Description

We are excited to present Sylvester Apartments, a 47-unit multifamily investment opportunity in the heart of Pico-Union. Positioned between W Pico Blvd and Venice Blvd, this well-maintained property offers a compelling blend of strong in-place cash flow and value-add potential. The unit mix consists of 46 singles and one one-bedroom, currently operating at a 6.56% CAP rate and 7.90 GRM at the asking price, with an additional 16% rental upside as units turn. Adding to its appeal, the offering includes an adjacent 6,000 SF parking lot with 24 spaces, generating $2,500 in monthly income. Further upside may be possible with the potential for an additional ADU (Buyer to verify). Sylvester Apartments is separately metered for electricity and features an on-site community laundry room leased with Wash, offering four washers and four dryers. With a high Walk Score of 89, residents enjoy convenient access to Metro rail and bus lines, as well as major freeways, providing easy connectivity to Downtown LA, Koreatown, Westlake, and Mid-City. Additionally, the property is just half a mile from Loyola High School, enhancing its desirability for long-term tenancy in this dense, infill Los Angeles location.