5430 32-34 Smiley Drive, Los Angeles, CA 90016

Property Description

Prime investment opportunity in the rapidly emerging West Adams submarket of Los Angeles. Located at 5430-5434 Smiley Drive, the property consists of 7 one bedroom one bathroom apartment units and 2 detached homes comprised of two bedroom units with one and one half bathrooms, all situated on approximately 9,601 square feet of land with convenient access to the I 10 freeway. This property is in an Opportunity Zone and a seismic retrofit has recently been completed, providing added long term stability and tax advantages, while significant value add potential remains throughout. The two detached homes offer compelling renovation and construction upside, creating an opportunity to further enhance rental income and overall asset value, in addition to ADU potential within the existing carport. The unique unit composition combined with below market rents presents an excellent opportunity for investors to capture nearly 60% rental upside with an attractive current cap of over 5.6%