1045 S Cloverdale Ave, Los Angeles, CA 90019

May 28

Written By Jake Glaser

8 Units in Miracle Mile | 10.83 GRM & $260/SF

Sold: $1,675,000

$209,375/Unit

$260.58/SF

5.69% Cap Rate

10.83 GRM

The Deal Story

CLOSING #15 OF THE YEAR

Sale Price: $1,675,000

Units: 8

Property Type: Miracle Mile multifamily apartment building

Unit Mix: (7) 1-bed / 1-bath units & (1) 2-bed / 1-bath unit

Buyer Type: Local young investment group focused on growing their multifamily portfolio

Seller Situation: Family-owned asset jointly managed by relatives across two states for nearly 26 years; ownership decided to unlock equity and transition into separate future investments and goals

Result: Generated 11 offers within the first 10 days on the market and secured a fully non-contingent deal

Special Features: Seismic retrofit completed in 2023; foundation bolting completed in 2019; copper plumbing repipe

Case Study Summary
1045 S Cloverdale Avenue, an 8-unit Miracle Mile apartment property built in 1954, sold for $1,675,000 after generating 11 offers within the first 10 days on the market. The transaction ultimately closed fully non-contingent, highlighting the strong demand for well-located value-add multifamily opportunities on Los Angeles’ Westside.

The property had been family-owned and jointly managed across two states for nearly 26 years. As the ownership group entered a new chapter, they partnered with The Glaser Group to execute a competitive sales process focused on maximizing value and creating a seamless transition. Through strategic positioning and targeted marketing, we successfully identified a local young investment group actively following The Glaser Group’s listings and recent closings.

The buyer was attracted to the property’s significant upside potential, with current rents approximately 33% below market, along with extensive completed capital improvements including a seismic retrofit, foundation bolting, copper plumbing repipe, and dual glazed windows. The Glaser Group represented both parties and coordinated a smooth escrow from start to finish.

Property Highlights

8 units in Miracle Mile pocket; built in 1954
11 offers generated within 10 days of listing, resulting in a fully non-contingent deal
The Glaser Group represented both parties, ensuring a seamless close for all involved
Mix consists of (7) 1BR/1BA units & (1) 2BR/1BA unit
Required seismic retrofit completed in 2023
Foundation was bolted in 2019 per LADBS permit records (Buyer to verify accuracy); emergency GSV installed
All windows replaced with dual glazed in 2009 (except from front upstairs unit)
Tuck under parking in front and rear of the building can accommodate 8 vehicles (12 tandem)
Plumbing repiped to copper in 2003 per LADBS permit records (buyer to verify accuracy)
First time marketed for sale in nearly 26 years
Property is separately metered for gas and electricity
Rents are 33% below market value providing investors with future upside potential to realize
Close proximity to Beverly Hills, The Grove, parks, shopping, Wilshire nightlife & new Metro Station