Marcus & Millichap is pleased to present a twelve (12) unit multifamily property located at 2955 West 8th Street in Los Angeles, California. Situated just south of Wilshire Boulevard and east of Vermont Avenue, this property is located in the heart of Koreatown.
Koreatown is known for its rich cultural history, and is one of Los Angeles’ most densely populated district with 120,000 residents within 2.7 square miles. It is conveniently located between West Los Angeles and Downtown with a wide array of restaurants and entertainment venues. The neighborhood has recently been experiencing massive development activity due to its prime location, high renter demand, and exceptional zoning. Tenants enjoy close proximity to the Wilshire Center, the world-famous Wiltern Theatre, and historic MacArthur Park. In addition, the subject property is located just two blocks south of the Wilshire/Vermont Metro Red Line station. With a WalkScore of 96, this property conveniently allows residents to complete all daily errands without a car.
Built in 1923, this two-story property has a streamlined unit mix of twelve (12) 1 bedroom/ 1 bathroom units. There are nine (9) newly renovated units, two (2) of which will be delivered vacant. Renovations consist of hardwood flooring, wall AC units, stainless steel kitchen appliances, and all-new copper plumbing. Each newly renovated unit has a separate tankless water heater, which greatly reduces utility expenses. In addition, the roof has been recently replaced and is in excellent condition. Finally, the properties stucco exterior was just repainted to add to its modern look and feel.
The subject property offers a unique opportunity for any serious investor to capitalize on. The extensive renovations to the building allows for a strong initial return on a turn-key asset located in a dense rental pocket of Los Angeles.
