4651 Council St - Apartments FOR SALE


Los Angeles, CA 90004- Koreatown
$2,785,000 USD
310-909-5444
4651 Council St, Los Angeles, CA for Sale
$2,785,000 USD
Apartments - FOR SALE
1/8
null | 5.16% Cap Rate

4651 Council St
Los Angeles, CA 90004
Koreatown


HIGHLIGHTS

  • The Neema Group of Marcus & Millichap is pleased to present a seven-unit investment opportunity in Koreatown at 4651 Council St
  • The property features a unit mix of two onebedrooms and five two-bedrooms with 10 parking spaces; the soft story retrofit work has been completed
  • Ownership has completed full renovations of five units with upgrades
  • In addition to interior unit renovations, ownership has recently completed exterior and common area capital expenditures
  • Opportunity to acquire an asset with little to no deferred maintenance and strong in-place cash flow at a 5.16% CAP rate and 12.86 GRM

OVERVIEW

4651 Council St is located in the heart of Koreatown, one of the trendiest neighborhoods in Los Angeles. Boasting its a 10 minute drive to the heart of Downtown Los Angeles, the subject property provides residents with great transit options to experience the best Los Angeles has to offer. Located in a premier pedestrian location, the asset benefits from easy access to employment hubs, major creative studios, financial firms, entertainment and historical monuments. Koreatown has seen a tremendous revitalization over the last decade. An influx of capital dedicated to the revitalization of Koreatown has attracted a new resident base of young urban dwellers. This new, hip client base has brought new restaurants, night clubs, and retail opportunities, making Koreatown one of the more desirable submarkets in the greater Los Angeles area. In the past decade, Koreatown has experienced significant gentrification and development, specifically along Wilshire Boulevard. Most notable is the Vermont, a 462-unit luxury apartment with over 30,000 SF of retail and 600 covered parking spaces. Additionally, residents are given convenient access to the Red and Purple Metro lines. The Red line offers service from the North Hollywood Arts district all the way to Union Station in Downtown LA. The purple line is currently undergoing an extension and once completed, will offer service to the current terminus at Wilshire/Western will extend westward for about nine miles and add seven new stations providing easy access to the Westside.

FOR SALE DETAILS

PRICE

$2,785,000 USD

PRICE/SF

$374 USD /SF

# OF UNITS

7

PRICE/UNIT

$397,857

CAP RATE

5.16%

% 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

1958

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,405 SF

ZONING

R2-1

APN/PARCEL ID

5516-020-010

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.