505 S Serrano Ave 14 Unit Apartment Building $2,500,000 ($178,571/Unit) 4.76% Cap Rate Los Angeles, CA 90020

The Neema Group of Marcus & Millichap is pleased to present a 14-unit investment opportunity in prime Koreatown at 505 Serrano Ave, positioned on a corner lot just east of Western Ave and north of W 6th St. The subject property features a unit mix of four singles and 10 one-bedrooms with 10 tandem parking spaces (20 spaces total).
Built in 1956, the majority of rents are below market, providing significant rental upside of over 33% as units turn. Opportunity to achieve market rents with interior upgrades such as recessed lighting, vinyl plank flooring, new kitchens with modern cabinetry and stainless-steel appliances, and updated bathrooms, as well as exterior cap ex items including exterior paint and new windows. The building is separately metered for gas and electric; there are two washers and two dryers on-site that are currently inoperable – opportunity to install upgraded machines for additional income.
Exceptional Walk Score of 96, close proximity to schools, employment, and transit options along W 6th St and Wilshire Blvd, this central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1 billion invested in the development of Koreatown since the early 2000's and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.