Meticulously cared for by the same family for two generations, 502 N Serrano Ave. is incredibly well positioned for an investor to steward to new heights with cosmetic upgrades, unit turnover and potential ADUs. Over the past 20 years, ownership has upgraded the major systems including converting to all copper… Read More plumbing, resurfacing and resealing exterior walkway decking, adding a new central water heater and performing a full roof replacement. In 2019, ownership completed the City's mandatory soft-story retrofit. Units have been thoroughly renovated as they turn over, replacing the original bathroom wall heaters with wall/window air-conditioning units. The downstairs unit on Serrano includes a private, secured patio for the tenant's use. The intersection of Serrano and Maplewood Avenues is a quiet area with low density residential and single family homes mixed with mid-sized apartment buildings. 502 N. Serrano is offered at a competitive current cap rate with approximately 20% upside in NOI, with further potential by adding ADUs and implementing RUBS utility reimbursement as new leases are signed. Koreatown is among the highest demand markets in LA. Located in central Los Angeles, west of downtown and south of Hollywood, it's bounded by Beverly Blvd.to the north, Pico Blvd. to the south, Crenshaw Blvd. to the west, and Hoover St. to the east. The neighborhood is well-served by public transportation, with access to the Metro Purple and Red Lines. Koreatown continues to thrive, becoming a vibrant and diverse neighborhood in Los Angeles with over 120,000 residents. The neighborhood's economic growth, new development, increased diversity, and cultural vibrancy have made it a popular destination for residents, businesses, and visitors alike. Ktown is extremely walkable and well-amenitized allowing residents to work, shop, dine and recreate without leaving the area. 502 N. Serrano Ave. is just two blocks from Western Ave., Melrose Ave. and Beverly Blvd. with an incredible amenity base steps away. Koreatown's vibrant culture and ideal central location continue to draw thousands of renters to the area. With its proximity to job hubs, accessible public transit, low vacancy and young demographic, Koreatown has been a favorite among investors and developers--regional to institutional--for over a decade. Read Less
Property listed by CB Richard Ellis, Inc., Adam Peterson
Listing Snapshot
Days Online
93
Last Updated
Property Type
Other
Beds
10
Square Ft.
7,456
Lot Size
0.17 Acres
Year Built
1956
MLS Number
25569149
30 Days Snapshot Of 90004
$2.23M
-27%
(avg) sold price
17
+70%
homes sold
87
+6%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Disposal
Building
Built in 1956, Building area total: 7,456, Levels: Two, Living area: 7456, 2 stories, 1 building
Cooling
WallWindowUnits
Heating
WallFurnace
Income
Gross income: $168,107, Net operating income: $98,816
Laundry
LaundryRoom
Lot
0.1734 acres, 7,553 square feet, Size: 7,553
Parking
9 totals parking, Covered, Driveway, Gated
Property
Zoning: LAR4
Tenant Pays
Electricity, Gas
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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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