Every deal tells a story. Over the past few weeks, we closed on two properties that showcase very different opportunities in today's Los Angeles multifamily market.
One was driven by long-term upside, the other by lifestyle and family.
12007 Ocean Park Blvd — Value-Add in West LA
We represented the buyer on this four-unit value-add acquisition in one of the strongest locations in West LA.
The property traded for $1,230,000, or roughly: - $307,500 per unit - $453 per square foot
At the time of sale, the property was operating at a 3.75% cap rate, with rents averaging around $1,500 for one-bedroom units (well below market).
That gap meant opportunity.
With projected rents closer to $2,250 per unit, the deal shows approximately 46% rental upside, pushing the pro forma cap rate to 6.5%.
Like many older assets in Los Angeles, the property also had deferred maintenance, which gave the buyer a path to improve both the physical asset and the income over time.
This deal was purely based on location, rent growth, and long-term repositioning — a classic value-add strategy in today's market.
5918 S Fairfax Ave — Owner-User Opportunity in Ladera Heights
This transaction was a completely different type of play.
We represented the seller on this fully vacant duplex in Ladera Heights — something you don't often see in Los Angeles.
The property sold for $1,251,000, or about: - $625,500 per unit - $600 per square foot
At current rents, the deal penciled at around a 4.55% cap rate with a little under $57,000 in net operating income.
Since both units were delivered vacant, the buyer was able to immediately step in and live in one unit while housing a family member in the other.
No dealing with tenants or repositioning to make it work for their situation.
At the same time, the property still offers long-term upside, with over 2,000 square feet of living space and detached garages with ADU potential.
This is a great example of how small multifamily in LA is increasingly serving two purposes: a place to live *and* a long-term wealth-building vehicle.
Takeaway
Whether you're chasing yield through renovation or buying a duplex to house-hack, LA small multifamily is still one of the most flexible asset classes in the country. The key is knowing which story you're trying to tell — and finding the right property to tell it.