511 S Carondelet St, Los Angeles, CA 90057

Property Overview

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511 S Carondelet St is a 29-unit, non-rent-controlled multifamily offering located in Los Angeles (90057). Built in 1991, the property features a durable unit mix of (4) studios, (17) 1-bedroom / 1-bath units, and (8) 2-bedroom / 2-bath units, supported by 48 on-site parking spaces. The offering provides a clear path to income growth through lease-up of two vacant units and the ability to capture mark-to-market rent increases across the rent roll — positioning the asset for long-term NOI expansion and stable performance at scale.

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Key Property Details

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• Address: 511 S Carondelet St, Los Angeles, CA 90057
• Units: 29
• Year Built: 1991
• Building Size: 27,284 SF
• Lot Size: 11,674 SF
• Zoning: LAR4
• Rent Control: No
• Parking: 48 spaces
• Unit Mix: (4) Studios | (17) 1+1 | (8) 2+2
  

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Investment Highlights

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• Non-Rent-Controlled Income Growth: 511 S Carondelet St is not subject to rent control, providing investors with a cleaner path to executing systematic rent increases through lease turnover. This regulatory flexibility supports long-term income growth and reduces constraints typically associated with older vintage Los Angeles multifamily assets.
• Mark-to-Market Rent Upside Across the Unit Mix: In-place rents remain below market across the property’s studio, one-bedroom, and two-bedroom unit mix, creating a measurable opportunity to push revenue through natural lease roll. A new owner can steadily grow NOI by implementing market rents in a practical, achievable manner—without requiring a heavy renovation plan.
• Immediate Lease-Up Upside With Two Vacant Units: With two units currently vacant, investors can drive near-term upside by stabilizing occupancy and securing market rents early in the hold period. This creates an immediate path to stronger cash flow and supports faster NOI expansion upon acquisition.
• Durable Scale With Efficient Operations: At 29 units, the property offers operational scale that supports more efficient management, durable cash flow, and stronger resilience over time. This asset size provides investors with the benefits of a stabilized multifamily operation while still presenting clear value-add upside through revenue growth.
• Strong Parking Ratio Supports Tenant Demand: The asset features 48 on-site parking spaces, a highly marketable amenity in a dense Los Angeles rental corridor. The parking supply supports leasing velocity, improves tenant retention, and creates the opportunity to enhance income through structured parking fees or optimized assignments.

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Neighborhood and Accessibility

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511 S Carondelet St is located in the 90057 submarket, positioned near the Koreatown / Westlake / Mid-Wilshire corridor and within close proximity to Downtown Los Angeles, benefiting from strong renter demand driven by central LA connectivity and access to everyday retail, dining, and neighborhood services. The property offers convenient access to major corridors including Wilshire Blvd, 6th St, and Vermont Ave, supporting commutes throughout Central LA and surrounding employment hubs, while 48 on-site parking spaces provide a meaningful competitive advantage in this dense infill 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