We are pleased to present a twenty (20) unit multifamily property located at 1047 Irolo Street in Los Angeles, California. The property is situated in a n ideal Koreatown location just south of Olympic Boulevard and east of Western Ave. Built in 1926, this property is comprised of twenty (20)… Read More studio units. Two (2) units will be de livered vacant allowing an investor to capture market rents on these units from day one. This property boasts a unique Nubian-inspired architecture, with the building resembling the grandeur of the Pyramids of Meroe. In addition, the property is master metered for gas, allowing rent to be increased by 5% annually. Averaging over 435 SF each, these large studio units have over 45% rental upside potential. The property includes a roughly 200 SF laundry room for tenants, allowing an investor to net additional income. This is the f first time in over 30years this property has been on the market. Situated in an ideal Koreatown location, this twenty (20) unit property presents an excellent opportunity for a value-add investor to capitalize on the tremendously rental upside. Read Less
Property listed by Marcus & Millichap, Jason Tuvia 818-212-2700
Listing Snapshot
Days Online
60
Last Updated
Property Type
Other
Square Ft.
8,712
Lot Size
0.14 Acres
Year Built
1926
MLS Number
25497079
30 Days Snapshot Of 90006
$733k
-10%
(avg) sold price
4
0%
homes sold
50
-21%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Dryer, Washer
Building
Built in 1926, Building area total: 8,712, Levels: Two, Living area: 8712, 2 stories, 1 building
Heating
WallFurnace
Income
Gross income: $200,640, Net operating income: $109,716
Lot
0.1355 acres, 5,903 square feet, Size: 5,903
Parking
None
Property
Zoning: LAR4
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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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