2430 Ocean View Ave, Los Angeles, CA 90057

Property Overview

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2430 Ocean View Ave, also known as Chateau Nob Hill Apartments, offers the opportunity to acquire a 52-unit multifamily asset in the centrally located Westlake neighborhood of Los Angeles. Originally constructed in 1929, the property sits on a ~13,024 SF lot and features a well-balanced unit mix consisting of (29) studio units, (17) one-bedroom / one-bath units, (3) two-bedroom / two-bath units, (2) three-bedroom / two-bath units, and (1) bachelor unit. The studio and one-bedroom units make up the majority of the property, appealing to a broad renter base and supporting consistent occupancy.

The asset offers strong in-place income with additional upside through rent growth and continued operational efficiencies. The property is well maintained with classic interior finishes, providing investors with stable cash flow and the ability to organically increase revenue over time through natural tenant turnover.

Current rents average approximately $1,723 per unit compared to projected market rents of approximately $1,947 per unit, representing approximately 16% rental upside. In addition to rental income, the property benefits from multiple ancillary income streams including parking, RUBS, laundry, storage, and other income sources, contributing to a diversified and resilient revenue profile.

Offered at $8,000,000 ($153,846 per unit / ~$151 PSF), the property presents investors with immediate cash flow and a stabilized investment opportunity within a high-demand, centrally located Los Angeles submarket. Buyer to independently verify all building systems and structural considerations.

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Key Property Details

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• Address: 2430 Ocean View Ave, Los Angeles, CA 90057
• Units: 52
• Year Built: 1929
• Building Size: 52,871 SF
• Lot Size: 13,024 SF
• Unit Mix: (29) Studios, (17) 1 Bed / 1 Bath, (3) 2 Bed / 2 Bath, (2) 3 Bed / 2 Bath, (1) Bachelor

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Investment Highlights

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• Strong In-Place Yield with Immediate Cash Flow: The property delivers approximately $552K in current NOI with a 6.90% cap rate, providing investors with stable day-one income supported by consistent occupancy and diversified revenue streams.
• Meaningful Rental Upside Through Organic Rent Growth: Current rents average approximately $1,723 per unit compared to market levels near $1,947, representing approximately 16% rental upside and a clear path to increased revenue through natural tenant turnover without the need for significant capital improvements.
• Multiple Income Streams Enhancing Revenue Stability: In addition to rental income, the property benefits from parking, RUBS, laundry, storage, and other ancillary income, contributing to a more resilient and diversified income profile.
• Attractive Basis for a 52-Unit Asset in Central Los Angeles: Offered at approximately $153,846 per unit and $151/SF, the property presents a competitive entry point for a vintage asset of this scale within the Westlake submarket.

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Neighborhood and Accessibility

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The Westlake submarket is one of Los Angeles’ most centrally located and consistently performing rental corridors, driven by its proximity to Downtown Los Angeles, Koreatown, and surrounding employment hubs. Residents benefit from convenient access to major transit routes, retail centers, and cultural amenities, supporting strong and sustained rental demand.

The neighborhood offers a dense mix of dining, shopping, and everyday conveniences, combined with close proximity to the urban core. These fundamentals continue to attract a diverse renter base and support long-term occupancy, positioning Westlake as a reliable multifamily investment location within the Los Angeles market.

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For more information and to schedule a viewing, please contact:

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Taylor Avakian

Founder, The Group CRE

First Vice President, Lyon Stahl