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502 N Serrano Ave 8 Unit Apartment Building $1,795,000 ($224,375/Unit) 5.57% Cap Rate Los Angeles, CA 90004
EXECUTIVE SUMMARY
CBRE Inc., as exclusive advisor to the Seller, is proud to present 502 N. Serrano Ave. in Koreatown. Meticulously cared for by the same family for two generations, the asset is incredibly well positioned for an investor to steward to new heights with cosmetic upgrades, unit turnover and potential ADUs.
Over the past ±20 years, ownership has upgraded the major systems including converting to all copper plumbing, resurfacing and resealing exterior walkway decking, adding a new central water heater and performing a full roof replacement. In 2019, ownership completed the City’s mandatory soft-story retrofit. Units have been thoroughly renovated as they turn over, replacing the original bathroom wall heaters with wall/window air-conditioning units. The downstairs unit on Serrano includes a private, secured patio for the tenant’s use.
Please visit the Property Website to access the Virtual Deal Room.
Over the past ±20 years, ownership has upgraded the major systems including converting to all copper plumbing, resurfacing and resealing exterior walkway decking, adding a new central water heater and performing a full roof replacement. In 2019, ownership completed the City’s mandatory soft-story retrofit. Units have been thoroughly renovated as they turn over, replacing the original bathroom wall heaters with wall/window air-conditioning units. The downstairs unit on Serrano includes a private, secured patio for the tenant’s use.
Please visit the Property Website to access the Virtual Deal Room.
PROPERTY FACTS
| Price | $1,795,000 | Building Class | B |
| Price Per Unit | $224,375 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 7,456 SF |
| Cap Rate | 5.57% | Average Occupancy | 88% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | Parking Ratio | 0.38/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | LAR3 - Multiple Dwelling R2 Uses, Apartment Houses, Multiple Dwellings, Child Care (20 max) | ||
| Price | $1,795,000 |
| Price Per Unit | $224,375 |
| Sale Type | Investment |
| Cap Rate | 5.57% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 7,456 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 0.38/1,000 SF |
| Zoning | LAR3 - Multiple Dwelling R2 Uses, Apartment Houses, Multiple Dwellings, Child Care (20 max) |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | 750 |
| 2+1 | 2 | - | 1,100 - 1,400 |
1 1
Walk Score®
Walker's Paradise (94)
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502 N Serrano Ave
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