Investment Overview

Marcus & Millichap is pleased to present 1845 N New Hampshire Avenue, a charming 10-unit bungalow-style multifamily asset situated just south of Franklin Avenue in the heart of Los Feliz, one of the most walkable and sought after rental submarkets on the Eastside of Los Angeles. Built in 1923, the property features a classic bungalow-style layout on a generous 8,428 SF lot, a character-defining configuration rarely available in this submarket, offering residents a low-density, detached-feel living environment with dual access points for added privacy and convenience. The property is separately metered for gas and electricity with tenants paying for most of their utilities, and waste removal is also tenant-paid, meaningfully reducing operating expenses and providing the incoming owner with insulated, predictable cash flow from day one. The asset has been meticulously maintained by long-term ownership, with freshly painted exteriors, newly installed landscaping, well-kept grounds, and individual water heaters per unit, signaling pride of ownership and reducing near-term deferred maintenance exposure for the next investor. This offering represents a rare generational ownership opportunity. The property has remained under the same family’s stewardship for decades with extremely limited transaction history, presenting investors with the kind of below-market basis rarely available in a neighborhood of this caliber. Offered at $1,650,000, representing $165,000 per unit and $328/SF, the property presents a compelling value-add opportunity with over 46% rental upside as below-market tenancies roll to current Los Feliz market levels, providing a clear and executable path to meaningful NOI growth through natural turnover with no renovation required. Walk Score 80 · Transit Score 80. Ideally positioned steps from the dining, coffee, and retail corridors of Vermont Avenue and Hillhurst Avenue, with walkable access to Los Feliz Village, Griffith Park, and the broader amenity base that drives persistent tenant demand and low vacancy throughout all market cycles.