Description

101 N. Kenmore Ave. is an 8-unit value-add opportunity in Melrose Hill, positioned between several of Mid-City's most active residential and retail corridors. Located approx. 0.6 miles from the 6th St. corridor surrounding Chapman Market, approx. 1.5 miles from Wilshire/Western and the core of Koreatown, and approx. 11.8 miles from Larchmont Village, the property sits within one of the most consistently active rental pockets in Central Los Angeles, where a dense mix of dining, neighborhood retail, and employment drivers continues to support steady tenant demand. Offered at $1,700,000, the property is priced at $212,500 per unit and $221 per square foot, operating at a 6.44% CAP and 9.82 GRM on current rents. The pricing is in line with several recent multifamily sales across Melrose Hill and the surrounding neighborhoods. At projected market rents, the property offers approx. 25% rental upside, with stabilization expected at an 8.95% CAP and 7.84 GRM. The property was originally constructed in 1925 and presents with a distinct Spanish-style exterior that immediately sets it apart from more typical product in the area. The street presence is defined by a warm stucco facade, decorative parapet lines, and a centered entry sequence that leads through a gated front courtyard. Additional upside exists through a detached garage at the rear of the property, which presents a potential ADU opportunity, subject to buyer verification. The property also includes on-site parking and a community laundry room, supporting day-to-day operations while maintaining a relatively simple management profile. With in-place metrics supported by recent comparable sales, approx. 25% rental upside, and a location positioned between Larchmont Village, Koreatown, and the 6th Street corridor, 101 N. Kenmore Ave. presents a well-located Melrose Hill asset with a clear and executable path to improved performance.