Multifamily
1303 - 1305 Laveta Terrace
1305 Laveta Terrace, Los Angeles, CA 90026
Listing Price: $2,590,000
Investment Overview
Marcus & Millichap is proud to present 1303-1305 Laveta Terrace, a two-parcel, 10-unit investment offering in the Echo Park neighborhood of Los Angeles comprising a nine-unit apartment complex and a detached two-story single-family residence with a private pool, each on its own legally separate lot. The apartment complex at 1305 Laveta Terrace traces its origins to six individual wood-frame bungalows constructed in 1921, each built under its own city permit as a standalone one-story dwelling. Over the following decades these six structures were consolidated into a nine-unit apartment configuration across four buildings, housing six studios and three one-bedroom/one-bathroom units with 4,279 square feet of rentable area on a 26,106-square-foot lot. The detached residence at 1303 Laveta Terrace was built in 1968 as a two-story, Type V single-family home with 1,385 square feet, three bedrooms, three bathrooms, central heat and air conditioning, and a private pool on its own 11,059-square-foot lot. The combined site totals approximately 37,165 square feet (0.85 acres) with 5,660 square feet of net rentable area across all units. All apartment units are individually metered for gas and electricity, and each has in-unit washer and dryer connections.
The offering presents two distinct value-add opportunities within a single transaction. The apartment building delivers approximately 77 percent rent upside across seven occupied units with vacancy decontrol supporting rent-to-market resets upon turnover, while two vacant apartment units and the detached house represent immediate lease-up income. The house at 1303, with an estimated market rent of approximately $5,800 per month supported by recent single-family sales on the same block exceeding $2.2 million and $3.4 million, offers a new owner the flexibility to lease at market, operate as a short-term rental, or hold as an owner-occupied residence while managing the adjacent apartment building. Together, the properties deliver a combined pro forma gross of approximately $24,685 per month. The two parcels are legally separate and independently transferable for the first time since 1968, giving a buyer structural flexibility to hold, dispose, or develop each lot on its own terms.
This is a lender-owned REO disposition with clear title, offering a streamlined acquisition with no seller emotion, no 1031 exchange timeline, and no partnership approval process. The combination of significant rent upside on the apartment side, a vacant and move-in-ready house with pool on a separate legal parcel, meaningful development density beyond the existing 10 units, and documented structural investment at the house positions this property to attract a broad range of value-add investors, developers, and long-term holders in one of LA's most sought-after eastside neighborhoods.
1303 - 1305 Laveta Terrace
Investment Highlights
- 77% Rent Upside with Vacancy Decontrol: Current in-place rents average approximately $727 per month across seven occupied apartment units, compared to Rentometer-confirmed market medians of $1,795 for
- Two Separate Legal Parcels with Independent Disposition Flexibility: The 1303 house and 1305 apartment complex sit on two legally separate parcels following the 2023 termination of a lot tie covenant
- Lender-Owned REO with Clear Title: This is a bank-owned disposition following the February 2026 foreclosure of a borrower who had cycled through nine commercial lenders over a decade without stabilizi
- Detached Two-Story House with Pool on 11,059 SF Lot: The 1303 parcel includes a standalone three-bedroom/three-bathroom residence built in 1968 with central heat and air conditioning, a private in-ground pool, and a patio with pergola and fire pit on its own 11,059-square-foot lot (APN 5419-028-030). The house interior features a modern kitchen with a professional-style gas range, stone counters, and commercial hood vent; a master suite with glass-enclosed shower, stone tile, and skylight; dark
- Documented Structural Investment at 1303: City building records confirm a comprehensive engineer-designed foundation and seismic retrofit completed in 2005 at the house, encompassing five related permits for sill plate anchor bolts, cripple wall plywood reinforcement, pier-to-pad footing upgrades, underpinning with new retaining wall and slab, and hillside grading with drainage (LADBS Permit 05030-20000-03121, finalized). Additional permitted work includes a central HVAC system installation, dry
- 35-Unit Density Potential Under TOC Tier 3: Dual C2-1VL and R2-1VL zoning across both parcels with Transit Oriented Communities Tier 3 eligibility allows up to 35 units by right on the combined 0.85-acre site, representing 25 additional units of development capacity beyond the 10 existing. The C2 commercial zoning component opens potential uses beyond residential, including retail, office, or mixed-use ground floor configurations.
- Walker's Paradise in a Supply-Constrained Eastside Submarket: The property carries a Walk Score of 96 and sits within 0.1 miles of bus transit, with the Metro L Line approximately 1.5 miles away and Downtown LA two miles southeast. Echo Park's hillside terrain and small lot sizes severely constrain new competing construction, with new multifamily development in Los Angeles representing just 1.8 percent of existing inventory versus the 2.8 percent national average. The combined 37,165-square-foot
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Listing Price: $2,590,000
Investment Highlights
- 77% Rent Upside with Vacancy Decontrol: Current in-place rents average approximately $727 per month across seven occupied apartment units, compared to Rentometer-confirmed market medians of $1,795 for
- Two Separate Legal Parcels with Independent Disposition Flexibility: The 1303 house and 1305 apartment complex sit on two legally separate parcels following the 2023 termination of a lot tie covenant
- Lender-Owned REO with Clear Title: This is a bank-owned disposition following the February 2026 foreclosure of a borrower who had cycled through nine commercial lenders over a decade without stabilizi
- Detached Two-Story House with Pool on 11,059 SF Lot: The 1303 parcel includes a standalone three-bedroom/three-bathroom residence built in 1968 with central heat and air conditioning, a private in-ground pool, and a patio with pergola and fire pit on its own 11,059-square-foot lot (APN 5419-028-030). The house interior features a modern kitchen with a professional-style gas range, stone counters, and commercial hood vent; a master suite with glass-enclosed shower, stone tile, and skylight; dark
- Documented Structural Investment at 1303: City building records confirm a comprehensive engineer-designed foundation and seismic retrofit completed in 2005 at the house, encompassing five related permits for sill plate anchor bolts, cripple wall plywood reinforcement, pier-to-pad footing upgrades, underpinning with new retaining wall and slab, and hillside grading with drainage (LADBS Permit 05030-20000-03121, finalized). Additional permitted work includes a central HVAC system installation, dry
- 35-Unit Density Potential Under TOC Tier 3: Dual C2-1VL and R2-1VL zoning across both parcels with Transit Oriented Communities Tier 3 eligibility allows up to 35 units by right on the combined 0.85-acre site, representing 25 additional units of development capacity beyond the 10 existing. The C2 commercial zoning component opens potential uses beyond residential, including retail, office, or mixed-use ground floor configurations.
- Walker's Paradise in a Supply-Constrained Eastside Submarket: The property carries a Walk Score of 96 and sits within 0.1 miles of bus transit, with the Metro L Line approximately 1.5 miles away and Downtown LA two miles southeast. Echo Park's hillside terrain and small lot sizes severely constrain new competing construction, with new multifamily development in Los Angeles representing just 1.8 percent of existing inventory versus the 2.8 percent national average. The combined 37,165-square-foot
Investment Overview
Marcus & Millichap is proud to present 1303-1305 Laveta Terrace, a two-parcel, 10-unit investment offering in the Echo Park neighborhood of Los Angeles comprising a nine-unit apartment complex and a detached two-story single-family residence with a private pool, each on its own legally separate lot. The apartment complex at 1305 Laveta Terrace traces its origins to six individual wood-frame bungalows constructed in 1921, each built under its own city permit as a standalone one-story dwelling. Over the following decades these six structures were consolidated into a nine-unit apartment configuration across four buildings, housing six studios and three one-bedroom/one-bathroom units with 4,279 square feet of rentable area on a 26,106-square-foot lot. The detached residence at 1303 Laveta Terrace was built in 1968 as a two-story, Type V single-family home with 1,385 square feet, three bedrooms, three bathrooms, central heat and air conditioning, and a private pool on its own 11,059-square-foot lot. The combined site totals approximately 37,165 square feet (0.85 acres) with 5,660 square feet of net rentable area across all units. All apartment units are individually metered for gas and electricity, and each has in-unit washer and dryer connections. The offering presents two distinct value-add opportunities within a single transaction. The apartment building delivers approximately 77 percent rent upside across seven occupied units with vacancy decontrol supporting rent-to-market resets upon turnover, while two vacant apartment units and the detached house represent immediate lease-up income. The house at 1303, with an estimated market rent of approximately $5,800 per month supported by recent single-family sales on the same block exceeding $2.2 million and $3.4 million, offers a new owner the flexibility to lease at market, operate as a short-term rental, or hold as an owner-occupied residence while managing the adjacent apartment building. Together, the properties deliver a combined pro forma gross of approximately $24,685 per month. The two parcels are legally separate and independently transferable for the first time since 1968, giving a buyer structural flexibility to hold, dispose, or develop each lot on its own terms. This is a lender-owned REO disposition with clear title, offering a streamlined acquisition with no seller emotion, no 1031 exchange timeline, and no partnership approval process. The combination of significant rent upside on the apartment side, a vacant and move-in-ready house with pool on a separate legal parcel, meaningful development density beyond the existing 10 units, and documented structural investment at the house positions this property to attract a broad range of value-add investors, developers, and long-term holders in one of LA's most sought-after eastside neighborhoods.
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