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29-Units Value-Add Near Koreatown 2222 W 15th St 29 Unit Apartment Building $3,300,000 ($113,793/Unit) 6.59% Cap Rate Los Angeles, CA 90006
INVESTMENT HIGHLIGHTS
- A rare opportunity for investors to expand in Koreatown, where the average deal size in ZIP code 90006 over the past five years has been 13 units
- Bordered by Koreatown, Arlington Heights, and Country Club Park, this location offers strong value for tenants priced out of nearby submarkets
- There is 38 percent remaining upside through interior renovations, providing a clear path to increased revenue for investors with a value-add strategy
- The 2028 LA Summer Games are expected to drive real estate growth through upgrades to infrastructure, neighborhoods, and major venues
- Property has been owned & operated for the last 11 years, offering operational stability and a clear track record
- Ownership added a new 400-amp panel, subpanels, and water heater in 2025, reducing capex and insurance costs.
EXECUTIVE SUMMARY
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 29-unit apartment community located at 2222 West 15th Street. Positioned just south of Pico Boulevard and west of Hoover Street, the property sits on the southern edge of Koreatown — a vibrant, culturally rich neighborhood known for its historic charm, diversity, and central Los Angeles location.
Residents benefit from convenient access to Downtown LA, Hollywood, and the Westside via major freeways and Metro lines. The surrounding area is highly walkable and offers a mix of shopping, global restaurants, local cafes, Korean spas, and nightlife.
Situated on a 7,504-square-foot lot, the building comprises 17 studio units and 12 one-bedroom units. With approximately 38% rental upside, there is significant potential to increase revenue through interior unit renovations. Additionally, the property is separately metered for gas and electricity.
2222 West 15th Street represents a compelling value-add opportunity in a high-demand, infill Los Angeles submarket. Continued neighborhood revitalization combined with the potential for increased rental income makes this an outstanding investment for multifamily investors.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Residents benefit from convenient access to Downtown LA, Hollywood, and the Westside via major freeways and Metro lines. The surrounding area is highly walkable and offers a mix of shopping, global restaurants, local cafes, Korean spas, and nightlife.
Situated on a 7,504-square-foot lot, the building comprises 17 studio units and 12 one-bedroom units. With approximately 38% rental upside, there is significant potential to increase revenue through interior unit renovations. Additionally, the property is separately metered for gas and electricity.
2222 West 15th Street represents a compelling value-add opportunity in a high-demand, infill Los Angeles submarket. Continued neighborhood revitalization combined with the potential for increased rental income makes this an outstanding investment for multifamily investors.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $3,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $113,793 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.59% | Building Size | 18,108 SF |
| Gross Rent Multiplier | 7.6 | Average Occupancy | 100% |
| No. Units | 29 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1935 |
| Property Subtype | Apartment | ||
| Zoning | LAR3 | ||
| Price | $3,300,000 |
| Price Per Unit | $113,793 |
| Sale Type | Investment |
| Cap Rate | 6.59% |
| Gross Rent Multiplier | 7.6 |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 18,108 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1935 |
| Zoning | LAR3 |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- Property Manager on Site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 17 | - | 300 - 400 |
| 1+1 | 12 | - | 600 - 800 |
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Walk Score®
Walker's Paradise (91)
Transit Score®
Excellent Transit (70)
Bike Score®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 5056-006-008 | Improvements Assessment | $919,393 |
| Land Assessment | $1,471,029 | Total Assessment | $2,390,422 |
PROPERTY TAXES
Parcel Number
5056-006-008
Land Assessment
$1,471,029
Improvements Assessment
$919,393
Total Assessment
$2,390,422
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29-Units Value-Add Near Koreatown | 2222 W 15th St
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