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Peter Lorimer

peter@plgestatesinc.com +1(310) 666-7383

$ 2,500,000

Est. payment | -/mo

7,248 Sqft Lot

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$ 2,500,000

Est. payment | -/mo

Save

7,248 Sqft Lot

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID OC26039085

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 2023

Lot Size 7,248 Sqft

Property Sub-Type Apartment

Property Description

Luxury Live Auction! Bidding to start from $2,500,000! 2023 NEW BUILD yielding an exceptional 6.4% CAP RATE. This non-rent-controlled (5) unit asset is thoughtfully designed across three separate buildings, offering both architectural appeal and operational efficiency. The first & second buildings each feature a spacious 4-bedroom / 4-bathroom residence and a 3-bedroom / 3-bathroom unit. The third building consists of a detached ADU offering a well-designed 1-bedroom / 1.5-bathroom layout. All units showcase modern open-concept designs with high ceilings, recessed lighting, modern flooring, stone countertops, custom cabinets and contemporary kitchens equipped with stainless steel appliances and gas ranges. Units include central HVAC and in-unit washer and dryer. The larger (3) and (4) bedroom residences each offer private 2-car garages with EV charging capability, enhancing tenant appeal and long-term rent durability. Each unit is separately metered for electric, gas, and water and includes solar panels with individual meters — supporting efficient expense management and strong NOI performance. Strategically located just west of Figueroa and south of Vernon Avenue, the property sits minutes from USC, Downtown Los Angeles, Exposition Park, BMO Stadium, and major employment hubs — driving consistent tenant demand from students, professionals, and families alike. In summation, this turnkey 2023 new build asset combines modern construction, strong in-place income, and long-term appreciation potential in one of Los Angeles' most active rental corridors.

Location

State CA

County Los Angeles

Area C23 - Metropolitan

Zoning LAR3

Interior

Interior Features Recessed Lighting, All Bedrooms Up, Bedroom on Main Level, Walk-In Closet(s)

Heating Central

Cooling Central Air

Flooring Laminate

Fireplaces Type None

Fireplace No

Appliance Dishwasher, Gas Cooktop, Gas Oven, Gas Range, Microwave, Refrigerator, Dryer, Washer

Laundry In Garage, See Remarks

Exterior

Parking Features Assigned, Driveway, Garage, Paved, See Remarks, Tandem

Garage Spaces 8.0

Garage Description 8.0

Fence Fair Condition

Pool None

Community Features Street Lights

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

View Y/N Yes

View Neighborhood

Total Parking Spaces 9

Private Pool No

Building

Lot Description Back Yard, Front Yard, Level

Story 3

Entry Level Three Or More

Sewer Public Sewer

Water Public

Level or Stories Three Or More

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 5018033019

Security Features Carbon Monoxide Detector(s),Smoke Detector(s)

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Green/Energy Cert Solar

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by William Pasqualino Harcourts Prime Properties bill.pasqualino@harcourtsprime.com, DRE #01979443

Nearby Locations

Making real estate fast, fun, and stress-free!

+1(310) 666-7383

peter@plgestatesinc.com

532 W Vernon Los Angeles, CA 90037

Peter Lorimer

Key Details

Location

Interior

Exterior

Building

Others

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532 W Vernon