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406 S St Andrews Pl 11 Unit Apartment Building $2,790,000 ($253,636/Unit) 6.88% Cap Rate Los Angeles, CA 90020
INVESTMENT HIGHLIGHTS
- SELLER FINANCING AVAILABLE - Ownership is open to providing attractive seller financing.
- RARE KOREATOWN PARKING + ON-SITE LAUNDRY - Built in the 1960s, the 10,868 SF building offers 20 on-site parking spaces
- IMMEDIATE VALUE-ADD THROUGH VACANCIES - Three of the remaining nine units are vacant, allowing near-term lease-up, rent growth, and renovation upside.
- PRIME KOREATOWN LOCATION - Centrally positioned north of Wilshire Blvd and west of Western Ave.
- SIGNIFICANT INCOME POTENTIAL - The two 4BR/4BA units are currently operated as 8 single rooms (7 vacant, 1 rented @ $1,200/mo)
- VALUE-ADD & REDEVELOPMENT POTENTIAL - LAR4 zoning and a 9,015 SF lot support adding up to 4 ADUs (buyer to verify) or pursuing a higher-density redev.
EXECUTIVE SUMMARY
406 S St Andrews Pl presents a lender-owned multifamily opportunity with seller financing available, offering investors enhanced leverage and flexible acquisition terms. Built in 1960, this 10,868 SF, 11-unit property sits on a 9,015 SF lot and features a well-balanced unit mix in the heart of Koreatown, one of Los Angeles’ most supply-constrained rental submarkets. The asset offers stable in-place income with immediate upside through interior renovations and lease-up of current vacancies.
The property benefits from rare on-site parking for Koreatown, on-site laundry, and separately metered gas and electric, driving operational efficiency. Located north of Wilshire Boulevard and west of Western Avenue, and within ½ mile of the Wilshire/Western D Line Station, the asset is positioned for both strong long-term tenant demand and future redevelopment potential through ADUs or density bonus programs (buyer to verify). This is a highly executable value-add opportunity with multiple paths to grow NOI and long-term equity.
The property benefits from rare on-site parking for Koreatown, on-site laundry, and separately metered gas and electric, driving operational efficiency. Located north of Wilshire Boulevard and west of Western Avenue, and within ½ mile of the Wilshire/Western D Line Station, the asset is positioned for both strong long-term tenant demand and future redevelopment potential through ADUs or density bonus programs (buyer to verify). This is a highly executable value-add opportunity with multiple paths to grow NOI and long-term equity.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,790,000 | Apartment Style | Low-Rise |
| Price Per Unit | $253,636 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 6.88% | Building Size | 10,868 SF |
| Gross Rent Multiplier | 9.05 | Average Occupancy | 73% |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.84/1,000 SF |
| Zoning | LAR4 | ||
| Price | $2,790,000 |
| Price Per Unit | $253,636 |
| Sale Type | Investment |
| Cap Rate | 6.88% |
| Gross Rent Multiplier | 9.05 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 10,868 SF |
| Average Occupancy | 73% |
| No. Stories | 3 |
| Year Built | 1960 |
| Parking Ratio | 1.84/1,000 SF |
| Zoning | LAR4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Heating
- Freezer
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Public Transportation
- Individual Locking Bedrooms
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | $1,700 | 765 - 971 |
| 1+1.5 | 1 | $1,932 | 780 |
| 2+2 | 6 | $1,314 | 971 - 1,175 |
| 4+4 | 2 | $1,200 | 200 |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Excellent Transit (78)
PROPERTY TAXES
| Parcel Number | 5503-016-019 | Improvements Assessment | $882,300 (2025) |
| Land Assessment | $2,652,000 (2025) | Total Assessment | $3,534,300 (2025) |
PROPERTY TAXES
Parcel Number
5503-016-019
Land Assessment
$2,652,000 (2025)
Improvements Assessment
$882,300 (2025)
Total Assessment
$3,534,300 (2025)
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406 S St Andrews Pl
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