1144 Elden Ave is a 12-unit Pico-Union multifamily property built in 1986 and not subject to Los Angeles City rent control. Located in a designated Opportunity Zone just south of Koreatown, this value-add asset offers investors a compelling combination of strong market metrics, upside potential, and tax-advantaged long-term positioning.

The unit mix consists of (6) two-bedroom, 1.5-bath units and (6) one-bedroom units, with current rents offering approximately 34% upside compared to renovated properties in the surrounding area. At the list price, 1144 Elden Ave is being offered at $250,000 per unit, $307 per square foot, and will stabilize at a 7.19% CAP rate and 9.42 GRM based on market rents. The building benefits from its 1986 construction date, which exempts it from L.A. City Rent Stabilization Ordinance and instead subjects it to California AB-1482—currently allowing for an 8.8% annual increase (5% plus CPI), giving owners enhanced rent growth flexibility.

Tenants enjoy gated on-grade parking and a community laundry room. The property’s layout and build quality reflect practical design and long-term tenant appeal. Its location just south of Olympic and west of Vermont puts it in close proximity to multiple multifamily and mixed-use developments, many of which are either recently completed or underway—signaling strong neighborhood momentum and ongoing reinvestment.

The surrounding Pico-Union neighborhood borders Koreatown and Downtown L.A., offering future renters easy access to transit, employment centers, and entertainment districts. Investors looking for a well-located Pico-Union multifamily asset with considerable rental upside, tax incentive potential through the Opportunity Zone designation (buyer to verify), and favorable rent control exemptions will find 1144 Elden Ave to be an ideal addition to a growing Los Angeles portfolio.