406 S Coronado St, Los Angeles, CA 90057

Property Overview

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406 S Coronado St is a well-situated 13-unit multifamily investment in the thriving Westlake neighborhood of Los Angeles. Originally constructed in 1922, this 6,250-square-foot property sits on a 7,732-square-foot lot and offers a diverse unit mix consisting of 12 one-bedroom apartments and 1 studio. The building is zoned LAR4, allowing for future expansion potential, including the opportunity to add up to 8 ADUs, significantly increasing rental income and overall asset value.

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With strong in-place rents and assumable 3.85% financing, this property provides investors with an immediate cash-flow opportunity while offering long-term upside through strategic lease adjustments and value-add improvements. Its desirable location, combined with high rental demand, makes 406 S Coronado St an excellent acquisition in the competitive Los Angeles market.

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Key Property Details

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• Location: 406 S Coronado St, Los Angeles, CA 90057
• Lot Size: 7,732 square feet
• Total Building Area: 6,250 square feet
• Units: 13 (12 one-bedroom units, 1 studio)
• Construction: Spanish-style architecture with modernized interiors
• Year Built: 1922
• Zoning: LAR4 (Multifamily with potential for additional ADUs)

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Investment Highlights

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406 S Coronado St offers an attractive combination of stable rental income and long-term appreciation potential. The property is currently delivering a 6.08% cap rate, with the ability to achieve 9.87% by optimizing rental rates and capitalizing on Westlake’s strong rental market.

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The unit interiors have been updated with modern kitchens, stainless steel appliances, and wood-inspired flooring, making it a turnkey investment with additional upside. Investors can further enhance returns by leasing the currently vacant unit at market rate and leveraging the ability to construct up to 8 ADUs under AB 1211.

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With a favorable price per unit and strong occupancy rates, this multifamily asset is a compelling opportunity for investors looking to capitalize on a high-demand rental submarket.

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Neighborhood and Accessibility

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Westlake is a vibrant and evolving neighborhood, offering residents a balance of urban convenience and cultural attractions. Situated just minutes from Koreatown, Echo Park, and Downtown Los Angeles, this property benefits from proximity to major employment centers, public transportation, and a growing base of renters seeking central, well-connected housing options.

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The property is located near the Metro Purple Line, multiple bus routes, and key thoroughfares, ensuring seamless access to public transit. Additionally, with the 10 and 110 freeways nearby, commuting is convenient for both residents and prospective future tenants.

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Market Trends and Financial Potential

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The Westlake submarket continues to experience consistent rental growth, supported by strong demand and a limited supply of well-located multifamily properties. Current rents at 406 S Coronado St are approximately 47% below market rates, presenting a clear pathway for income growth through lease adjustments and minor renovations.

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By implementing a strategic value-add plan, investors can increase net operating income (NOI) from $156,533 to $254,167, achieving a pro forma cap rate of 9.87%. With favorable financing terms and expansion potential, this asset provides both immediate cash flow and long-term appreciation prospects.

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For more information and to schedule a viewing, please contact:

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Taylor Avakian

Founder, The Group CRE

First Vice President, Lyon Stahl