138 S Westmoreland Ave, Los Angeles, CA 90004

Property Overview

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138 S Westmoreland Ave is a 33-unit multifamily property in Rampart Village, on the northern edge of Koreatown, offered at $3,400,000 ($103,030/unit, $182.76/SF). Built in 1926, the property is a classic value-add opportunity in one of Los Angeles's most supply-constrained rental submarkets. It enters roughly 12.7% below the per-unit average of six recent comparable sales.

The building has 31 studios averaging 445 SF and two 1+1s at 625 SF, across 18,604 SF of building area. Twenty-one of the 28 occupied units rent below the $1,395 studio market rent. Four long-term tenancies, dating from 2005 to 2011, sit 34% to 67% below market. Unit 306, at $834.56, is the single largest upside opportunity in the portfolio. Four vacant studios are available for immediate lease-up at market.

The property is subject to the Los Angeles Rent Stabilization Ordinance, so the incoming owner captures rent increases systematically at each vacancy. Current NOI of $214,289 grows to $262,239 at market rents, a 22% increase that moves the cap rate from 6.30% to 7.71%. That makes 138 S Westmoreland a day-one income asset with a clearly defined upside path.

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Key Property Details

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• Price: $3,400,000
• Units: 33
• Unit Mix: (31) - Studio, (2) - 1+1
• Rent Control: Subject to LA RSO
• Occupancy: 85% (28/33 Units)

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Investment Highlights

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• Deep Rent Upside on Long-Term Tenancies: Twenty-one of 28 occupied units rent below the $1,395 studio market rent. The deepest gaps are concentrated in four long-term tenancies at $834 to $1,037, which carry 34% to 67% upside. No renovation program is required to capture this gap; it is unlocked through natural turnover.
• NOI Climbs 22% at Market Rents: Current NOI of $214,289 grows to $262,239 at pro forma, expanding the cap rate from 6.30% to 7.71%. The pro forma conservatively marks six above-market units down to $1,395. It also includes Unit 100 at $1,750 following renovation of the non-conforming unit, which the buyer should independently verify.
• Rent Stabilization: Systematic Capture at Every Vacancy: Under the LA RSO, each turnover resets a below-market unit to market rent, and the gains compound across the rent roll over the hold. Four vacant studios are ready for lease-up at $1,395, so capture starts at acquisition.
• Entry Below Recent Comparable Sales: At $103,030 per unit, the property prices about 12.7% below the roughly $118K/unit average of six 2025–2026 sales of 1906–1926 buildings in the immediate trade area. Its 6.69 GRM is also the lowest in the comp set, where the other sales range from 7.19 to 8.74.

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Neighborhood and Accessibility

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Rampart Village sits at the intersection of some of Los Angeles's most in-demand rental neighborhoods: Koreatown, East Hollywood, Silver Lake, Echo Park, and Larchmont Village. It serves as the more attainable entry point to that cluster, and renters priced out of adjacent areas keep units full.

The property is within walking distance of the Metro B Line at Vermont/Beverly, which runs one stop to Koreatown's Wilshire corridor and connects directly to Hollywood and Downtown LA. US-101 access is minutes away. Nearby demand drivers include Los Angeles City College and the Sunset/Vermont medical corridor, anchored by Kaiser Permanente Los Angeles Medical Center, Children's Hospital Los Angeles, and Hollywood Presbyterian. High barriers to new entitlements in the surrounding neighborhoods keep existing rental stock well-occupied, supporting consistent rent growth and minimal concessions.

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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