Marcus and Millichap is pleased to present an eighteen unit multifamily property located at 827 South Wilton Place, in Los Angeles, California. Situated just south of West 8th Street on the west side of South Wilton Place, this property has prime positioning in a dense rental pocket of Koreatown.
Koreatown’s commuters benefit from being adjacent to Downtown Los Angeles, having close proximity to the 101 Freeway, and neighboring markets like Silver Lake, Echo Park, and Hollywood. According to the Census Bureau, Koreatown has the highest population density (42,611 people per square mile) out of any market in Los Angeles County. As a result, vacancy rates in Koreatown are extremely low and gentrification is eminent. This market has also been the subject of many massive development projects. One example of the rapid local development is a 16-story residential tower that is being constructed at the intersection of St. Andrews Place and Wilshire Boulevard. This project plans to bring 196 fully parked housing units.
The three-story building features a streamlined unit mix of eighteen (18) one bedroom/ one bathroom units. Tenants enjoy close proximity to the 101 Freeway, Wilshire Boulevard along with all of its amenities, and Downtown Los Angeles. The property also features balconies in majority of units, ample two level garage parking, and excellent frontage on one of Koreatown’s main thoroughfares.
This offering presents the perfect opportunity for an investor to acquire a non-rent control, turnkey investment asset, with premiere financing options, located in a prime rental pocket of Koreatown.
