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Multifamily

228 S Kenmore Ave

228 S Kenmore Ave, Los Angeles, CA 90004

Listing Price: $5,100,000

Cap Rate
3.90%
Number of Units
25
Price/Unit
$204,000
Price/Gross SF
$265.29
Gross SF
19,224

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 25 unit (24 + 1NC) apartment community located at 228 South Kenmore Avenue. Located just north of 3rd Street and east of Normandie Avenue, the property is located on one of the more desirable Koreatown blocks within a vibrant and rapidly developing sub-market.Situated on an 8,942 square foot parcel, the property features a balanced unit-mix of 50% studios and 50% one-bedroom units. With 36% of the units being delivered vacant, new ownership will have the opportunity to immediately renovate units and achieve additional rent premiums immediately. The continued gentrification of the surrounding area along with the value-add potential for a new owner to immediately renovate the vacant units make 228 South Kenmore an excellent acquisition opportunity.

Investment Highlights

  • Nine Units Will be Delivered Vacant Allowing New Ownership the Opportunity to Immediately Renovate and Achieve Market Rents
  • Residents are Within a Short Walk or Uber Ride to Popular Local Amenities Such as The LINE Hotel, Chapman Plaza, City Center on 6th and Tons of Local Restaurants, Markets and Shops
  • There is 39 Percent Remaining Rental Upside Through Interior Renovations to Remaining Units
  • Possible Opportunity to Legalize the Non-Conforming Unit Through the State's Favorable Attached Accessory Dwelling Unit (ADU) Program (Buyer to Verify)
  • Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment

Exclusively Listed By

Multifamily

228 S Kenmore Ave

Listing Price: $5,100,000

Cap Rate
3.90%
Number of Units
25
Price/Unit
$204,000
Price/Gross SF
$265.29
Gross SF
19,224

Investment Highlights

  • Nine Units Will be Delivered Vacant Allowing New Ownership the Opportunity to Immediately Renovate and Achieve Market Rents
  • Residents are Within a Short Walk or Uber Ride to Popular Local Amenities Such as The LINE Hotel, Chapman Plaza, City Center on 6th and Tons of Local Restaurants, Markets and Shops
  • There is 39 Percent Remaining Rental Upside Through Interior Renovations to Remaining Units
  • Possible Opportunity to Legalize the Non-Conforming Unit Through the State's Favorable Attached Accessory Dwelling Unit (ADU) Program (Buyer to Verify)
  • Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 25 unit (24 + 1NC) apartment community located at 228 South Kenmore Avenue. Located just north of 3rd Street and east of Normandie Avenue, the property is located on one of the more desirable Koreatown blocks within a vibrant and rapidly developing sub-market.Situated on an 8,942 square foot parcel, the property features a balanced unit-mix of 50% studios and 50% one-bedroom units. With 36% of the units being delivered vacant, new ownership will have the opportunity to immediately renovate units and achieve additional rent premiums immediately. The continued gentrification of the surrounding area along with the value-add potential for a new owner to immediately renovate the vacant units make 228 South Kenmore an excellent acquisition opportunity.

Exclusively Listed By

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