1864 W Cordova ST, Los Angeles, CA 90007
1864 W Cordova ST, Los Angeles, CA 90007
1864 W Cordova ST, Los Angeles, CA 90007
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$7,500,000
Est. payment /mo
0.31 Acres Lot
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Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SR26043357

Construction Status Updated/Remodeled,Turnkey

HOA Y/N No

Year Built 1956

Lot Size 0.308 Acres

Property Sub-Type Apartment

Property Description

Casas on Cordova Street in Los Angeles is a prime mid-city investment opportunity featuring 47 updated units with a 2025 Certificate of Occupancy. Renovations in 2023 included over $2.3 million in upgrades, resulting in essentially a brand-new building. The property offers a turn-key experience with all-new plumbing, electrical systems, roof, drywall, paint, flooring, and cabinetry. With a current occupancy of 95%, the asset boasts a solid financial performance, including a current NOI of $560,670 and a CAP rate of 7.48%. The investment pro forma predicts even stronger returns, with a CAP rate of 7.86% and a cash on cash return of 9.42%. Located in a bustling neighborhood with estimated 2026 median household incomes exceeding $53,000 within a 1-mile radius, this property presents an excellent opportunity for investors seeking a stable and profitable asset in a desirable location.

Complete 2025 "Gut" Renovation with New Certificate of Occupancy: This asset offers a virtually new building experience, having undergone over $2.3 million in comprehensive upgrades. The project was a full gut renovation that included all-new plumbing, electrical systems, a new roof, drywall, paint, flooring, and cabinetry. A new Certificate of Occupancy was issued in 2025, providing investors with a turn-key asset that has minimal immediate capital expenditure requirements.

Strategic "Micro Unit" Model Maximizing Yield: The property is comprised of 47 units designed as high-density micro units, which are noted as being the easiest units to rent in the Los Angeles market. This model serves a critical budget-oriented demographic while achieving an exceptional actual rent of $6.56 per square foot. This high efficiency justifies the price per square foot of the building and positions the asset to outperform traditional studio apartments.

Robust Current Cash Flow and High CAP Rate: Offered at $7,500,000, the property delivers immediate financial performance with a current CAP rate of 7.48% and an 8.13% Cash-on-Cash return. The asset is currently 95% occupied, generating a current Net Operating Income (NOI) of $560,670. This strong initial yield provides a stable foundation for investors seeking immediate, reliable income in a competitive market.

Location

State CA

County Los Angeles

Area C16 - Mid Los Angeles

Zoning R3-1

Interior

Interior Features Ceiling Fan(s), Multiple Staircases, Quartz Counters, Wired for Data, Utility Room

Heating Natural Gas, Wall Furnace

Cooling Whole House Fan, Wall/Window Unit(s)

Flooring Laminate

Fireplaces Type None

Fireplace No

Appliance Built-In Range, Gas Range, Gas Water Heater, Microwave, Range Hood, Vented Exhaust Fan, Water Heater

Laundry Common Area

Exterior

Parking Features Assigned, Concrete, On Site, Off Street, Paved

Fence Wrought Iron

Pool None

Community Features Street Lights, Sidewalks, Urban, Gated

Amenities Available Picnic Area

View Y/N Yes

View City Lights, Neighborhood

Accessibility Accessible Hallway(s)

Total Parking Spaces 16

Private Pool No

Building

Lot Description Landscaped, Level, Over 40 Units/Acre, Near Public Transit, Rectangular Lot, Street Level

Story 2

Entry Level Two

Foundation Slab

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled,Turnkey

Others

Senior Community No

Tax ID 5075029009

Security Features Prewired,Closed Circuit Camera(s),Carbon Monoxide Detector(s),Fire Detection System,Firewall(s),Fire Rated Drywall,Gated Community,Resident Manager,Smoke Detector(s),Window Bars

Energy Description 9155.0

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

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Listed by Logan Altman Altman Apartments LLC 310-903-0222, DRE #01965826

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