Cap Rate and GRM listed here assumes forward-looking 5% annual rent increases through 7/1/2020 per the scheduled dates listed in the rent roll on page 17 of our offering memorandum and also that Vacant Unit 5 is leased at market rent.
Property Description
210 N Kenmore Avenue is a twelve (12) unit classic 1920s vintage apartment building constructed in 1924. The unit mix consists of twelve (12) large studios. The property is a two-story 6,792 square foot walk-up building with wood frame and stucco construction situated on a 7,125 square foot lot.
The property has been very well maintained with upgrades to the units, interior common areas and building exterior. An investor can immediately benefit from the strong in-place cash flow, and the large common area space and the large units also provide an investor with the perfect opportunity to complete their own more extensive renovation plan to take the property to the next level and significantly increase rents. All units feature original hardwood floors, large full kitchens and bathrooms and a significant amount of closet space with some units also featuring walk-in closets, additional sitting space next to the bathroom, wall heating and wall AC units. The landlord pays for water and gas and the tenants pay for trash and separately metered electricity, making the utility costs significantly lower than most comparable properties. Because the landlord pays for tenant gas, the City of Los Angeles allows for a 5% annual rent increase vs the annual 4% increase that can be given on a property separately metered for gas. Parking is provided on-site with four (4) single surface spaces and the tenants are currently paying an extra fee each month per parking space. The property features a laundry room with one washer and dryer that are both owned by the landlord. The entire roof was rebuilt on top of the existing sheeting in 1999.
Property Location
210 N Kenmore Avenue is located on a beautiful tree-lined block, just south of Beverly Boulevard and north of 1st Street in the heart of Northern Koreatown. The property is within a 10-minute walk of the Vermont/Beverly Metro Rail Station and very short drive away from access to the 101 Freeway. The property is also less than 20 minutes away from Beverly Hills, Larchmont, Park La Brea, Hollywood, West Hollywood and Downtown Los Angeles. A short drive to either the 10 or 110 Fwy gives tenant’s access to all of the major employment centers including Downtown Los Angeles, West Los Angeles, The South Bay and the San Fernando Valley.
