11565 Iowa Ave

Highlights:

• Renovated 2022
• 3 Two-Bedroom Units
• In-Unit W/D & Central A/C
• Fully Permitted ADU
• One Vacant Unit Available
• Strong Rents: $124,740/Yr
• Prime West LA Location
• Steps to Japantown Dining

Description:

The LAAA Team of Marcus & Millichap is pleased to present 11565 Iowa Avenue, a renovated three-unit multifamily investment offering turnkey condition. All three units are two bedroom units with one vacancy ready for immediate occupancy and one fully permitted ADU, in West LA's highly desirable Sawtelle neighborhood. Situated steps from the celebrated Sawtelle Japantown dining district and moments from Santa Monica, the property appeals to both investors seeking a stabilized asset in a premier location and owner-users looking to live in one unit while generating rental income from the remaining two.

Originally constructed in 1928, the property was comprehensively renovated in 2022 and includes a garage-to-ADU conversion completed under permit with Certificate of Occupancy issued April 2022. The property totals approximately 2,192 rentable square feet across three twobedroom units, each featuring modern finishes, in-unit washer/dryer, and central air conditioning. The garage conversion to ADU means the property offers no on-site parking, though street parking is readily available on this quiet residential street.

The current owner has maintained the property in excellent condition with scheduled rents of $124,740 annually, reflecting a 5.00 percent cap rate at the $1,850,000 asking price. With one unit currently vacant, a new owner can move in immediately while collecting rental income, or an investor can stabilize the property at full occupancy. The all two-bedroom unit mix represents the most desirable configuration for the West LA rental market, where strong demographics, including 71.8 percent renter households and $104,627 median income, support consistent tenant demand and rental rate stability.