3674 Empire Dr, Los Angeles, CA 90034

Apr 13

Written By Jake Glaser

10-Unit Trust Sale in Palms | New Roof, Brand New Electrical, 32% Upside

Download Offering Memorandum

$2,400,000

$240,000/Unit

$369.91/SF

5.06% Cap Rate

11.80 GRM

Property Highlights

10-unit value add property in Palms built in 1961
Trust Sale offered to the market for first time in 50 years!
Diverse mix of (4) 2BR/1.5BA, (2) 1BR/1BA, and (4) bachelor units across 6,488 SF of building
New roof was installed in 2022 per LADBS permit record
Required soft story retrofit was completed
Electrical systems have been fully updated with new Siemens main panel, breakers and subpanels
Property has (7) tandem parking stalls (14 spaces total)
Current rents sit approx. 32% below current market
On-site laundry room brings in additional income
Property has (1) current vacant bachelor unit
Strong attached ADU potential in tuck under parking
Strong rental demand driven by connectivity to Culver City, Santa Monica and the Westside

The Opportunity

The Glaser Group is pleased to present 3674 Empire Drive, a well-maintained 10-unit multifamily property located in the highly desirable Palms neighborhood of Los Angeles. Built in 1961, 3674 Empire Dr is a Trust Sale being offered for the first time in 50 years.

The property encompasses approximately 6,488 square feet of living space on a 9,279 SF lot and features a diverse unit mix of (4) 2BR/1.5BA, (2) 1BR/1BA units, and (4) bachelor units. One bachelor unit is currently vacant, offering immediate repositioning and leasing at market rate. Current rents remain approximately 32% below market, presenting a compelling value-add opportunity in a tight rental market.

Ownership has completed numerous capital improvements in recent years. A new roof was installed in 2022, and the required soft-story seismic retrofit has been completed (2019). In 2025, the entire electrical system was upgraded with Siemens equipment, including new meters, breakers and subpanels. All units are now separately metered for gas and electricity, except for the bachelors which do not have gas lines and are all-electric.

Additional improvements include a partial copper repipe (per owner), replacement of the majority of windows and sliding doors, and a 100-gallon water heater.

The property offers (7) tandem parking stalls accommodating up to 14 vehicles, and an on-site laundry room with one washer and dryer that generates supplemental income. The tuck-under parking configuration also presents strong attached ADU potential (Buyer to Verify), providing an avenue for future expansion and increased cash flow.

Ideally situated in the vibrant Palms submarket, 3674 Empire Drive benefits from strong and consistent rental demand driven by its proximity to Culver City, Santa Monica, and the greater Westside, as well as convenient access to major employment centers, retail, dining, and transportation corridors.