43
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$2,200,000
Est. payment /mo
10 Beds
6 Baths
7,340 SqFt
New
321 N Sycamore AVE Los Angeles, CA 90036
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 7,340 sqft
Price per Sqft $299
MLS Listing ID 26994213
Bedrooms 10
HOA Y/N No
Year Built 1927
Lot Size 7,505 Sqft
Property Description
We are pleased to present 321 N Sycamore Avenue, a 4-unit courtyard building offered for sale in the Miracle Mile/Mid-Wilshire submarket of Los Angeles. Built in 1927 and held under the same ownership for over 40 years, the property comes to market for the first time in a generation. The property offers two 3+2 and two 2+1 units totaling approximately 7,340 SF on a 7,502 SF LAR3-zoned lot. The 3+2 units are approximately 1,950 SF each, substantially oversized relative to the submarket and well suited to attract long-term, high-quality tenants. The front 3+2 unit is being delivered vacant at close of escrow, providing an incoming buyer with immediate ability to renovate and lease at market rate with no displacement risk. The vacant unit also presents a compelling owner-user opportunity, allowing a buyer to occupy a large, character-filled 3+2 home in one of Los Angeles' most desirable mid-city neighborhoods while the remaining three units offset carrying costs. Priced at $2,200,000, the offering equates to $550,000 per unit and $299 per gross SF, representing an attractive entry basis for the submarket. Two of four units are significantly below market, with pro forma rents underwritten at $3,750 per month for 2+1 units and $4,625 per month for 3+2 units, driving a pro forma CAP rate of 6.18% and a market GRM of 10.95 against a 3.27% current CAP and16.92 current GRM. The LAR3 zoning and existing detached garage create a viable pathway for ADU conversion. The garage could be converted into an additional dwelling unit without replacing the parking, potentially adding a rentable unit to the property, increasing gross income, and meaningfully compressing the effective per-unit basis (buyer to verify). The property sits within the Citrus Square Historical District, with walkable access to Beverly Hills, West Hollywood, Cedars-Sinai Medical Center, and the Museum Row corridor along Wilshire Boulevard. The submarket is characterized by deep renter demand, minimal new supply, and consistently low vacancy, supported by some of the strongest household income demographics in LA.
Location
State CA
County Los Angeles
Area C18 - Hancock Park-Wilshire
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features None
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5525032017
Special Listing Condition Standard
Listed by Neema Ahadian Marcus & Millichap #01346750
NEARBY SCHOOL & BUSINESS
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