23 Units in Prime Koreatown with Value Add Upside
Marcus & Millichap is pleased to offer for sale a twenty three unit apartment community located at 357 South St. Andrews Place. Positioned just west of Western Avenue and south of 3rd Street, the property borders the affluent Hancock Park neighborhood of Los Angeles. The offering represents a rare buying opportunity to acquire a mid-size apartment community in one of the most sought after pockets of Koreatown.
The property consists of one three-story building totaling 15,517 square feet with on-site parking for 22 cars. The unit mix is comprised of three bachelors, six studios, eight one-bedroom/one-bathroom units and six two-bedroom/two-bathroom units. Building amenities include an elevator, on-site laundry, balconies (select units) and a secured parking garage. Residents of St. Andrews Place also benefit from the close proximity to multiple bus-lines, the metro purple-line, and nearby retail. Due to its 1964 construction, the property is subject to Los Angeles rent control statutes.
The subject property allows an investor to acquire a value-add 1960's vintage apartment building in a desirable location where 20 plus unit properties are rarely available for purchase. An astute investor will be able to implement a thorough renovation program and take advantage of the estimated 39 percent upside in rental income.
