Two 1920 bungalows on one lot in Sawtelle — first time on the market in 50+ years

Almost nothing under $1.2M on the Westside comes without a homeowners association attached to it. 1945 Barry Ave does — two detached 1920 Spanish bungalows sharing a 6,049 sq ft LAR2 lot between Santa Monica Blvd and Olympic, a few blocks east of Barrington. The front house runs 3 bedrooms and 2 baths; the smaller rear house is 3 bedrooms and 1 bath. At the back of the lot is a detached 2-car garage currently used for storage rather than parking.

This isn't a vacant flip or a walk-in house-hack. Whoever buys this is buying an occupied, rent-controlled income property with fifty years of deferred turnover behind it — so what's the appeal? Land, scarcity, and a rent roll that's already priced below what this same listing says the units can get. Two detached houses, one lot, LAR2 zoning, in a walkable West LA pocket that almost never trades under $1.2M.

Figures below are per the MLS listing — actual, in-place figures unless noted.

At today's in-place rents, the actual rent roll doesn't fully cover an estimated ~7% mortgage payment before other expenses — the kind of gap that's normal for a long-held, rent-controlled duplex, and one buyers should underwrite with eyes open. This isn't a deal pitched on day-one cash flow. It's pitched on scarcity, land, and the upside baked into the rent roll.

The listing also carries projected market rents of $4,000 and $3,500 a month — a combined $7,500/mo, or $90,000/yr. Run that through the same expense line and NOI climbs to roughly $77,600, pushing the cap rate toward 6.5%. That gap is the entire upside case: it isn't unlocked by a renovation, it's unlocked by time and eventual turnover, subject to whatever rent control rules apply when that happens. As agent Ania De Pourbaix puts it, “a property in the 90025 receiving $7,500/mo in rent today would easily be valued in the mid to high $1M's.”

• ✓Income from day one — $5,782/mo in place today, no lease-up period and no vacancy risk during escrow.
• ✓Real scarcity — two detached houses on one lot, under $1.2M, west of the 405. That combination barely exists anymore.
• ✓Meaningful market upside — actual rents sit roughly 30% below the listing's own projected market rents.
• ✓LAR2 zoning on a 6,049 sq ft lot — real long-term ADU and density optionality, per the listing remarks. Verify with the City before underwriting it.
• ✓1920 Spanish character — tile roofs, arched entries, formal dining in the front house. The kind of detail that doesn't get built anymore.

• —Sits between Santa Monica Blvd and Olympic, a few blocks east of Barrington — Sawtelle / West LA, Area 7 per the MLS.
• —Walkable to Sawtelle Japantown's restaurant row and the Stoner Park / Recreation Center.
• —Minutes from the West LA VA campus, Bundy corridor employers, and the 405/10 interchange.
• —Close to Westfield Century City and the Metro E (Expo) Line for a car-optional commute downtown or to Santa Monica.

Listing courtesy of Rodrigo Vargas & Irma Vargas, Tierra Properties, DRE #00467438. AMRE Real Estate Group represents buyers on this property; we do not represent the seller.

All rents, financing, returns, cap rates, and GRM figures shown are actual per-MLS or estimated figures for illustrative purposes only and do not constitute investment, tax, or legal advice. Both units are occupied and rent-controlled — buyers and agents are advised to independently verify all tenancy terms, rent control status, square footage, bed/bath count, lot size, zoning, and any ADU or expansion potential with the City of Los Angeles. Broker/Agent does not guarantee the accuracy of any property information; buyer is advised to verify independently with appropriate professionals. Property images are provided via the listing brokerage, Tierra Properties. AMRE Real Estate Group at Compass · DRE #02242095. Information deemed reliable but not guaranteed.