Property listed by Lyon Stahl Investment Real Estate, Inc., Taylor Avakian 310-425-9838
$3,400,000
138 S Westmoreland Ave | 33-Unit Value-Add Multifamily, Los Angeles. The property is a 1926-built asset totaling 18,604 SF on a 7,922 SF lot in Rampart Village, on the northern edge of Koreatown and within walking distance of the Metro B Line. It features (31) studio units averaging 445 SF… Read More and (2) 1+1 units at 625 SF. Twenty-nine units are currently occupied, and 23 of them rent below market. Four long-term tenancies dating to 20052011 carry 34%67% upside to the $1,395 studio market rent, and three vacant studios are ready to lease at market. Offered at $3,400,000 ($103,030/unit | $182.76/SF) with a 6.17% current cap rate, the real story is the rent-to-market gap a 7.71% pro forma cap and an entry roughly 12.7% below the ~$118K/unit average of recent comparable sales. Read Less
Listing Snapshot
Days Online
64
Last Updated
3/4 Baths
32
Square Ft.
18,604
Lot Size
0.18 Acres
Year Built
1926
MLS Number
26993013
Additional Details
Building
Built in 1926, Living area: 18604.0, 1 building, Levels: MultiSplit
Cooling
None
Heating
None
Income
Gross Income: $503,507, Net Operating Income: $214,921
Lot
0.1819 acres, Dimensions: 52x153
Parking
None
Taxes
Parcel Number: 5501016009, Zoning: LAR3
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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