Residential Income In Los Angeles

Marcus & Millichap is exclusively offering 517 N Harvard Blvd, a nine-unit apartment building built in 2018 on the Koreatown East Hollywood border in Los Angeles (90004), at $2,800,000. The three-story, 6,929 SF building sits on a 7,505 SF LAR3 lot. It has five one-bedroom, three two-bedroom and one three-bedroom units, 14 bedrooms in all, plus covered tuck-under parking and gated entries. Because it’s newer construction, the property isn’t subject to the Los Angeles Rent Stabilization Ordinance (RSO), which gives an owner more flexibility on rents and turnover. Interiors feature high ceilings with clerestory windows, hard-surface flooring, shaker cabinetry and stainless steel appliances, and select units have loft bedrooms and in-unit stacked washer/dryers. The building is 100% occupied at $23,990 per month ($287,880 a year), with four units under Section 8 contracts. Electric and gas are separately metered and paid by tenants, and the seller is setting up a RUBS program to recover 80% of water and trash costs, adding about $8,194 a year. The location has a Walk Score of 87 and is about 0.8 miles from the Vermont/Beverly Metro B Line station and 0.9 miles from LA City College. Kaiser Permanente and Children’s Hospital Los Angeles are both within about 1.5 miles.