5150 Ithaca, Los Angeles, California 90032, Los Angeles, 90032 - 0 bed, 0 bath
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Los Angeles, California 90032
This Turnkey Quadruplex represents a Strong Value Opportunity, listed at a List Price of $1,350,000—positioned well below the $1,565,033 Fair Market Value by 13%. This valuation gap provides $215,033 in Instant Equity. Featuring an Excellent Condition Rating with a newly constructed ADU and high-end unit renovations, the property ensures immediate cash flow. Its proximity to Cal State LA guarantees consistent rental demand. This asset is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to offset mortgage costs through stable rental income.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5150 Ithaca Subject | $1,350,000* List Price | 0 | 0 | 3,250 | $482 | - |
A 2057 N Eastern Active | $1,080,000 List Price | 0 | 0 | 2,142 | $504 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
The property qualifies as Excellent due to a combination of brand-new construction (ADU) and high-end renovations within the last 5 years. Images reveal modern kitchens with quartz countertops, stainless steel appliances (some still with protective film), and designer bathrooms featuring walk-in tile showers and LED mirrors. While the original structure dates to 1988, the updated systems (including mini-split HVAC) and turnkey condition meet the criteria for a mint-condition investment.
The property boasts a competitive 5.18% capitalization rate and a 14.76 GRM, offering investors a solid return on investment that outperforms many comparable multi-family assets in the Los Angeles area.
Featuring a newly constructed ADU and a high-end remodeled unit, the property minimizes immediate capital expenditure requirements while maximizing rental income through modern, high-demand living spaces.
Proximity to Cal State LA and Downtown Los Angeles provides a consistent pipeline of prospective tenants, including students and urban professionals, ensuring long-term occupancy stability.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 3250, other record living area = 2500.
Unit 3 is currently rented significantly below market value at $1,259, which may present challenges in achieving full market potential due to local rent control regulations and tenant protections.
With four units situated on a 4,801-square-foot lot, the property has a high density that likely limits private outdoor space and may create parking constraints for the various households.
This turnkey four-unit income property presents an outstanding investment opportunity, featuring a beautifully remodeled Unit 2 with a modern, high-end aesthetic and a newly constructed ADU with its own private entrance. The spacious unit mix offers strong tenant appeal while providing excellent long-term income potential. Ideally located near Cal State LA and with convenient access to Downtown Los Angeles and other major employment and lifestyle destinations, the property benefits from consistent rental demand. With projected rental increases, investors have the opportunity to achieve an estimated 5.1% capitalization rate, making this an attractive option for both long-term investors seeking stable cash flow and owner-occupants looking to offset ownership costs with rental income. Current Rents (Total: $7,619.43/month) Unit 1: 3 Bed / 2 Bath - $1,609.81 Unit 2: 2 Bed / 2 Bath - $2,250 Unit 3: 2 Bed / 2 Bath - $1,259.62 Unit 4 (ADU): 2 Bed / 2 Bath - $2,500 Current Financials: Annual Net Income: $69,928.57 Net Operating Income (NOI): $69,928.57 Annual Operating Expense: $21,504.59 Gross Rent Multiplier (GRM): 14.76% Capitalization Rate (Cap Rate): 5.18%
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 5.0 |
| Baths | 0.0 | 3.0 |
| Square foot | 3,250 | 2,250 |
| Lot Size | 4,801 | 5,864 |
| Price | $1.35M | $826.7K |
| Price per sq ft | $415 | $395 |
| Built year | 1988 | 1925 |
| HOA | $0 | $0 |
| Days on market | 4 | 83 |
Jul 18, 2026
$1,350,000
Initial Listing
Jun 23, 2021
$800,000
Public Record
Dec 27, 2010
$366,000
Public Record
Feb 12, 2007
$575,000
Public Record