124 N Westmoreland Ave
Multifamily | 30 Units | $145,000/unit
Marketing description
124 N Westmoreland Avenue is a 30-unit rent-controlled multifamily investment opportunity located in the Koreatown / East Hollywood submarket, one of Los Angeles’ most densely populated and supply-constrained rental corridors. Built in 1927, the property features efficient studio layouts that continue to perform well in high-density, transit-oriented urban environments.
The asset is comprised entirely of studio units, a product type that benefits from strong leasing velocity, affordability-driven demand, and operational simplicity. Currently operating with multiple vacant units and below-market in-place rents, the property offers a clear and immediate path to income growth through lease-up and systematic rent optimization.
Situated along a dense residential corridor with proximity to transit, daily conveniences, and major employment hubs throughout Central Los Angeles, 124 N Westmoreland Avenue is well positioned to support durable occupancy and long-term rental performance.
While marketed individually for underwriting clarity, 124 N Westmoreland Avenue is offered exclusively as part of a two-property portfolio, alongside the adjacent asset at 118 N Westmoreland Ave, providing investors with contiguous ownership, operational scale, and portfolio-level execution in a core infill location.
Investment highlights
Studio-Only Configuration with Strong Leasing Velocity
The all-studio unit mix aligns with affordability-driven renter demand in Koreatown / East Hollywood, supporting consistent absorption and reduced turnover in a high-density urban setting.Meaningful Scale Within a Portfolio Structure
At 30 units, the property provides a step up in scale relative to smaller assets, enhancing income durability and management efficiency—further amplified when combined with the adjacent 118 N Westmoreland Ave.Vacancy and Rent Optimization Upside
With multiple vacant units and below-market in-place rents, new ownership can drive near-term NOI growth through lease-up while executing a disciplined rent growth strategy across the rent roll.Rent-Controlled Asset in a Core Infill Submarket
Located in one of Los Angeles’ most active rental corridors, the asset benefits from high barriers to entry, limited new supply, and sustained tenant demand driven by density and central location.Portfolio Synergy Through Contiguous Ownership
The combined acquisition of 124 & 118 N Westmoreland Ave allows investors to achieve operational efficiencies, consolidated management, and long-term value creation across adjacent parcels.
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