Sycamore.321 — Sale in Los Angeles, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Los Angeles, CA 90036

Photos

Sycamore.321 — Sale in Los Angeles, CA, photo 1 of 4
Sycamore.321 — Sale in Los Angeles, CA, photo 2 of 4
Sycamore.321 — Sale in Los Angeles, CA, photo 3 of 4
Sycamore.321 — Sale in Los Angeles, CA, photo 4 of 4

Investment Figures

Cap rate
3.27%

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 & Millichap is pleased to present 321 N Sycamore Avenue, a 4-unit courtyard building offered for sale in the Miracle Mile/Mid-Wilshire submarket of Los Angeles. Built in 1927 and held under the same ownership for over 40 years, the property comes to market for the first time in a generation. The property offers two 3+2 and two 2+1 units totaling approximately 7,340 SF on a 7,502 SF LAR3-zoned lot. The 3+2 units are approximately 1,950 SF each, substantially oversized relative to the submarket and well suited to attract long-term, high-quality tenants. The front 3+2 unit is being delivered vacant at close of escrow, providing an incoming buyer with immediate ability to renovate and lease at market rate with no displacement risk. The vacant unit also presents a compelling owner-user opportunity, allowing a buyer to occupy a large, character-filled 3+2 home in one of Los Angeles’ most desirable mid-city neighborhoods while the remaining three units offset carrying costs. Priced at $2,200,000, the offering equates to $550,000 per unit and $299 per gross SF, representing an attractive entry basis for the submarket. Two of four units are significantly below market, with pro forma rents underwritten at $3,750 per month for 2+1 units and $4,625 per month for 3+2 units, driving a pro forma CAP rate of 6.18% and a market GRM of 10.95 against a 3.27% current CAP and 16.92 current GRM. The LAR3 zoning and existing detached garage create a viable pathway for ADU conversion. The garage could be converted into an additional dwelling unit without replacing the parking, potentially adding a rentable unit to the property, increasing gross income, and meaningfully compressing the effective per-unit basis (buyer to verify). The property sits within the Citrus Square Historical District, with walkable access to Beverly Hills, West Hollywood, Cedars-Sinai Medical Center, and the Museum Row corridor along Wilshire Boulevard. The submarket is characterized by deep renter demand, m

Market Context

This multifamily in Los Angeles, CA is listed for sale. It is offered at an approximate 3.3% 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.

Contact

Explore this market

Similar Multifamily Property for Sale in Los Angeles, CA