Property listed by Marcus & Millichap, Filip Niculete 818-212-2700
$1,850,000
The LAAA Team of Marcus & Millichap is pleased to present 11565 Iowa Avenue, a renovated three-unit multifamily investment offering turnkey condition, a fully permitted ADU, and one vacant unit for immediate occupancy in West LA's highly desirable Sawtelle neighborhood. Situated steps from the celebrated Sawtelle Japantown dining district and… Read More moments from Santa Monica, the property appeals to both investors seeking a stabilized asset in a premier location and owner-users looking to live in one unit while generating rental income from the remaining two. Originally constructed in 1928, the property was comprehensively renovated in 2022 and includes a garage-to-ADU conversion completed under permit with Certificate of Occupancy issued April 2022. The property totals approximately 2,192 rentable square feet across three two bedroom units, each featuring modern finishes, in-unit washer/dryer, and central air conditioning. The garage conversion to ADU means the property offers no on-site parking, though street parking is readily available on this quiet residential street. The current owner has maintained the property in excellent condition with scheduled rents of $121,140 annually, reflecting a 4.8% cap rate at the $1,850,000 asking price. The property is fully occupied and stabilized, providing immediate, consistent cash flow and long-term income stability for an investor. The all two-bedroom unit mix represents the most desirable configuration for the West LA rental market, where strong demographicsincluding 71.8% renter households and a $104,627 median household income, support consistent tenant demand and rental rate stability. Read Less
Listing Snapshot
Days Online
27
Last Updated
Beds
4
Square Ft.
2,192
Lot Size
0.06 Acres
Year Built
1928
MLS Number
26650871
Additional Details
Building
Built in 1928, Living area: 2192.0, 2 buildings, 2 stories, Levels: Two
Cooling
CentralAir
Heating
Central
Income
Gross Income: $121,140, Net Operating Income: $88,913
Lot
0.0639 acres
Parking
OnStreet
Taxes
Parcel Number: 4261013022, Zoning: LAR3
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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