Value-Add Five Unit Multifamily Opportunity
Corner lot in Picfair Village
Marketing description
Maher Commercial Realty presents a compelling value-add and owner-user opportunity at 1601 S Hayworth Ave, located in the highly sought-after Picfair Village neighborhood of Los Angeles. This five-unit multifamily property, situated on a 6,621 SF R2-1-O zoned lot, offers investors and owner-users alike a rare chance to acquire a centrally located asset with both immediate and long-term upside in one of the city’s most stable rental corridors.
The property consists of four one-bedroom units located in the front two-story building, and a detached rear structure featuring a large three-bedroom unit on the second floor situated above five one-car garages on the ground level. The three-bedroom unit will be delivered vacant at closing and represents a major fixer-upper, creating an ideal opportunity for an owner-occupant to renovate and occupy the space or for an investor to substantially increase rental income through repositioning.
The garage configuration provides valuable on-site parking and additional ADU conversion potential, subject to city approval. Combined with below-market rents across the four existing one-bedroom units, this property offers multiple avenues for increasing income and value through renovation, rent adjustments, and ADU expansion.
This is a strategic value-add play and a rare hybrid opportunity—perfect for an owner-user seeking to live on-site while benefiting from steady income, or for an investor aiming to unlock significant upside in a high-demand Los Angeles neighborhood. The property offers the ideal combination of cash flow, appreciation potential, and prime location within a quiet, walkable community surrounded by beautifully maintained single-family homes and boutique multifamily buildings.
Located just south of Pico Boulevard and east of La Cienega Boulevard, 1601 S Hayworth Ave offers quick access to major employment hubs such as Beverly Hills, Century City, Culver City, and Mid-Wilshire, and is minutes from The Grove, Beverly Center, and Cedars-Sinai Medical Center. The balance of neighborhood charm, investment stability, and proximity to Westside amenities makes this property a standout opportunity for both private investors and owner-users looking to establish roots in one of Los Angeles’s most desirable central locations.
Investment highlights
- Five-Unit Multifamily Property – Four one-bedroom units in the front building plus one three-bedroom unit above garages in the rear building.
- Cap Rate: 6.30% – Attractive in-place return with strong upside through renovation and rent adjustments.
- GRM: 13.36 – Competitive gross rent multiplier for the Westside/Mid-City corridor.
- Price Per Square Foot: $300.85 – Below replacement cost and well-positioned for long-term appreciation.
- Price Per Unit: $339,000 – Exceptional entry price for a stabilized yet flexible asset in a prime Los Angeles location.
- Vacant Three-Bedroom Unit (Major Fixer) – A large, top-floor unit requiring full renovation. Ideal for an owner-user to occupy and customize or for an investor to reposition for significant rent upside.
- Five One-Car Garages – Provide on-site parking and future ADU conversion potential, subject to city approval.
- Owner-User Opportunity – Perfect for buyers seeking to live in the rear three-bedroom unit while generating income from the four front apartments.
- Prime Picfair Village Location – Situated just south of Pico Boulevard and east of La Cienega Boulevard in one of LA’s most desirable and walkable neighborhoods.
- Proximity to Major Employment Hubs – Minutes from Beverly Hills, Century City, Culver City, and the Miracle Mile.
- Strong Tenant Demand Area – Central location ensures consistent rental demand from professionals and creatives.
- Walkable Amenities – Near The Grove, Beverly Center, Cedars-Sinai, and local cafés and boutiques along Pico and Fairfax.
- R2-1-O Zoning – Supports current multifamily use and allows flexibility for future redevelopment or small-scale expansion.
- Classic 1928 Construction – Retains charming period details and durable build quality typical of the era.
- Flexible Investment Profile – Excellent for 1031 exchange buyers, long-term investors, or owner-occupants seeking a foothold in a high-barrier-to-entry market.
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