664 S Cloverdale Avenue
Miracle Mile with Development Upside Zoned LAC2
Marketing description
664 S Cloverdale Avenue is a rare, family-owned multifamily asset located in the heart of Los Angeles' highly desirable Miracle Mile / Mid-Wilshire submarket. Positioned moments from The Grove, Original Farmers Market, LACMA, Petersen Automotive Museum, Academy Museum, Trader Joe's, Whole Foods, and the newly opened Metro D Line extension, the property offers tenants immediate access to one of the city's strongest lifestyle, cultural, and transit-oriented corridors.
The property features a classic Los Angeles courtyard-style configuration with four spacious two-bedroom units, abundant natural light, functional layouts, and desirable architectural character. Long-term ownership and consistent care provide a stable foundation for a new investor to preserve the asset's existing income while pursuing future value-add opportunities. Building systems, including plumbing, electrical, and roof, are in good condition with ongoing maintenance, supporting a well-preserved physical profile and reducing near-term capital exposure.
Supported by strong tenant demand, limited rental supply, walkable amenities, and expanding Metro connectivity to Beverly Hills, Century City, and Downtown Los Angeles, 664 S Cloverdale Avenue presents a well-located multifamily opportunity for investors seeking durable cash flow, rental upside, and long-term appreciation in one of Los Angeles' most resilient rental submarkets.
Positioned in the heart of Los Angeles’ highly desirable Mid-Wilshire / Miracle Mile submarket, 664 S Cloverdale Ave offers a compelling, location-driven investment profile. The property sits within a dense, high-income infill corridor near Wilshire Boulevard, major employment hubs, and premier retail and cultural destinations. This area is known for strong population density and consistent housing demand, supporting reliable tenant absorption and long-term rent growth.
From a commercial real estate perspective, the asset benefits from exceptional walkability and transit access—key drivers of tenant demand and asset appreciation in urban Los Angeles. Its placement within a stable residential pocket surrounded by higher-value comparables reinforces neighborhood strength while positioning the property for continued appreciation.
Additionally, its location within a commercially zoned corridor provides strategic flexibility for future repositioning or redevelopment. Coupled with proximity to major retail streets like La Brea and Melrose, the property offers a balanced opportunity for both stable income and long-term upside in one of LA’s most resilient submarkets.
Investment highlights
- Central Miracle Mile Location & Walkable Lifestyle Core — Located in one of Los Angeles’ most established and supply-constrained rental submarkets, steps from The Grove, The Original Farmers Market, and premier cultural institutions including Los Angeles County Museum of Art, Petersen Automotive Museum, and the Academy Museum of Motion Pictures, offering residents a highly walkable, amenity-rich environment.
- Transit-Oriented Growth Corridor — Immediate access to the newly opened metro D line that provides direct connection to downtown LA and Beverly Hills; along with a 10 minute stop frequency
- Strong Everyday Amenities Network — Surrounded by premier daily conveniences including Trader Joe’s, Whole Foods Market, boutique cafés, fitness studios, and high-end retail along Wilshire, La Brea, and Fairfax corridors.
- Classic Los Angeles Multifamily Asset — Courtyard-style building offering desirable tenant features including natural light, privacy, and functional layouts, supported by stable in-place income and embedded rental upside.
- LAC2 Zoning Development Potential — The property is zoned LAC2, which may allow up to 16 units by right, with the potential for additional units through applicable density bonus incentives (buyer to verify), offering future development upside and increased density potential.
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