118 N Westmoreland Ave
Multifamily | 24 Units | $156,250/unit
Marketing description
118 N Westmoreland Avenue is a 24-unit rent-controlled multifamily investment opportunity located in the Koreatown / East Hollywood corridor, one of Los Angeles’ most dense and supply-constrained rental submarkets. Built in 1926 on an 18,765 SF lot, the property features classic Los Angeles architecture with efficient unit layouts that continue to perform well in urban infill locations.
The asset offers a balanced unit mix of studios and one-bedroom units, supporting broad renter appeal and leasing flexibility across market cycles. Currently operating with multiple vacant units and below-market in-place rents, the property presents an immediate opportunity to enhance income through lease-up and systematic rent optimization, while maintaining strong in-place cash flow.
Positioned near major transit routes, neighborhood retail, and employment hubs throughout Central Los Angeles, 118 N Westmoreland benefits from sustained tenant demand driven by density, accessibility, and long-term urban housing fundamentals. The offering is well suited for investors seeking durable cash flow with a clear, executable value-add strategy in a core infill location.
While marketed separately, 118 N Westmoreland Ave is being offered exclusively as part of a two-property portfolio alongside the adjacent asset at 124 N Westmoreland Ave. The combined offering provides investors with contiguous ownership, operational efficiencies, and enhanced long-term value creation through scale in a dense, high-barrier submarket.
Investment highlights
Balanced Unit Mix Supporting Long-Term Demand
The evenly split studio and one-bedroom configuration appeals to a wide renter base, providing leasing flexibility and supporting stable occupancy through varying market conditions.Vacancy-Driven Value-Add Upside
With five vacant units, new ownership can immediately capture income growth through lease-up while executing a measured rent growth strategy across the remaining in-place units.Attractive In-Place Returns with Pro Forma Expansion
The property delivers strong current cash flow with meaningful upside through mark-to-market rents, without reliance on speculative redevelopment or major capital reconfiguration.Rent-Controlled Asset in a Core Infill Location
Located in a dense, high-barrier submarket with limited new multifamily supply, the asset benefits from durable tenant demand and long-term rent growth fundamentals supported by central Los Angeles density.Transit-Oriented Urban Corridor
Proximity to major transit routes and employment centers enhances long-term desirability for renters seeking accessibility to Koreatown, Downtown Los Angeles, and surrounding lifestyle hubs.Portfolio Scale & Contiguous OwnershipThe property is part of a two-asset, adjacent portfolio on Westmoreland Avenue, enabling operational efficiencies, consolidated management, and long-term optionality through scale in a core infill location.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
