2417 W Vernon Avenue,Los Angeles, CA 90008
Los Angeles, CA 90008
Description
We are pleased to present 2417 W Vernon Ave, a recently renovated 14-unit bungalow court in the highly desirable Leimert Park neighborhood of Los Angeles, offered at an 8.19% cap rate and 7.93 GRM. Built in 1940 and comprehensively renovated, the property pairs upgraded single-story residential units with permitted ADU additions, with Certificates of Occupancy issued in 2024. Leimert Park has become one of LA's most sought-after cultural and residential corridors, giving investors the rare combination of neighborhood momentum and long-term supply constraints, and low-density bungalow court product of this kind can no longer be replicated under current zoning. The result is a turnkey acquisition requiring minimal near-term capital expenditure, with a stable, government-backed income base: 11 of the 14 units are leased under Housing Assistance Payment (HAP) contracts through Section 8, providing consistent, subsidized rental income and reduced vacancy and collection risk. The unit mix includes (12) 1-bed/1-bath units, (1) 2-bed/2-bath ADU, and (1) 3-bed/3-bath ADU, with two 1-bed units delivered vacant for immediate lease-up at market rents. Separately metered for gas and electricity, simplifying management and reducing landlord expenses. Located 0.7 miles from Leimert Park Station on the Metro K Line with convenient access to USC, Exposition Park, Downtown LA, and Culver City. With renovations and ADU additions complete, new ownership can focus directly on maximizing occupancy and income. Buyer to verify all information including square footage, permits, and rent roll.
Details
| MLS # | 26859147 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1940 |
| Days On Site | 94 |
| Listing Provided By | Matthews Real Estate Investment Services | Nabil Awada |
Features
| Bed(s) | 17 |
|---|---|
| Bath(s) | 17 |
| SQ Feet | 8,128 |
| Story(s) | 1 |
| Units | 14 |
| Building(s) | 5 |
| Zoning | LAC2 |
| Acreage | 0.29 |
Exterior
| Security Features | Gated Community |
|---|
Parking
| Parking Features | On Street |
|---|
Location
| Community Features | Gated |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90008 |
| Area | PHHT Park Hills Heights |
| Listing VS Median (in 90008) | |
Price: $2,600,000 low | high Med: $1,399,000 sqft: 8,128 low | high Med: 5,128 $ / sqft: $320 low | high Med: $273 On site: 94 low | high Med: 56 | |
Market Activity 90008
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90008 |
| Area | PHHT Park Hills Heights |
| Listing VS Median (in 90008) | |
Price: $2,600,000 low | high Med: $1,399,000 sqft: 8,128 low | high Med: 5,128 $ / sqft: $320 low | high Med: $273 On site: 94 low | high Med: 56 | |