11565 Iowa Avenue

Experience a rare value-add opportunity in vibrant West Los Angeles with 11565 Iowa Avenue, a fully renovated low-rise multifamily asset boasting three spacious units. Originally built in 1928 and extensively refreshed in 2022, the property blends historic charm with modern finishes, featuring private outdoor seating and patio areas ideal for today’s renter preferences. Each of the three units averages 731 rentable square feet, delivering desirable one-bedroom layouts with high-end fixtures and in-unit laundry hookups.

Priced attractively at $1,735,000 ($791.51 per square foot), this offering yields an in-place net operating income of $90,293 for a 5.20% cap rate, with stabilized projections of $102,173 (5.89% cap). Current gross rent multiplier stands at 14.32x, with potential to compress to 13.04x by aligning below-market in-place rents of $3,365 to area comparables at $3,695. With one unit vacant and overall occupancy at just 67%, immediate upside is available through lease-up and strategic rent adjustments.

Positioned on a 0.06-acre parcel zoned R3-1, investors benefit from density-enhancing entitlements and proximity to major employment hubs, premier shopping corridors along Santa Monica Boulevard, and convenient transit access. This West LA submarket continues to outpace broader Los Angeles rent growth, driven by strong tenant demand for boutique multifamily product. 11565 Iowa Avenue represents a compelling addition to any value-oriented portfolio, offering modernized appeal, yield enhancement, and long-term appreciation potential.