
The Glaser Group is pleased to present 1045 S Cloverdale Ave, a rare opportunity to acquire a 100% occupied, 8-unit apartment building in the highly desirable Miracle Mile pocket of Los Angeles. First time on the market in nearly 26 years, this 1954-built asset is offered at an attractive low basis of approximately $218,000 per unit and $272 per square foot, providing compelling value in a supply-constrained submarket.
The property features a strong and efficient unit mix consisting of (7) one-bedroom/one-bath units and (1) two-bedroom/one-bath unit. Current in-place operations reflect an attractive 5.39% cap rate and 11.32 GRM, with rents approximately 33% below market, offering investors meaningful future upside potential.
The building has benefited from several key capital improvements, including completion of the required seismic retrofit in 2023, foundation bolting in 2019 (per LADBS permit records; buyer to verify accuracy), installation of an emergency gas shut-off valve, copper plumbing repipe in 2003 (per LADBS permit records; buyer to verify accuracy), and dual-glazed window replacement in 2009 (excluding the front upstairs unit).
The property offers tuck-under parking in both the front and rear, accommodating 8 vehicles (up to 12 with tandem parking), and is separately metered for gas and electricity.
Centrally located near Beverly Hills, The Grove, Wilshire nightlife, parks, shopping, and the new Metro station, 1045 S Cloverdale Ave combines strong current cash flow, long-term rental upside, and an exceptional infill location.
The property features a strong and efficient unit mix consisting of (7) one-bedroom/one-bath units and (1) two-bedroom/one-bath unit. Current in-place operations reflect an attractive 5.39% cap rate and 11.32 GRM, with rents approximately 33% below market, offering investors meaningful future upside potential.
The building has benefited from several key capital improvements, including completion of the required seismic retrofit in 2023, foundation bolting in 2019 (per LADBS permit records; buyer to verify accuracy), installation of an emergency gas shut-off valve, copper plumbing repipe in 2003 (per LADBS permit records; buyer to verify accuracy), and dual-glazed window replacement in 2009 (excluding the front upstairs unit).
The property offers tuck-under parking in both the front and rear, accommodating 8 vehicles (up to 12 with tandem parking), and is separately metered for gas and electricity.
Centrally located near Beverly Hills, The Grove, Wilshire nightlife, parks, shopping, and the new Metro station, 1045 S Cloverdale Ave combines strong current cash flow, long-term rental upside, and an exceptional infill location.
Property Facts Under Contract
| Price Per Unit | $299,410 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.39% | Building Size | 6,428 SF |
| Gross Rent Multiplier | 11.32 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 1.24/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | LAR3 | ||
| Price Per Unit | $299,410 CAD |
| Sale Type | Investment |
| Cap Rate | 5.39% |
| Gross Rent Multiplier | 11.32 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 6,428 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 1.24/1,000 SF |
| Zoning | LAR3 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
Property Taxes
| Parcel Number | 5084-017-007 | Improvements Assessment | $299,976 CAD |
| Land Assessment | $535,675 CAD | Total Assessment | $835,651 CAD |
Property Taxes
Parcel Number
5084-017-007
Land Assessment
$535,675 CAD
Improvements Assessment
$299,976 CAD
Total Assessment
$835,651 CAD
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