$1,999,999/mo

3151 W Avenue 32, Los Angeles, CA 90065

5,634 sqft

Rent shown is base rent as provided by the property owner or manager. Additional mandatory fees, deposits, or utilities may apply and are set by the property owner or manager.

Rental
Built in 1923
10,023sqft lot
6 car garage
$355/sqft
Listed 9 days ago

Property Description

Irreplaceable 7-Unit Glassell Park Corner lot 3 building Compound Rare 7-unit multifamily compound consisting of three separate buildings on a prominent corner lot at Avenue 32 and Andrita Street in Glassell Park. The key investment story is the density. Zoned LARD2, the property’s existing seven-unit configuration exceeds what could typically be recreated under current zoning, creating a scarce legal non-conforming asset in a supply-constrained Northeast Los Angeles submarket. California ADU laws may also provide additional upside through conversion of existing garage or storage space, subject to buyer verification. The property includes a 1920s Spanish duplex with two large one-bedroom townhouse-style units; a 1958 fourplex with three one-bedroom units, one large two-bedroom unit, and four single-car garages; and a detached 1920s two-bedroom bungalow with private garden, patio, and two-car garage. Long-term ownership has maintained the property while preserving meaningful value-add opportunity through future unit renovations. Each unit is separately metered for gas and electric with individual water heaters. On-site laundry provides additional income. Six garages plus surface parking, multiple structures, strong existing density, in-place income, and a desirable Glassell Park location create a compelling combination of current yield, scarcity, and long-term upside. A bonus adjacent parcel to the north includes a long garage and large storage unit. Zoned LARD2. Subject to Los Angeles RSO. Buyer to verify units, permits, square footage, zoning, income, condition, and ADU potential with the City of Los Angeles.