Property
Beds
32
Full Baths
None
1/2 Baths
None
Year Built
1972
Sq.Footage
27,250
We are pleased to present for sale, The Serrano, located at 238 S. Serrano Ave. This prime Koreatown location is just north of 3rd Street and east of Western Ave., offering easy access to the Wilshire/Western Metro Station, shopping, and entertainment. The Serrano Apartments features 51 units with 23 Studios, 27 one-bedrooms, and 1 two-bedroom. The property has an on-grade parking garage with 41 single and 6 tandem parking spaces (53 total). Utilities are individually metered for electric and master-metered for gas. New ownership can take a different approach and achieve higher rents by extensively renovating units and common areas attracting millennial tenants who have proven to pay more for luxury units. The building is a very short walk to all that Koreatown has to offer. This is a great opportunity to acquire The Serrano Apartments with an in-place cap rate of 5.54%, a GRM of 11.77, with upside to a 7.15% cap rate and a 9.85 GRM.
Features & Amenities
Interior
-
Total Bedrooms
32
Area & Lot
-
Lot Size(acres)
0.4107
-
Property Type
Residential Income
Exterior
-
Garage
No
-
Parking
Community Structure
Financial
-
Sales Price
$11,350,000
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Location
County
Los Angeles
Elementary School
Middle School
High School
Listing Courtesy of Adam Zunder , Iconic Investments
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