We are pleased to present 1214 W 8th Street, a 37-unit SRO apartment building in the Westlake submarket of Los Angeles. Situated along a primary connector between Downtown LA and the surrounding neighborhoods, the property offers immediate freeway access and a perfect 100 Transit Score. Built in 1923 as a… Read More 39-room hotel and converted to residential use in 2010, the property received new tile flooring, doors, sinks and faucets, fresh paint, smoke detectors, and a security system at the time of conversion. The building has operated as a stabilized income-producing asset for over a decade since. The unit mix includes 21 SRO units with shared bathrooms and16 SRO units with private en-suite bathrooms, plus one retail space along 8th Street currently occupied by a mini market. Each floor is served by two bathrooms and two shower rooms for shared bathroom tenants. Additional building features include a large lobby, a ground-floor leasing office, and a basement storage area approximately one-quarter the size of the building footprint, which is not reflected in the recorded 12,936 SF. At the asking price of $3,685,000, the property is offered at $99,595 per unit and $284 per square foot, generating a current cap rate of 8.91% and a 6.63 GRM on in-place income. Income is further supplemented by a large billboard with direct 8th Street frontage and the ground-floor retail space, both of which contribute to the overall revenue profile and provide upside as leases turn. Westlake benefits from persistent renter demand anchored by proximity to Downtown LA employment, major healthcare institutions, and one of the most extensive public transit networks in the region. The submarket draws a stable, transit-oriented renter base and has historically maintained strong occupancy through varying market conditions.1214 W 8th Street is a well-located, cash-flowing SRO asset offered at an attractive basis with strong day-one returns and a clear path to increased income through rent-to-market. It represents a compelling opportunity for an investor seeking durable yield in one of Los Angeles' most supply-constrained urban submarkets. Read Less
Property listed by Marcus & Millichap, Neema Ahadian 310-259-7556
Listing Snapshot
Days Online
25
Last Updated
Square Ft.
12,936
Lot Size
0.19 Acres
Year Built
1923
MLS Number
26854765
Additional Details
Building
Built in 1923, Living area: 12936.0, 1 building, 2 stories, Levels: MultiSplit
Cooling
None
Heating
None
Income
Gross Income: $529,416, Net Operating Income: $328,284
Lot
0.1864 acres, Dimensions: 52x155
Parking
None
Taxes
Parcel Number: 5143002010, Zoning: LACW
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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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