Description

1045 S Cloverdale Ave is 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 retrofits in 2023, foundation bolting in 2019 (per LADBS permit records; buyer to verify accuracy), installation of an emergency gas shut-off valves, 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.