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Berendo Apartments 743 S Berendo St 16 Unit Apartment Building $3,200,000 ($200,000/Unit) 6.92% Cap Rate Los Angeles, CA 90005
Investment Highlights
- Located in Prime Koreatown, two blocks from the Wilshire/Vermont metro station and walking distance to Koreatown hotspots
- Current rents are below market leaving approximately $32,000 in additional upside
- Located along LA metro's D Line(Purple Line). The location boasts a 96 walk score "walker's paradise"
- Efficient unit mix consisting of (10) one bedroom, (1) two bedroom and (5) studio units
- The property offers open on-site parking for 9 vehicles located at the rear of the property via alley access
Executive Summary
743 S. Berendo Street represents an opportunity to acquire a stabilized, well-performing multifamily asset in Prime Koreatown, ideally located one block south of Wilshire Boulevard and just two blocks from the Wilshire/Vermont Metro Station. The property benefits from a 94 Walk Score (“Walker’s Paradise”), offering residents exceptional walkability to neighborhood retail, dining, and transit, key drivers of sustained rental demand in this submarket. Offered at an asking price of $3,200,000, the property is currently priced at a 6.82% cap rate and 9.29 GRM, providing solid going-in returns in one of Los Angeles’ most supply-constrained rental markets. The asset supports favorable financing assumptions, including approximately 70% loan-to-value at an estimated 5.65% interest rate and a healthy 1.39 debt coverage ratio, resulting in approximately 6.30% cash-on-cash return on current operations. With continued rent growth to market levels, the property projects to a 7.31% pro forma cap rate and 8.49 GRM, offering meaningful upside while maintaining operational stability.
Property Facts
| Price | $3,200,000 | Building Class | C |
| Price Per Unit | $200,000 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 9,955 SF |
| Cap Rate | 6.92% | Average Occupancy | 94% |
| Gross Rent Multiplier | 9.29 | No. Stories | 2 |
| No. Units | 16 | Year Built | 1950 |
| Property Type | Multifamily | Parking Ratio | 0.9/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R4, Los Angeles | ||
| Price | $3,200,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 6.92% |
| Gross Rent Multiplier | 9.29 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 9,955 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 0.9/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R4, Los Angeles |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $2,100 | 650 - 690 |
| Studios | 5 | $1,600 | 450 - 800 |
| 2+1 | 1 | $2,400 | 800 |
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Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (79)
Property Taxes
| Parcel Number | 5094-009-017 | Improvements Assessment | $593,811 |
| Land Assessment | $724,158 | Total Assessment | $1,317,969 |
Property Taxes
Parcel Number
5094-009-017
Land Assessment
$724,158
Improvements Assessment
$593,811
Total Assessment
$1,317,969
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Berendo Apartments | 743 S Berendo St
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