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$2,785,000
Est. payment /mo
12 Beds
10 Baths
7,444 SqFt
UPDATED:
12/10/2024 05:25 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,444 sqft
Price per Sqft $374
MLS Listing ID 24454031
Bedrooms 12
HOA Y/N No
Year Built 1958
Lot Size 7,422 Sqft
Property Description
We are pleased to present a seven-unit investment opportunity in Koreatown at 4651 Council St, a corner lot just south of Beverly Blvd. The property features an ideal unit mix of two one-bedrooms and five two-bedrooms with 10 parking spaces; the soft story retrofit work has been completed. Ownership has completed full renovations of five units with upgrades including in-unit washers & dryers, vinyl plank flooring, stainless steel appliances, new kitchen cabinets and tile backsplashes, new plumbing fixtures and improvements, new drywall, paint, and base moldings, and energy efficient LED lighting, among others. In addition to interior unit renovations, ownership has recently completed exterior and common area capital expenditures including LED lighting, house panel and subpanel upgrades, new door numbers, new landscaping, and new paint throughout the common areas. Opportunity to acquire an asset with little to no deferred maintenance and strong in-place cash flow at a 5.16% CAP rate and 12.86 GRM on current income with an additional 19% rental upside. High Walk Score of 93, close proximity to schools, employment, and transit options. Central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.
Location
State CA
County Los Angeles
Area C18 - Hancock Park-Wilshire
Zoning LAR2
Interior
Heating Central
Fireplace No
Appliance Dishwasher, Microwave, Refrigerator
Laundry Stacked
Exterior
Parking Features None
Total Parking Spaces 10
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5516020010
Special Listing Condition Standard
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Listed by Neema Ahadian • Marcus & Millichap
1st Class Real Estate Mavericks
Brokerage | License ID: 02245942
+1(760) 203-3373 | 1stclassmavericks@gmail.com