676 South Coronado Street is a rare centrally located multifamily opportunity at the convergence of Downtown Los Angeles, MacArthur Park, and Westlake with immediate access to major employment centers, cultural institutions, and transit corridors. A Walk Score of 96 and multiple Metro Rail stations within half a mile support car-free… Read More daily living and durable renter demand. The property pairs vintage character with comprehensively modernized systems a combination increasingly rare at this price point. The almost all-studio configuration continues to outperform on rent-per-square-foot across the central LA market. Recent capital investment includes:Brand-new roof (2024) a significant deferred maintenance item already off the table, Fully upgraded electrical system reduced maintenance exposure and lower insurancecosts, All-copper plumbing throughout, Brand-new water heaters, Individually metered gas and electricity uncommon for buildings of this vintage, Several vacant units immediate upside without turnover delays. These improvements substantially reduce near-term capital requirements and position the next owner for efficient, low-friction operations from day one.Investment Highlights: Approximately 25% conservative rental upside is supported by comparables across Downtown LA, Koreatown, and Westlake. The asset is priced attractively relative to the broader central Los Angeles market: $96,379 per unit, $178 per square foot, Sub-8.0 gross rent multiplier, ~7.0% cap rate on in-place operations. Residents enjoy walkable access to Downtown LA and the Financial District, LA Live and the Convention Center, The Broad, MOCA and Walt Disney Concert Hall, Grand Park and the Civic Center, the Historic Core and Fashion District, and Koreatown's extensive dining and retail. This concentration of employment, culture, and lifestyle amenities underpins consistent, long-term renter demand. Read Less
Property listed by Keller Williams Realty, Joshua Cohen 310-259-7556
Listing Snapshot
Days Online
21
Last Updated
3/4 Baths
29
Square Ft.
15,678
Lot Size
0.16 Acres
Year Built
1922
MLS Number
26843647
Additional Details
Building
Built in 1922, Living area: 15678.0, 1 building, Levels: Two
Cooling
None
Heating
ForcedAir
Income
Gross Income: $353,993, Net Operating Income: $194,823
Lot
0.1584 acres
Parking
None
Taxes
Parcel Number: 5141007009, Zoning: LAR4P
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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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