242 S Sycamore Ave

California & West + Apartments

Created date: August 31, 2023

Date last updated: November 20, 2023

Central Location
Conveniently located just north of Wilshire Boulevard, 242 S Sycamore is at the heart of Miracle Mile, celebrated for cultural, dining, and shopping delights. With an impressive Walkscore of 86, this neighborhood provides abundant conveniences and a high-quality lifestyle. Further enhancing it’s appeal to all demographics, the property is a short distance to an upcoming metro station, offering exceptional transit access for all commuter types.

First Time on Market in 20+ Years
This property represents a rare opportunity to own a property that has not been available for purchase in over two decades. Especially in this highly sought after submarket with affluent demographics and proximity to dining and entertainment, this opportunity is not to be missed!

Excellent Unit Mix
242 S Sycamore offers a diverse range of unit types, catering to various tenant preferences and needs. This strategy bodes well for the savvy investor as it minimizes dependency on a specific tenant segment, spreading risk and ensuring steady cash flow even in changing market conditions.

6 Garage Parking Spaces
In Los Angeles, garages can sometimes be very hard to come by for tenants living in apartment buildings. However, this property stands out by providing residents with sought-after parking and storage space in individual garages. The presence of these garages adds convenience and peace of mind, setting this property apart from neighboring buildings.

No “Lifer” Tenants
In a city where “lifer” tenants are common, this building stands out as a rarity, boasting no such long-term occupants. The lowest rent in the building is for a single, and the current tenant pays the reasonable rate of $1,554.

Charming Architecture
Nestled in the heart of a historic pocket of Los Angeles, this property, constructed in the 1920s, exudes timeless charm with its captivating Spanish architectural design. Its intricate stucco detailing, arched doorways, and vibrant tile work not only showcase a rich cultural heritage but also offer a rare glimpse into an era of architectural artistry.

❮ Previous Next ❯

Available

Request Information

Name

Phone

Message(optional)

Key Property Information

Listing Status:	Available
Multifamily type:	Apartments
Price:	$2,350,000
No. of Units:	6
Cap Rate:	4.51%
GRM /GIM:	13.52
Year Built:	1927
Building Size:	6,104 Sq ft
Lot Size:	7,681.00 Sq ft
No. of Stories:	2
APN:	5513-024-006
Zoning Code:	LAR3
Opportunity Zone:	No
Price per unit:	$391,667