511 S Union Ave — Sale in Los Angeles, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Los Angeles, CA 90017

Photos

511 S Union Ave — Sale in Los Angeles, CA, photo 1 of 2
511 S Union Ave — Sale in Los Angeles, CA, photo 2 of 2

Investment Figures

Cap rate
6.83%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus and Millichap is pleased to present a twenty-seven (27) unit plus one (1) non-conforming unit apartment building located at 511 S Union Ave in Los Angeles, California. The subject property is located in a solid Westlake location, just north of 6th St and east of Alvarado St. Located in the heart of Westlake, this classic Spanish-style apartment building offers convenient access to Wilshire Boulevard, Beverly Boulevard, the Metro B Line, and the 101 and 110 freeways. The property features an efficient all-studio unit mix with approximately 25% rental upside, creating an attractive opportunity for investors seeking long-term growth. Additional value-add potential includes legalizing a nonconforming unit as an ADU and renting the vacant storage space for a projected $500 per month. Operational features include separate gas and electric meters, on-site laundry, one parking space, and a recently installed roof. Residents enjoy proximity to MacArthur Park, Vista Hermosa Natural Park, Lafayette Recreation Center, Grocery Outlet, Starbucks, the Grier Musser Museum, and MacArthur Park Shopping Center, among other neighborhood amenities. With significant rental upside, ADU conversion potential, and immediately rentable storage space, the property offers multiple avenues to increase income and enhance long-term value. Investment Highlights: • Solid Westlake Location • Streamlined Unit Mix - All Studio Units • Opportunity to Legalize a Non-Conforming Unit as an ADU • Vacant Storage Available - Can be Rented Out Immediately ($500/Month Pro Forma) • Property has New Roof • One (1) Parking Space Available • On-Site Laundry Facility Available • Solid Rental Upside (+25%)

Market Context

This multifamily in Los Angeles, CA is listed for sale. It is offered at an approximate 6.8% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Los Angeles, CA — view the full market.

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