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… Read More 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 5.76% CAP rate and 11.77 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. Read Less
Property listed by Marcus & Millichap, Neema Ahadian 310-909-5500
Listing Snapshot
Days Online
215
Last Updated
Property Type
Other
Beds
12
Square Ft.
7,444
Lot Size
0.17 Acres
Year Built
1958
MLS Number
24454031
30 Days Snapshot Of 90004
$2.75M
+81%
(avg) sold price
6
-50%
homes sold
57
-21%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Dishwasher, Microwave, Refrigerator
Building
Built in 1958, Building area total: 7,444, Levels: Two, Living area: 7444, 2 stories, 1 building
Heating
Central
Income
Gross income: $219,690, Net operating income: $148,928
Laundry
Stacked
Lot
0.1704 acres, 7,424 square feet, Size: 7,424
Parking
10 totals parking, None
Property
Zoning: LAR2
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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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