Property Detail

Description

2430 Ocean View Ave | Chateau Nob Hill Apartments | 52-Unit Multifamily Investment in Westlake, Los Angeles. Originally constructed in 1929 on a ~13,024 SF lot with ~52,871 SF of improvements, this centrally located Los Angeles asset features a well-balanced unit mix consisting of (29) studio units, (17) 1-bed/1-bath units, (3) 2-bed/2-bath units, (2) 3-bed/2-bath units, and (1) bachelor unit. The property offers strong in-place income with approximately $555K in current NOI and a 7.17% in-place cap rate, supported by diversified revenue streams including parking, RUBS, laundry, storage, and other ancillary income. Offered at $7,750,000 ($149,038/unit | ~$147/SF) with a 7.21 current GRM and 6.30 pro forma GRM, the asset presents investors with stable cash flow, approximately 13% rental upside through natural tenant turnover, and an attractive basis for a 52-unit vintage asset in central Los Angeles.