Description

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 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.