2051 S Corning St - Apartments FOR SALE


Los Angeles, CA 90034- Mid-City
$2,495,000 USD
213-225-7223
2051 S Corning St, Los Angeles, CA for Sale
$2,495,000 USD
Apartments - FOR SALE
1/16
null | 5% Cap Rate

2051 S Corning St
Los Angeles, CA 90034
Mid-City


OVERVIEW

We are proud to present 2051 S Corning St, a 6-unit property located in the Palms submarket priced at a 5% CAP and a 12.45GRM! This opportunity consists of a single, two-story building built in 1960 comprising of 6,448sf situated on a 6,307sf LARD1.5 zoned lot featuring a superior unit mix of (5) three-bedroom two bath and (1) studio units. 4 of 6 units have been renovated and the Earthquake Retrofit has been completed! With alley access, this property features 5 parking spaces in the rear, providing tenants easy access to and from the building. One three-bedroom two bath unit, featuring a private yard, will be delivered VACANT and renovated. There is potential to operate the building at a 6.61% cap rate and 10.14 GRM at market rents, offering an exceptional opportunity for any type investor looking to preserve capital while continuing to drive long term returns in an exceptionally robust submarket that is continuing to improve with ongoing development. For additional information contact Casey Lins at 714-333-6768 or Casey.Lins@kidder.com.

FOR SALE DETAILS

PRICE

$2,495,000 USD

PRICE/SF

$387 USD /SF

# OF UNITS

6

PRICE/UNIT

$415,833

CAP RATE

5%

% LEASED

83%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1960

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,307 SF

ZONING

LAR3

APN/PARCEL ID

4302-027-015

ASK ABOUT THIS PROPERTY

Casey LinsKidder MathewsMore Info
213-225-7223

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Casey LinsKidder MathewsMore Info
213-225-7223

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