Edgehill Row Bungalows: ±7.03% Cap Rate 2867-2873 Edgehill Dr 12 Unité Immeuble d’appartements 3 283 024 $ CAD (273 585 $ CAD/Unité) 7,03% Taux de capitalisation Los Angeles, CA 90018

Lucrum Real Estate Group is pleased to present Edgehill Row Bungalows. This charming multifamily investment opportunity combines strong day-one cash flow, attractive value metrics, and meaningful future growth potential. This garden-style community is set in the thriving rental market of Jefferson Park at 2867 Edgehill Dr., Los Angeles, CA. The asset, built in 1923, comprises 12 one-bedroom, one-bathroom units and offers both beautiful curb appeal and property grounds, cost-efficient drought-tolerant landscaping, and a clean, well-maintained presence on a quiet residential street.
Representing high-demand workforce housing, Edgehill Row Bungalows is positioned as a core-plus cash-flow asset that appeals to a broad investor audience seeking strong in-place yields & value metrics. The property offers an attractive in-place cap rate of ±7.03% and several attractive and attainable financing scenarios that support a compelling cash-on-cash return of approximately ±7.09%. Seven of the twelve units have been fully renovated, presenting further upside to be captured through continued unit turnover and targeted interior upgrades. The pro forma cap rate at proven rents is ±8.54%, offering meaningful value-creation potential upon execution. Additionally, management has recently introduced RUBS for water usage, and it will be in effect for at least 2 of the 12 units (±17% of units) with further upside through expanded adoption.
Apartment units feature abundant natural light through expansive French-style doors and windows, showcasing character-rich interiors. Unit amenities include hardwood floors, a generous closet & storage space, front and rear unit access, air conditioning, and a walk-in closet (cedar closets in renovated units). The units on the west side of the property benefit from additional outdoor space outside each rear-door exit, commonly utilized by residents as patio or lounge areas. Collectively, these features position Edgehill Row Bungalows as a highly differentiated small-scale multifamily asset. Each unit has its own individual hot water heater, with 7 of 12 having new tankless systems. In addition, trash collection cost is a part of the DWP bills, thereby reducing utility operating expenses.
The property grounds offer distinctive courtyard-style charm, comprising two structures totaling approximately ±6,120 square feet situated on a ±13,808 square foot parcel zoned LAR3. The buildings are positioned on either side of a central breezeway-style community walkway featuring a tree-lined archway and tastefully designed drought-tolerant landscaping, creating a serene and intimate residential setting. The pitched-roof, wood-frame structures are finished with nicely painted wood siding panels that evoke classic Los Angeles architectural character. The boutique, courtyard-style configuration fosters a home-like feel and supports strong tenant satisfaction and long-term retention.
The rear of the lot features open space that may present future value-add potential for an ADU or conversion into a community patio lounge & barbecue area. In addition, the on-site laundry facility is located at the rear of the property and currently includes 2 coin-operated washer and dryer sets, with additional space available to create new streams of income through the addition of storage units and/or vending machines.
From an operational standpoint, the property benefits from strong utility expense efficiency, with all units sub-metered for electricity and gas except for one unit (# 2871 ¼), which shares gas with the laundry room. Further upside exists through expanded RUBS implementation. These attributes position Edgehill Row Bungalows as a low-maintenance, expense-conscious asset with durable cash-flow characteristics.
Edgehill Row Bungalows offers investors the rare opportunity to acquire a well-located, boutique multifamily asset delivering strong in-place yield with a clear and executable path to additional value creation through targeted renovations and operational optimization.
Jefferson Park is a historic South Los Angeles neighborhood located just southwest of Downtown Los Angeles, bordered by West Adams to the north, Exposition Park to the South, Western Avenue to the east, and the Crenshaw District to the west. The area is known for its early 20th-century architecture, tree-lined streets, and strong cultural and ethnic diversity, with a well-established community identity. The neighborhood blends long-time residents with newer buyers drawn to the neighborhood’s character, central location, and relative value within the broader Los Angeles market.
Building on its historic foundation, Jefferson Park is currently experiencing a measured reinvestment cycle driven by renovation-led value creation and infill development rather than large-scale redevelopment. Recent and newly delivered multifamily communities, along with the continued repositioning of existing apartment stock, reflect growing investor confidence and sustained rental demand in the area. Along key corridors such as Jefferson Boulevard, Adams Boulevard, and Western Avenue, a limited pipeline of mixed-use and multifamily projects—both market-rate and affordable—supports neighborhood revitalization while preserving its established residential fabric. Incremental growth in locally owned cafes, restaurants, and neighborhood-serving retail further supports Jefferson Park’s trajectory, enhancing walkability, day-to-day convenience, and overall renter satisfaction.
A core driver of Jefferson Park’s appeal is its central positioning between several of Los Angeles’ major employment and lifestyle hubs, including Downtown Los Angeles, Mid-Wilshire, Miracle Mile, Culver City, and West Adams Corridor. Jefferson Park residents benefit from convenient access to multiple job centers, cultural amenities, and dining destinations supported by strong regional connectivity via the 10 and 110 freeways, as well as multiple Metro options including the Expo (E) Line, Crenshaw (K) Line, and major bus corridors along Jefferson Boulevard, Western Avenue, and Crenshaw Boulevard—making daily commutes seamless.


Location Highlights
+ Central Los Angeles submarket with access to multiple major employment and lifestyle hubs

+ Measured reinvestment cycle driven by renovation-led value creation and infill development

+ Limited new supply with a modest mixed-use and multifamily development pipeline

+ Diverse renter base supporting consistent demand across multiple price points

+ Growing neighborhood amenities, including cafes, restaurants, and neighborhood-serving retail

+ Strong freeway and Metro connectivity

+ Established historic character and tree-lined residential streets