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The Forneaux 681 Shatto Pl 30 Unit Apartment Building $5,299,000 ($176,633/Unit) 6.92% Cap Rate Los Angeles, CA 90005
Investment Highlights
- 24 of the 30 units extensively renovated
- Approximately 45% upside to non-renovated units
- Rare 1920s wood frame building, upgraded electrical, and new elastomeric roof coating
- One (1) block from the Wilshire/Vermont Metro Station
- Three (3) delivered vacant at close
- R5-2 Zoning
Executive Summary
JNM Realty proudly presents, on an exclusive basis, 681 Shatto Pl, an extremely well-managed and maintained thirty (30) unit, non-brick apartment building in the heart of Koreatown, one (1) block from the brand new Wilshire/Vermont Metro Station and across the street from Southwestern Law School.
The property features twenty-four (24) large Studio units and six (6) 1-bedroom/one-bathroom units. Twenty-four (24) units are renovated and there is over 45% potential upside for non-renovated units. Renovated units feature new kitchens, flooring, electrical systems, and new appliances. Five (5) units will be delivered vacant at close. Recent building improvements included upgraded electrical panels and submeters and new elastomeric coating on the roof.
The property has been excellently maintained over the past 12 years, resulting in an easy-to-manage tenant base and quality finishes on capital expenditures and unit renovations. The opportunity offers an astounding 6.92% going-in cap rate and only $215/sqft with 45% upside potential for non-renovated units. With the proper financing, a buyer could achieve a 9.02% cash-on-cash return based on in-place numbers.
JNM Realty manages over 3,500 properties in Los Angeles and Orange County and is available to manage this asset for buyers.
All offers are encouraged. Please call Demis at (310) 270-6616 to discuss further.
The property features twenty-four (24) large Studio units and six (6) 1-bedroom/one-bathroom units. Twenty-four (24) units are renovated and there is over 45% potential upside for non-renovated units. Renovated units feature new kitchens, flooring, electrical systems, and new appliances. Five (5) units will be delivered vacant at close. Recent building improvements included upgraded electrical panels and submeters and new elastomeric coating on the roof.
The property has been excellently maintained over the past 12 years, resulting in an easy-to-manage tenant base and quality finishes on capital expenditures and unit renovations. The opportunity offers an astounding 6.92% going-in cap rate and only $215/sqft with 45% upside potential for non-renovated units. With the proper financing, a buyer could achieve a 9.02% cash-on-cash return based on in-place numbers.
JNM Realty manages over 3,500 properties in Los Angeles and Orange County and is available to manage this asset for buyers.
All offers are encouraged. Please call Demis at (310) 270-6616 to discuss further.
Property Facts
| Price | $5,299,000 | Apartment Style | Low-Rise |
| Price Per Unit | $176,633 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.25 AC |
| Cap Rate | 6.92% | Building Size | 24,642 SF |
| Gross Rent Multiplier | 8.49 | Average Occupancy | 100% |
| No. Units | 30 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | LAR5 - R5-2 Zoning | ||
| Price | $5,299,000 |
| Price Per Unit | $176,633 |
| Sale Type | Investment |
| Cap Rate | 6.92% |
| Gross Rent Multiplier | 8.49 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 24,642 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1923 |
| Opportunity Zone |
Yes |
| Zoning | LAR5 - R5-2 Zoning |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Freezer
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Gated
- Gas Range
- Online Services
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 24 | $1,795 | 600 |
| 1+1 | 6 | $2,150 | 850 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Exceptional public transit
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5077-010-010 | Improvements Assessment | $1,382,123 |
| Land Assessment | $2,403,698 | Total Assessment | $3,785,821 |
Property Taxes
Parcel Number
5077-010-010
Land Assessment
$2,403,698
Improvements Assessment
$1,382,123
Total Assessment
$3,785,821
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The Forneaux | 681 Shatto Pl
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