1975 S Corning St - Apartments FOR SALE


Los Angeles, CA 90034- Mid-City
$4,995,000 USD
949-933-1112
1975 S Corning St, Los Angeles, CA for Sale
$4,995,000 USD
Apartments - FOR SALE
1/22
null | 4.78% Cap Rate

1975 S Corning St
Los Angeles, CA 90034
Mid-City


HIGHLIGHTS

  • Large 12,816 Sq Ft Courtyard Building | Desirable Westside Location – Palms, Culver City, and Beverly Hills Adjacent
  • Excellent Unit Mix: 60% 3-Bedroom & 2-Bedroom Units | 40% 1-Bedroom Units
  • Soft Story Retrofit Completed | On-Site Laundry
  • 9 Carports in the Rear & 4 Tandem Carports in the Front
  • Potential to Build 3 ADU’s by Right (Buyer to Verify)
  • Current Monthly Gross Income: $32,061 | 30% In Upside Rent Potential

OVERVIEW

The Harley Group at Lyon Stahl is pleased to present 1975 S Corning St, Los Angeles. This courtyard-style building consists of 12,816 sq ft with on-site laundry, nine (9) carports in the rear, and four (4) tandem carports in the front. At a competitive cost/unit of $333,000 – the subject property boasts a desirable unit mix of 60% 3-bedroom & 2-bedroom units and 40% 1-bedroom units. Current ownership has completed the required soft-story retrofit and the asset will be delivered with new electrical panels. Twelve of the fifteen units have been upgraded in recent years and there is still approximately 30% in upside rent potential achievable through organic turnover or tenant buyouts. With ample carport parking spaces, investors have the ability to build three (3) ADU’s by right (buyer to verify). Located north of the 10 Freeway in La Cienega Heights, the property is adjacent to Palms, Culver City, and Beverly Hills. This pride-of-ownership asset offers value-add potential, capital appreciation, and stability in one of the Westside’s strongest rental markets.

FOR SALE DETAILS

PRICE

$4,995,000 USD

PRICE/SF

$390 USD /SF

# OF UNITS

15

PRICE/UNIT

$333,000

CAP RATE

4.78%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,611 SF

ZONING

RD2, Los Angeles

APN/PARCEL ID

4302-028-035

ASK ABOUT THIS PROPERTY

Larson HarleyLyon Stahl Investment Real EstateMore Info
949-933-1112

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Larson HarleyLyon Stahl Investment Real EstateMore Info
949-933-1112

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