2819 Leeward Ave - Apartments FOR SALE


Los Angeles, CA 90005- Koreatown
$4,900,000 USD
310-909-5444
2819 Leeward Ave, Los Angeles, CA for Sale
$4,900,000 USD
Apartments - FOR SALE
1/3
null | 6.76% Cap Rate

2819 Leeward Ave
Los Angeles, CA 90005
Koreatown


HIGHLIGHTS

  • The Neema Group is pleased to present a 47-unit investment opportunity at 2819 Leeward Ave in Koreatown
  • The subject property totals 46 single units and one one-bedroom
  • Offered at $104,255 per unit at $183 PSF at a 6.76% CAP rate and 7.58 GRM on current income
  • Additional 24% rental upside achievable as units turn

OVERVIEW

The Neema Group is excited to present a prime investment opportunity at 2819 Leeward Ave in the vibrant Koreatown neighborhood of Los Angeles. Situated between S. Hoover St. and Vermont Ave, just one block south of Southwestern Law School, this property offers 47 units in total, including 46 single units and one one-bedroom unit. The property is offered at $104,255 per unit, equating to $183 per square foot, with an impressive 6.76% CAP rate and 7.58 GRM based on current income. Additionally, there is significant rental upside potential of 24% as units turn over. The building is separately metered for electricity and features an on-site community laundry room leased with Wash, including five washers and five dryers for added convenience. With a high Walk Score of 93, the location is ideal for residents looking for easy access to schools, employment centers, and public transit. The property is within walking distance to retail along 7th St., just one mile from the Metro D Line rail station, and steps away from several Metro local lines on 8th St. and S. Hoover St. Koreatown is one of the densest neighborhoods in Los Angeles, with a population of around 120,000. Since the early 2000s, Koreatown has seen over $1 billion in development, and the area continues to be a prime location for real estate investment due to ongoing projects and growth.

FOR SALE DETAILS

PRICE

$4,900,000 USD

PRICE/SF

$45 USD /SF

# OF UNITS

47

PRICE/UNIT

$104,255

CAP RATE

6.76%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Richmond Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1924

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.21 AC

LAND SF

9,144 SF

ZONING

R5-4

APN/PARCEL ID

5077-015-015

ASK ABOUT THIS PROPERTY

Neema AhadianMarcus & MillichapMore Info
310-909-5444

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Neema AhadianMarcus & MillichapMore Info
310-909-5444

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