Edgehill Row Bungalows: 12-Unit Jefferson Park Multifamily | ±6.36% Cap | Pro Forma ±7.75%

Highlights:

• Compelling day-one cash flow and attractive value metrics
• Attractive financing options for investors seeking leverage & competitive rates
• 7 of 12 units renovated
• Pro-forma cap rate of approximately ±7.75% at proven rents, offering material upside
• All units are equipped with individual hot water heaters (7 units feature new tankless systems)
• Units are separately metered for electricity. 11 of 12 units are sub-metered for gas
• Trash cost incorporating as part of DWP bills
• RUBS currently in place on 2 of 12 units, with additional upside through broader adoption as units turn
• French-style doors and windows, hardwood floors, walk-in closets, front and rear unit access, air conditioning, cedar closets for renovated units and ample storage
• On-site laundry with two coin-operated washer/dryer sets. Additional space to add storage units and/or vending machines
• Rear open space may support ADU development or conversion into a resident patio lounge/BBQ area (Buyer to verify)
• Drought-tolerant landscaping and generally expense-conscious configuration
• Central Los Angeles submarket with access to multiple major employment and lifestyle hubs
• Measured reinvestment cycle driven by renovation-led value creation and infill development
• Limited new supply with a modest mixed-use and multifamily development pipeline
• Diverse renter base supporting consistent demand across multiple price points
• Growing neighborhood amenities, including cafes, restaurants, and neighborhood-serving retail
• Strong freeway and Metro connectivity
• Established historic character and tree-lined residential streets

Description:

Lucrum Real Estate Group is pleased to present Edgehill Row Bungalows. This charming multifamily investment opportunity combines strong day-one cash flow, attractive value metrics, and meaningful future growth potential. This garden-style community is set in the thriving rental market of Jefferson Park at 2867 Edgehill Dr., Los Angeles, CA. The asset, built in 1923, comprises 12 one-bedroom, one-bathroom units and offers both beautiful curb appeal and property grounds, cost-efficient drought-tolerant landscaping, and a clean, well-maintained presence on a quiet residential street.

Representing high-demand workforce housing, Edgehill Row Bungalows is positioned as a core-plus cash-flow asset that appeals to a broad investor audience seeking strong in-place yields & value metrics. The property offers an attractive in-place cap rate of ±6.36% and several attractive and attainable financing scenarios that support a compelling cash-on-cash return of approximately ±5.18%. Seven of the twelve units have been fully renovated, presenting further upside to be captured through continued unit turnover and targeted interior upgrades. The pro forma cap rate at proven rents is ±7.75%, offering meaningful value-creation potential upon execution. Additionally, management has recently introduced RUBS for water usage, and it will be in effect for at least 2 of the 12 units (±17% of units) with further upside through expanded adoption.

Apartment units feature abundant natural light through expansive French-style doors and windows, showcasing character-rich interiors. Unit amenities include hardwood floors, a generous closet & storage space, front and rear unit access, air conditioning, and a walk-in closet (cedar closets in renovated units). The units on the west side of the property benefit from additional outdoor space outside each rear-door exit, commonly utilized by residents as patio or lounge areas. Collectively, these features position Edgehill Row Bungalows as a highly differentiated small-scale multifamily asset. Each unit has its own individual hot water heater, with 7 of 12 having new tankless systems. In addition, trash collection cost is a part of the DWP bills, thereby reducing utility operating expenses.

The property grounds offer distinctive courtyard-style charm, comprising two structures totaling approximately ±6,120 square feet situated on a ±13,808 square foot parcel zoned LAR3. The buildings are positioned on either side of a central breezeway-style community walkway featuring a tree-lined archway and tastefully designed drought-tolerant landscaping, creating a serene and intimate residential setting. The pitched-roof, wood-frame structures are finished with nicely painted wood siding panels that evoke classic Los Angeles architectural character. The boutique, courtyard-style configuration fosters a home-like feel and supports strong tenant satisfaction and long-term retention.

The rear of the lot features open space that may present future value-add potential for an ADU or conversion into a community patio lounge & barbecue area. In addition, the on-site laundry facility is located at the rear of the property and currently includes 2 coin-operated washer and dryer sets, with additional space available to create new streams of income through the addition of storage units and/or vending machines.

From an operational standpoint, the property benefits from strong utility expense efficiency, with all units sub-metered for electricity and gas except for one unit (# 2871 ¼), which shares gas with the laundry room. Further upside exists through expanded RUBS implementation. These attributes position Edgehill Row Bungalows as a low-maintenance, expense-conscious asset with durable cash-flow characteristics.

Edgehill Row Bungalows offers investors the rare opportunity to acquire a well-located, boutique multifamily asset delivering strong in-place yield with a clear and executable path to additional value creation through targeted renovations and operational optimization.

Jefferson Park is a historic South Los Angeles neighborhood located just southwest of Downtown Los Angeles, bordered by West Adams to the north, Exposition Park to the South, Western Avenue to the east, and the Crenshaw District to the west. The area is known for its early 20th-century architecture, tree-lined streets, and strong cultural and ethnic diversity, with a well-established community identity. The neighborhood blends long-time residents with newer buyers drawn to the neighborhood’s character, central location, and relative value within the broader Los Angeles market.

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