1646 N Harvard Blvd, Los Angeles, CA 90027

Property Overview

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1646 N Harvard Blvd is a fully occupied ten-unit apartment building in East Hollywood, offered at $2,300,000. Built in 1949 on an 8,488 SF LARD1.5 lot, the property delivers a 5.77% in-place cap rate in a dense, transit-served rental pocket between Thai Town and Los Feliz, where stabilized small multifamily at this basis is increasingly difficult to source.

All ten units are one-bedroom, one-bath layouts across 6,766 rentable SF. In-place rents average $1,712 per month against a $2,000 market rent. That 16.80% gap grows NOI from $132,711 to $159,198 at market, a 6.92% pro forma cap rate. Unit 3, at $1,322, sits 51% below market and represents the single largest upside opportunity in the building.

The property is subject to the Los Angeles Rent Stabilization Ordinance, so the incoming owner captures rent increases systematically at each vacancy. Plumbing was fully replaced and the electrical panel upgraded in 2024. The building also offers secured access, separately metered units, on-site laundry, and ±6 carport spaces. With expenses at 33.50% of EGI, 1646 N Harvard Blvd is a day-one income asset with its major capital work already behind it.

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Key Property Details

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• Price: $2,300,000
• Units: 10 (all 1 Bed / 1 Bath, RSO)
• Year Built: 1949
• Zoning: LARD1.5
• Parking: 6 carport spaces
• Occupancy: 100%

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Investment Highlights

• 100% Occupied: Income From Day One
  The property generates $132,711 in current NOI on a fully leased rent roll, a 5.77% cap rate at $230,000 per unit. No lease-up or stabilization period is required.

• Major Systems Replaced in 2024
  Full plumbing replacement and an electrical panel upgrade were both completed in 2024. Together they remove two of the largest near-term capital items typically found in a 1949-vintage building.

• 16.80% Rent Upside Through Natural Turnover
  Six of ten units sit more than 15% below the $2,000 market rent. At market, NOI reaches $159,198 and the GRM compresses from 10.95 to 9.39, with no renovation program required to capture it.

• Adjacent Assemblage Opportunity
  The neighboring corner property at 5216 Hollywood Blvd is also available. It is a 33,746 SF mixed-use building with 31 RSO units, 10 ground-floor retail spaces, and a rear commercial flex space, giving a buyer the option to control a larger Hollywood Boulevard footprint.

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Neighborhood and Accessibility

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Located in Thai Town, the property sits one property south of Hollywood Boulevard, with Los Feliz and Silver Lake immediately to the north and east. Restaurants, retail, and daily services are within walking distance, reflected in a Walk Score of 92. Approximately 65,000 residents and 29,740 households live within one mile.

The Hollywood/Western Metro B Line station is approximately 0.3 miles away, providing direct service to Downtown Los Angeles and North Hollywood, and the property carries a Transit Score of 71. The Sunset Boulevard medical corridor, anchored by Children’s Hospital Los Angeles and Kaiser Permanente’s Los Angeles Medical Center, adds a stable healthcare employment base within a short commute.

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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