Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

9

Building size

5,439 sqft

Lot size

9,604 sqft

Year built

1963

Stories

2

Style

Mid Century Modern

Heating

Wall Furnace

Cooling

Wall/Window Unit(s)

Pool

None

View

City Lights

Status

Active

Days on market

172

MLS #

241170547

About this property

The James Group is pleased to present 5274 Ithaca Ave, a 9 unit apartment offering in the established Eastside neighborhood of El Sereno. Built in 1963, the property has a desirable unit mix including (1) 3 bed / 1 bath, (4) 2 bed / 1 bath, and (4) 1 bed / 1 bath units spread out over 5,439 square feet, and sits on a generous 9,601 square foot LARD1.5 zoned lot. 5274 Ithaca is a value-add opportunity with approximately 22% upside in rents, giving a future investor a clear path to grow income through strategic rent adjustments and targeted unit improvements as tenancies turn. Three units, (1) 1 bed / 1 bath and (2) 2 bed / 1 bath, will be delivered vacant. A new owner can lease them at market rents on day one while collecting strong in place cash flow.El Sereno sits at the crossroads of LA's Eastside, bordered by South Pasadena, Alhambra, and Lincoln Heights. The property is approximately 2 miles from Cal State LA and just over 3 miles from the USC Health Sciences Campus, home to Keck Hospital of USC. Those two major employers support a deep and steady renter base. Access to the 10 and 710 freeways, the Huntington Drive corridor, and the Metrolink San Bernardino Line at Cal State LA connects tenants to Downtown LA, Pasadena, and the San Gabriel Valley in minutes. Residents also enjoy nearby dining, retail, and green space such as Ascot Hills Park. With a well located building, real rental upside, and vacancies on day one, this is an opportunity to own a generational asset in one of LA's most connected Eastside neighborhoods.

Location

5274 Ithaca Avenue

Los Angeles, Los Angeles, CA, 90032