1047 Irolo St - Apartments FOR SALE


Los Angeles, CA 90006- Harvard Heights
$2,150,000 USD
818-448-4415
1047 Irolo St, Los Angeles, CA for Sale
$2,150,000 USD
Apartments - FOR SALE
1/7
null | 5.1% Cap Rate

1047 Irolo St
Los Angeles, CA 90006
Harvard Heights


HIGHLIGHTS

  • 45%+ Rental Upside
  • Ideal Koreatown Location
  • $107,500/Unit
  • Unique Nubian-style architecture
  • Close proximity to great restaurants, retail, and entertainment amenities along the Koreatown/Wilshire Corridor
  • Easy access to 10, 110, and 101 Freeways, giving tenants quick access to most locations throughout the city

OVERVIEW

This property is comprised of twenty (20) studio units, with two (2) units being delivered vacant. It boasts a unique Nubian-inspired architecture, with the building resembling the grandeur of the Pyramids of Meroe. The property is master metered for gas, allowing rent to be increased by 5% annually. With each unit averaging over 435 SF each, these studio units have over 45% rental upside potential. There includes a roughly 200 SF laundry room for tenants, netting additional income for investors. Priced at just $107,500 per unit in an ideal Koreatown location, this property presents an excellent opportunity for a value-add investor to capitalize on the tremendous rental upside.

FOR SALE DETAILS

PRICE

$2,150,000 USD

PRICE/SF

$247 USD /SF

# OF UNITS

20

PRICE/UNIT

$107,500

CAP RATE

5.1%

% LEASED

90%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Nubia Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1926

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

5,924 SF

ZONING

R4-2, Los Angeles

APN/PARCEL ID

5080-033-010

ASK ABOUT THIS PROPERTY

Jason TuviaMarcus & MillichapMore Info
818-448-4415

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Jason TuviaMarcus & MillichapMore Info
818-448-4415

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.