High-Performing 2024 Luxury 5-Unit 2204 Carmona Ave

5 Unit Apartment Building $3,950,000 ($790,000/Unit) 5.19% Cap Rate Los Angeles, CA 90016

INVESTMENT HIGHLIGHTS

  • Massive units spanning 7,899 square feet with premium floorplans, highly elevated finishes, custom built-ins, and ample parking (11 spots!).
  • The largest rooftop decks we've seen on a project to date! With awe-inspiring views of Los Angeles and massive bonus square footage added!
  • All units separately metered for gas, electricity, and water, ensuring very low operating expenses for owners.
  • A 5-minute drive to the Culver City Arts District (Helms Bakery Complex and Platform)& moments from exciting mixed-use developments like Ivy Station!
  • 100% stabilized. Step into income on DAY ONE! Current cap rate of 5.19% on a pride-of-ownership building that will retain value thanks to it's high-en
  • Turnkey 1031 exchange opportunity, ready to close and offering long-term value in a low-maintenance, high-performing property.

EXECUTIVE SUMMARY

The 5+ Unit Specialists are thrilled to present 2204 Carmona Ave, a one-of-a-kind, architectural non-RSO 5-unit (fourplex + ADU) just a five-minute drive from the coveted Culver City Arts District. This isn’t just new construction; it’s a statement of modern design and precision craftsmanship that redefines the luxury rental market. With bespoke finishes, meticulous attention to detail, and standout features like expansive rooftop decks with sweeping city views, this property offers a lifestyle experience far beyond the ordinary. Thanks to these superior features, the property achieved rents of $5,495, $5,295 (x2), $4,995, and $1,600.
The property consists of one spacious 4 bed/4 bath unit, three 3 bed/3 bath units, and a 1 bed/1 bath ADU. Each unit has been carefully designed with open layouts that maximize natural light, high-end finishes, closets with custom built-ins, and in-unit washer/dryers. Landscaped outdoor spaces and rooftop decks add another layer of appeal, creating inviting areas to relax or entertain with panoramic city views.
Located in the heart of Los Angeles’ creative corridor, just minutes from the trendy Culver City Arts District, tenants enjoy access to some of LA’s most popular destinations, including Pasta Sisters, Platform, and the Helms Bakery complex. Built with cutting-edge materials and all-new systems, 2204 Carmona Ave is a low-maintenance, high-performing property designed to deliver long-term value.
This property is separately metered for all utilities, meaning minimal operating costs, and features 11 on-site parking spaces to accommodate tenants with ease. This is more than a property—it’s a testament to bold design, superior craftsmanship, and a lifestyle that commands premium rents.

FINANCIAL SUMMARY (ACTUAL - 2024)

ANNUAL ANNUAL PER SF
Gross Rental Income $277,560 $35.14
Other Income - -
Vacancy Loss $16,286 $2.06
Effective Gross Income $261,274 $33.08
Taxes $47,376 $6.00
Operating Expenses $8,940 $1.13
Total Expenses $56,316 $7.13
Net Operating Income $204,958 $25.95

PROPERTY FACTS

Price $3,950,000
Price Per Unit $790,000
Sale Type Investment
Cap Rate 5.19%
Sale Condition Build to Suit
Gross Rent Multiplier 14.51
No. Units 5
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class B
Lot Size 0.14 AC
Building Size 7,899 SF
Average Occupancy 100%
No. Stories 3
Year Built 2024
Parking Ratio 1.39/1,000 SF
Opportunity Zone Yes

UNIT AMENITIES

  • Air Conditioning
  • Balcony
  • Dishwasher
  • Disposal
  • Microwave
  • Washer/Dryer
  • Washer/Dryer Hookup
  • Heating
  • Double Vanities
  • Eat-in Kitchen
  • Kitchen
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Range
  • Tub/Shower
  • Views
  • Yard
  • Deck
  • Dining Room
  • Double Pane Windows
  • Framed Mirrors
  • Freezer
  • Handrails
  • Island Kitchen
  • Lawn
  • Large Bedrooms

SITE AMENITIES

  • 24 Hour Access
  • Controlled Access
  • Tenant Controlled HVAC
  • Public Transportation
  • Private Bathroom
  • Smoke Detector

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
4+4 1 $5,495 1,973
3+3 3 $5,145 1,735 - 2,002
1+1 1 $1,600 346
Walk Score®
Very Walkable (78)

ZONING

Zoning Code LARD1.5
  • Listing ID: 34646311

  • Date on Market: 1/29/2025

  • Last Updated:

  • Address: 2204 Carmona Ave, Los Angeles, CA 90016