Property
Beds
12
Full Baths
None
1/2 Baths
None
Year Built
1958
Sq.Footage
7,444
We are pleased to present a seven-unit investment opportunity in Koreatown at 4651 Council St, a corner lot just south of Beverly Blvd. The property features an ideal unit mix of two one-bedrooms and five two-bedrooms with 10 parking spaces; the soft story retrofit work has been completed. Ownership has completed full renovations of five units with upgrades including in-unit washers & dryers, vinyl plank flooring, stainless steel appliances, new kitchen cabinets and tile backsplashes, new plumbing fixtures and improvements, new drywall, paint, and base moldings, and energy efficient LED lighting, among others. In addition to interior unit renovations, ownership has recently completed exterior and common area capital expenditures including LED lighting, house panel and subpanel upgrades, new door numbers, new landscaping, and new paint throughout the common areas. Opportunity to acquire an asset with little to no deferred maintenance and strong in-place cash flow at a 5.93% CAP rate and 11.12 GRM on current income with an additional 17% rental upside. High Walk Score of 93, close proximity to schools, employment, and transit options; Central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1 billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.
Features & Amenities
Interior
-
Total Bedrooms
12
-
Bathrooms
N/A
-
Cooling YN
NO
-
Cooling
None
-
Heating YN
NO
-
Heating
None
Exterior
-
Garage
No
-
Parking
Attached, Attached Carport
-
Pool
No
Area & Lot
-
Lot Size(acres)
0.1704
-
Property Type
Residential Income
Price
-
Sales Price
$2,500,000
-
Sq. Footage
7, 444
-
Price/SqFt
$335
HOA
-
Association
NO
School District
-
Elementary School
N/A
-
Middle School
N/A
-
High School
N/A
Property Features
-
Stories
2
-
Senior Community YN
NO
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Location
County
Los Angeles
Elementary School
Middle School
High School
Listing Courtesy of Neema Ahadian , Marcus & Millichap
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