1723 Corinth Ave - Apartments FOR SALE


Los Angeles, CA 90025
$2,295,000 USD
310-202-9166
1723 Corinth Ave, Los Angeles, CA for Sale
$2,295,000 USD
Apartments - FOR SALE
1/8
null | 4.16% Cap Rate

1723 Corinth Ave
Los Angeles, CA 90025


HIGHLIGHTS

  • Prime West LA Location - West of the Sawtelle and South of Santa Monica Blvd.
  • 10 existing units that were constructed in 1957 - Two of those units are vacant
  • Seller's have plans for a new fully entitle 9 unit development project
  • New project will NOT have to comply with SB8 housing and will have zero low income units
  • Currents rents are well below market. Value-add or new development opportunity
  • Tenants have been notified the property has been Ellised and the property is expected to be fully vacant in March of 2025

OVERVIEW

1723 Corinth Ave is a ten (10) unit multi-family property that has entitled plans for a new nine (9) unit project. Located in a wonderful west LA location the property is a short distance to all the trendy restaurants and shops on Sawtelle Blvd., and in close proximity to Westwood, Santa Monica and Century City. The existing two story building was constructed in 1957 is approximately 5,433 SF, and has an excellent unit mix of eight (8) 1 BR + 1 Bath and two (2) studio units. Two of the 1 BR + 1 Bath units are currently vacant, and the building still requires the seismic retrofit work for the tuck under parking structure. The seller's have fully entitled plans for a new nine (9) unit development project. The new building will be four stories in heights with one level of subterranean parking. The total square footage of the new property will be approximately 10,251 SF and will have a five (5) 2 BR + 2 Bath, and four (4) 3 BR + 2 Bath Units. The new multi-family development does NOT require any of the units to be designated as low income and does not fall under SB8. All the tenants have been notified that the property has been Ellised and is expected to be fully vacant by March of 2025. Unique opportunity for a savvy value-add multi-family investor or developer looking to build a new apartment in prime West LA. Full development plans are available upon request.

FOR SALE DETAILS

PRICE

$2,295,000 USD

PRICE/SF

$422 USD /SF

# OF UNITS

10

PRICE/UNIT

$229,500

CAP RATE

4.16%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1957

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,357 SF

ZONING

R3, Los Angeles

APN/PARCEL ID

4261-017-008

ASK ABOUT THIS PROPERTY

Errol SpiroMiller & Desatnik Realty Corp.More Info
310-202-9166

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Errol SpiroMiller & Desatnik Realty Corp.More Info
310-202-9166

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