406 S Coronado St
6.70% Cap Rate & 9.95 GRM | 13 Units
Marketing description
406 S Coronado St is a well-situated 13-unit multifamily investment in the thriving Westlake neighborhood of Los Angeles. Originally constructed in 1922, this 6,250-square-foot property sits on a 7,732-square-foot lot and offers a diverse unit mix consisting of 12 studio + den units and 1 studio. The building is zoned LAR4, allowing for future expansion potential, including the opportunity to add up to 8 ADUs, significantly increasing rental income and overall asset value.
With attractive in-place rents (averaging approximately $1,479/unit vs. $1,723/unit market) and assumable 3.85% financing, this property provides investors with immediate cash flow while offering long-term upside through lease-up of one vacant unit and gradual rent growth toward market levels. Its desirable location, combined with strong rental demand, makes 406 S Coronado St an excellent acquisition in the competitive Los Angeles market.
Investment highlights
406 S Coronado St offers an attractive combination of stable rental income and long-term appreciation potential.
The unit interiors have been updated with modern kitchens, stainless steel appliances, and wood-inspired flooring, making it a turnkey investment with additional upside. Investors can further enhance returns by leasing the currently vacant unit at market rate and leveraging the ability to construct up to 8 ADUs under AB 1211.
With a favorable price per unit and strong occupancy (92% occupied), this multifamily asset is a compelling opportunity for investors looking to capitalize on a high-demand rental submarket.
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