514 Union Dr - Apartments FOR SALE


Los Angeles, CA 90017- Westlake North
$4,500,000 USD
310-909-5444
514 Union Dr, Los Angeles, CA for Sale
$4,500,000 USD
Apartments - FOR SALE
1/5
null | 7.4% Cap Rate

514 Union Dr
Los Angeles, CA 90017
Westlake North


HIGHLIGHTS

  • The Neema Group of Marcus & Millichap is pleased to present 514 Union Dr, a 47-unit multifamily investment opportunity in Westlake
  • The property features a unit mix of 39 singles and eight one-bedrooms
  • At the asking price, the property is being offered at a 7.40% CAP rate at 7.06 GRM on current income
  • Additional 27% rental upside achievable as units turn through interior renovations
  • Potential for additional upside as an additional ADU may be possible (Buyer to verify)

OVERVIEW

The Neema Group of Marcus & Millichap is pleased to present 514 Union Dr, a 47-unit multifamily investment opportunity located in the desirable Westlake neighborhood of Los Angeles. Situated just north of 6th Street and only half a mile from Good Samaritan Hospital, the property boasts a central location that offers easy access to the region’s most sought-after amenities. The building features a well-balanced unit mix of 39 singles and 8 one-bedroom apartments, offering strong rental demand in a neighborhood known for its accessibility and proximity to major employers and transit options. At the asking price, 514 Union Dr presents an attractive investment at a 7.40% CAP rate and a 7.06 GRM, based on current income, with substantial upside potential. A 27% rental increase is achievable as units turn through interior renovations, creating an opportunity for increased revenue. In addition to the immediate upside potential, there may also be further value-add opportunities, such as the possible addition of an Accessory Dwelling Unit (ADU), subject to buyer verification and applicable zoning laws. The property is separately metered for electricity and includes an onsite laundry room with four washers and dryers leased through Wash, enhancing convenience for tenants and generating additional revenue streams. With a Walk Score of 93, the property benefits from its prime location within walking distance to key transit lines, including the Metro A-E Rail Lines and Metro Local Lines along 6th Street. The surrounding Westlake neighborhood provides a vibrant urban environment, offering quick commutes to Downtown Los Angeles, Hollywood, and Koreatown. Additionally, tenants will enjoy easy access to recreational destinations such as MacArthur Park, Echo Park, Dodger Stadium, and cultural landmarks like The Broad Museum. This location is ideal for tenants seeking a centrally located, well-connected living experience, and presents investors with a rare opportunity in one of Los Angeles’ most dynamic neighborhoods.

FOR SALE DETAILS

PRICE

$4,500,000 USD

PRICE/SF

$153 USD /SF

# OF UNITS

47

PRICE/UNIT

$95,745

CAP RATE

7.4%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Devon Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1914

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,407 SF

ZONING

R4, Los Angeles

APN/PARCEL ID

5153-006-018

ASK ABOUT THIS PROPERTY

Neema AhadianMarcus & MillichapMore Info
310-909-5444

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Neema AhadianMarcus & MillichapMore Info
310-909-5444

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.