Multifamily
1536 Serrano Avenue
1536 Serrano Ave, Los Angeles, CA 90027
Listing Price: $7,995,000
Investment Overview
Serrano Apartments is a 42-unit affordable housing community located in the East Hollywood neighborhood of Los Angeles. The property consists of a three-story structure totaling 60,525 square feet, situated on a 30,143 SF lot (0.69 acres). The unit mix includes one-, two-, three-, and four-bedroom layouts designed for large family households. The property is governed by a 55-year TCAC Regulatory Agreement that restricts 41 of the 42 units, with the remaining unit reserved for an onsite manager. Serrano Apartments is in full compliance with Section 42 LIHTC regulations, including annual income certifications and rent caps based on HUD-published FY 2025 AMI standards. The current affordability mix is: • 16 units restricted at 50 Percent of AMI • 25 units restricted at 60 Percent of AMI • 1 manager’s unit (not income-restricted) 25 of the 41 restricted units (~60 Percent) are currently leased to Section 8 voucher holders, allowing ownership to collect gross rents above LIHTC levels so long as the tenant’s share remains within the allowable AMI cap. This results in stable, subsidy-backed cash flow and long-term compliance. Ideally located near Hollywood Blvd, Vermont/Sunset Metro Station, and major job hubs, the property offers long-term value through its irreplaceable infill location and deeply affordable rent roll.
1536 Serrano Avenue
Investment Highlights
- The property is governed by a recorded 55-year regulatory agreement, offering long-term affordability, rent stability, and predictability for mission-driven and institutional investors.
- Delivered as a fee simple asset with no ground lease or legacy LIHTC partnership restrictions—offering full land and building ownership with long-term control.
- Free & Clear Offering with Attractive New Financing
- 25 of 41 income-restricted units are leased to Section 8 voucher holders, enabling above-LIHTC rents while maintaining full program compliance.
- Upgrades include a Class A/B Cool Roof (2017), LED lighting, code-compliant exit signage (2020), elevator modernizations (2021–2025), and 15 renovated units since 2019.
- Designed for large households, the building features 12 two-bedrooms, 18 three-bedrooms, and 3 four-bedrooms, with a weighted average unit size of 1,441 square feet.
- Located just south of Sunset Boulevard and walkable to the Metro, Kaiser Permanente, Los Angeles City College, and major employment centers—supporting sustained occupancy and demand.
Exclusively Listed By
Financing By
Listing Price: $7,995,000
Investment Highlights
- The property is governed by a recorded 55-year regulatory agreement, offering long-term affordability, rent stability, and predictability for mission-driven and institutional investors.
- Delivered as a fee simple asset with no ground lease or legacy LIHTC partnership restrictions—offering full land and building ownership with long-term control.
- Free & Clear Offering with Attractive New Financing
- 25 of 41 income-restricted units are leased to Section 8 voucher holders, enabling above-LIHTC rents while maintaining full program compliance.
- Upgrades include a Class A/B Cool Roof (2017), LED lighting, code-compliant exit signage (2020), elevator modernizations (2021–2025), and 15 renovated units since 2019.
- Designed for large households, the building features 12 two-bedrooms, 18 three-bedrooms, and 3 four-bedrooms, with a weighted average unit size of 1,441 square feet.
- Located just south of Sunset Boulevard and walkable to the Metro, Kaiser Permanente, Los Angeles City College, and major employment centers—supporting sustained occupancy and demand.
Investment Overview
Serrano Apartments is a 42-unit affordable housing community located in the East Hollywood neighborhood of Los Angeles. The property consists of a three-story structure totaling 60,525 square feet, situated on a 30,143 SF lot (0.69 acres). The unit mix includes one-, two-, three-, and four-bedroom layouts designed for large family households. The property is governed by a 55-year TCAC Regulatory Agreement that restricts 41 of the 42 units, with the remaining unit reserved for an onsite manager. Serrano Apartments is in full compliance with Section 42 LIHTC regulations, including annual income certifications and rent caps based on HUD-published FY 2025 AMI standards. The current affordability mix is: • 16 units restricted at 50 Percent of AMI • 25 units restricted at 60 Percent of AMI • 1 manager’s unit (not income-restricted) 25 of the 41 restricted units (~60 Percent) are currently leased to Section 8 voucher holders, allowing ownership to collect gross rents above LIHTC levels so long as the tenant’s share remains within the allowable AMI cap. This results in stable, subsidy-backed cash flow and long-term compliance. Ideally located near Hollywood Blvd, Vermont/Sunset Metro Station, and major job hubs, the property offers long-term value through its irreplaceable infill location and deeply affordable rent roll.
Exclusively Listed By
Financing By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
