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$ 3,400,000
Est. payment | /mo
32 Baths
18,604 SqFt
$ 3,400,000
Est. payment | /mo
32 Baths
18,604 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 18,604 sqft
Price per Sqft $182
MLS Listing ID 26993013
HOA Y/N No
Year Built 1926
Lot Size 7,923 Sqft
Property Description
138 S Westmoreland Ave | 33-Unit Value-Add Multifamily, Los Angeles. The property is a 1926-built asset totaling 18,604 SF on a 7,922 SF lot in Rampart Village, on the northern edge of Koreatown and within walking distance of the Metro B Line. It features (31) studio units averaging 445 SF and (2) 1+1 units at 625 SF. Twenty-nine units are currently occupied, and 23 of them rent below market. Four long-term tenancies dating to 20052011 carry 34%67% upside to the $1,395 studio market rent, and three vacant studios are ready to lease at market. Offered at $3,400,000 ($103,030/unit | $182.76/SF) with a 6.17% current cap rate, the real story is the rent-to-market gap a 7.71% pro forma cap and an entry roughly 12.7% below the ~$118K/unit average of recent comparable sales.
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features None
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5501016009
Special Listing Condition Standard
Listed by Taylor Avakian Lyon Stahl Investment Real Estate, Inc. #02060040
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