Available

5274 Ithaca Ave

Los Angeles, CA 90032

$1,495,000

Units

$166,111

Price / Unit

1963

Year Built

$275

Price / SF

5,439

Building SF

Offering Memorandum ↓

5274 Ithaca Ave, Los Angeles, CA 90032 — property photo 1 of 7

5274 Ithaca Ave, Los Angeles, CA 90032 — property photo 2 of 7

5274 Ithaca Ave, Los Angeles, CA 90032 — property photo 3 of 7

5274 Ithaca Ave, Los Angeles, CA 90032 — property photo 4 of 7

5274 Ithaca Ave, Los Angeles, CA 90032 — property photo 5 of 7

5274 Ithaca Ave, Los Angeles, CA 90032 — property photo 6 of 7

5274 Ithaca Ave, Los Angeles, CA 90032 — property photo 7 of 7

About the Property

The James Group is pleased to present 5274 Ithaca Ave, a 9 unit apartment offering in the established Eastside neighborhood of El Sereno. Built in 1963, the property has a desirable unit mix including (1) 3 bed / 1 bath, (4) 2 bed / 1 bath, and (4) 1 bed / 1 bath units spread out over 5,439 square feet, and sits on a generous 9,601 square foot LARD1.5 zoned lot.

5274 Ithaca is a value-add opportunity with approximately 22% upside in rents, giving a future investor a clear path to grow income through strategic rent adjustments and targeted unit improvements as tenancies turn. Three units, (1) 1 bed / 1 bath and (2) 2 bed / 1 bath, will be delivered vacant. A new owner can lease them at market rents on day one while collecting strong in place cash flow.

El Sereno sits at the crossroads of LA’s Eastside, bordered by South Pasadena, Alhambra, and Lincoln Heights. The property is approximately 2 miles from Cal State LA and just over 3 miles from the USC Health Sciences Campus, home to Keck Hospital of USC. Those two major employers support a deep and steady renter base. Access to the 10 and 710 freeways, the Huntington Drive corridor, and the Metrolink San Bernardino Line at Cal State LA connects tenants to Downtown LA, Pasadena, and the San Gabriel Valley in minutes. Residents also enjoy nearby dining, retail, and green space such as Ascot Hills Park. With a well located building, real rental upside, and vacancies on day one, this is an opportunity to own a generational asset in one of LA’s most connected Eastside neighborhoods.

Location

Deal Highlights

Prime El Sereno Location

5274 Ithaca sits approximately 2 miles from Cal State LA and just over 3 miles from the USC Health Sciences Campus, with Downtown LA and Pasadena a short drive away. Together these employment centers create durable rental demand. Access to the 10 and 710 freeways and the Metrolink San Bernardino Line keeps tenants connected across the region.

Significant Rental Upside

Current rents are approximately 22% below pro forma, with a clear path from approximately $16,602 to $20,200 in monthly scheduled rent. That gap gives an investor a real opportunity to grow income over time through strategic rent adjustments and targeted unit improvements as tenancies turn.

Day One Value

Three units, (1) 1 bed / 1 bath and (2) 2 bed / 1 bath, will be delivered vacant. An investor can lease them at market rents right away and capture upside from the first day of ownership.

Desirable Unit Mix

The property offers (1) 3 bed / 1 bath, (4) 2 bed / 1 bath, and (4) 1 bed / 1 bath units averaging 604 square feet, formats that attract long-term tenants. The mix appeals to a broad range of renters, from singles and couples to families, which supports stable occupancy.

Generous LARD1.5 Lot

The building sits on a generous 9,601 square foot lot zoned LARD1.5, giving a future owner long-term flexibility. A lot this size is a valuable part of the offering and leaves room to plan future improvements over the hold period.

Strong In Place Cash Flow

The property produces strong in place cash flow from day one. Income rises further as the vacant units are leased and rents move toward market. Offered at $166,111 per unit and $274.87 per square foot, with an 8.80% current cap rate and a 7.50 GRM.