122 N Rampart Blvd, Los Angeles, CA 90026

8 Units in Rampart Village with 42% upside | Copper Plumbing & Retrofits Completed

Sold: $1,445,000

Property Highlights

Generated 8 offer within first 11 days of putting property on market; closed with first buyer we opened escrow with
Sold for $180K per unit and $325/SF
5.67% Cap Rate and 10.10 GRM
8-unit property built in 1960 with 42% upside
Great unit mix with (6) 1+1 and (2) 2+1 units
4,446 SqFt of living space on a 6,878 SqFt R3 Lot
Tuck-under parking in front and back of property with 12 total spots (8 without tandem parking)
Both soft story retrofits completed in 2018
All 9 seismic gas-shutoff valves installed in 2018
All above-ground plumbing replaced with copper
Water heater replaced (2019) & driveway repaved
On-site laundry room for additional income
Great location in Rampart Village adjacent to Silver Lake, Echo Park & Koreatown

The Deal Story

The Glaser Group is pleased to announce the successful closing of 122 N Rampart Blvd, an exceptional 8-unit investment property located in the rapidly growing Rampart Village neighborhood, adjacent to Echo Park, Silver Lake, and Koreatown. Built in 1960, this well-maintained mid-century apartment complex offers a strong unit mix of (6) 1-bedroom/1-bath units and (2) 2-bedroom/1-bath units, totaling 4,446 square feet of living space on a 6,878 SF R3-zoned lot. The property also features tuck-under parking in both the front and back of the building, providing 12 total parking spots (8 without tandem parking).

Our team represented an out-of-state seller who had owned the asset for over a decade and was looking to 1031 exchange their equity out of Los Angeles and California altogether. By leveraging our extensive investor database, we generated 8 competitive offers within the first 11 days of listing. After a round of multiple counters, we secured a strong buyer and successfully closed escrow with the first buyer we opened with. Utilizing a seller replacement property contingency, our client was able to identify and secure an up leg multifamily property in North Carolina prior to the buyer proceeding with their loan. This seamless execution allowed our seller to transition their investment into a more landlord-friendly, higher return market.

The building boasts several key system upgrades, including soft-story retrofits completed in 2018, all above-ground plumbing replaced with copper, and the installation of 9 seismic gas shut-off valves. Additional improvements include a new water heater (2019), repaved driveway, and an on-site laundry room for additional income. While the property consists primarily of long-term tenants, about half of the units have undergone kitchen renovations, and there remains a 42% upside in rental income potential.

If you are interested in exploring a similar 1031 exchange opportunity or learning more about how we can help you maximize your investment portfolio, contact The Glaser Group.