1645 S St Andrews Pl, Los Angeles, CA 90019

Property Overview

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1645 S St Andrews Pl is a 13-unit multifamily property in Mid-City Los Angeles, offered at $1,900,000. Built in 1960 on a 9,277 SF LAR3 lot, it has seven studios, four one-bedroom units, and two two-bedroom units across 6,800 rentable square feet.

It is a classic value-add opportunity in one of the city’s most central rental submarkets. Current rents average $1,299 per month against an average market rent of $1,820. Under the Los Angeles Rent Stabilization Ordinance, each vacancy resets a unit to market. The incoming owner can grow NOI through natural turnover, with no capital improvement program required. The property also has 10 on-site parking spaces and separately metered electric. 1645 S St Andrews Pl is a day-one income asset at a basis that is increasingly difficult to source in central Los Angeles.

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Key Property Details

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• Price: $1,900,000
• Units: 13
• Unit Mix: (7) Studio, (4) 1+1, (2) 2+1
• Zoning: LAR3
• Parking: 10
• Occupancy: 12 of 13 units (one studio delivered vacant)

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Investment Highlights

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• 40% Rent Upside Across the Rent Roll
  In-place rents total $16,891 per month against $23,665 at market, or $81,285 in additional annual scheduled income. Eight of the 13 units sit 56% or more below market. The two-bedrooms show the widest gap, at 60.3%.
• NOI Grows 71% at Market Rents
  Current NOI of $104,808 grows to $178,896 at market. The cap rate moves from 5.52% to 9.42%. The pro forma assumes no capital program, so the upside comes from turnover alone.
• One Unit Delivered Vacant
  Unit 11, a 410 SF studio, can be leased at the $1,595 market rent from day one, so a buyer doesn’t have to wait for the first turnover.
• Priced Below Recent Comparable Sales
  At $146,154 per unit, the property is priced 7% below the $157,277 average of six recent comparable sales. Its 9.37 GRM compares to a 9.75 comp average.

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Neighborhood and Accessibility

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The property sits one block west of Western Avenue in Mid-City, a dense, renter-driven pocket at the center of the Los Angeles basin. Koreatown’s restaurants, nightlife, and employment base lie just to the north. The Western Avenue corridor provides daily retail and services within walking distance.

Western Avenue gives tenants quick access to the I-10 Santa Monica Freeway, with direct routes to Downtown Los Angeles to the east and Culver City and the Westside to the west. The Metro E Line’s Expo/Western station is nearby and connects to USC, Downtown, and Santa Monica. As Koreatown, Hancock Park, and the Westside continue to price renters out, Mid-City absorbs that demand as a central, more affordable alternative. Most of the neighborhood’s rental stock is pre-1978 RSO housing, and there is little room for new supply. That keeps existing units well occupied and supports steady long-term rent growth.

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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