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A Partially Renovated 12-Unit in Koreatown 845 S Kenmore Ave 12 Unit Apartment Building $2,400,000 ($200,000/Unit) 7.04% Cap Rate Los Angeles, CA 90005
INVESTMENT HIGHLIGHTS
- Select units renovated with in-unit washer/dryers, stainless steel appliances, laminate flooring, recessed lighting, wall AC, and mirrored closets
- Residents enjoy close access to The LINE Hotel, Chapman Plaza, City Center on 6th, and numerous restaurants, markets, and shops
- Two units will be delivered vacant with 14 percent remaining rental upside through interior renovations
- Prime Koreatown location with a 95 Walk Score—steps from jobs, retail, and entertainment in Koreatown, Wilshire Park, and Mid-City
EXECUTIVE SUMMARY
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 12-unit apartment community located at 845 South Kenmore Avenue. The subject property is located just south of 8th Street within the desirable Koreatown sub-market.
Situated on a 6,759 square foot parcel, the property is comprised of four studios and eight one-bedroom units. Two of the units will be delivered vacant allowing new ownership to immediately renovate and achieve market rental rates. The property has 14% remaining rental upside through unit renovations.
The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate remaining units and achieve superior future returns moving forward makes 845 South Kenmore an excellent acquisition opportunity.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Situated on a 6,759 square foot parcel, the property is comprised of four studios and eight one-bedroom units. Two of the units will be delivered vacant allowing new ownership to immediately renovate and achieve market rental rates. The property has 14% remaining rental upside through unit renovations.
The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate remaining units and achieve superior future returns moving forward makes 845 South Kenmore an excellent acquisition opportunity.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $2,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $200,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 7.04% | Building Size | 6,742 SF |
| Gross Rent Multiplier | 9.04 | No. Stories | 3 |
| No. Units | 12 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 1.78/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4-2, Los Angeles | ||
| Price | $2,400,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| Gross Rent Multiplier | 9.04 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 6,742 SF |
| No. Stories | 3 |
| Year Built | 1963 |
| Parking Ratio | 1.78/1,000 SF |
| Zoning | R4-2, Los Angeles |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | 450 |
| 1+1 | 8 | - | 600 |
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Walk Score®
Walker's Paradise (95)
Transit Score®
Excellent Transit (77)
PROPERTY TAXES
| Parcel Number | 5094-016-018 | Improvements Assessment | $853,369 |
| Land Assessment | $1,308,501 | Total Assessment | $2,161,870 |
PROPERTY TAXES
Parcel Number
5094-016-018
Land Assessment
$1,308,501
Improvements Assessment
$853,369
Total Assessment
$2,161,870
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A Partially Renovated 12-Unit in Koreatown | 845 S Kenmore Ave
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