333 N Union Ave

Investment Overview

Nine-unit value-add opportunity in Echo Park, built in 1925 across three structures on a 6,904 SF lot just south of Temple St. Two units deliver vacant with roughly 36% rental upside after lease-up; tenants pay trash, landlord pays water.

Investment Highlights

• Strong in-place return: priced to an 8.03% cap rate and 7.7 GRM on in-place rents, rising to an 11.96% cap rate and 5.6 GRM at pro forma rents.
• Rental upside: in-place rents sit roughly 36% below market, a loss to lease of about $4,083 per month.
• Two units delivered vacant: the two vacant guest rooms (Units 1 and 4) allow a new owner to lease at market rents.
• Excellent unit mix: five 1-bed/1-bath apartments and four guest rooms across three separate structures, a front four-plex, a freestanding bungalow, and a rear four-plex.
• Character and amenities: the 1-bed/1-bath units have 11-foot ceilings, and some feature crown molding, built-in fireplaces, wood floors, and split AC systems. A large, well-maintained common yard and garden serves all tenants.
• Low operating costs: tenants pay trash, the front four units are separately metered for electricity and gas, and electrical upgrades have recently been completed.
• Guest room upside: investors can explore the Los Angeles Municipal Code to legally upgrade the guest rooms to a light housekeeping designation, which would allow a permanent two-burner stovetop and oven.
• Walkable South Echo Park location: a Walk Score of 89, steps from dining and retail on Temple St, with quick access to the 101 and 110 freeways.