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Multifamily

501 S Kingsley Dr

501 S Kingsley Dr, Los Angeles, CA 90020

Listing Price: $4,750,000

Cap Rate
4.30%
Number of Units
22
GRM
13.59
Occupancy
97.0%
Price/Unit
$215,909
Price/Gross SF
$421.32
Gross SF
11,274

Investment Overview

Marcus & Millichap is pleased to present 501 South Kingsley Drive, a value add 22-unit apartment building located in the heart of Koreatown. Built in 1956, the property consists of (19) studio/one-bathroom units and (3) one-bedroom/one-bathroom units. Current rents are approximately 31% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. The property features controlled access, pool, covered parking and an on-site laundry facility. The units feature laminate flooring, air-conditioning and renovated kitchens with new cabinetry and stone countertops (select units). The 11,274 sf building sits on a 11,210 sf lot that is LAR4 zoned. This property can be purchased along with neighboring 515 South Kingsley Drive, 16-units (38-unit portfolio).
501 South Kingsley Drive boasts a Walk Score of 93 as it is located just a short walk to trendy coffee shops, cafes, bars, restaurants, and retail along both Wilshire Boulevard and Western Avenue. The property is conveniently located near the 101, 10 and 110 freeways and just a short drive to major job centers such as Hollywood, Century City, Beverly Hills and Downtown LA. The property is also 0.4 miles from the Wilshire/Normandie Metro D Line Station offering a viable public transportation option for eastbound commuters headed to Downtown Los Angeles and westbound commuters headed to Beverly Hills/Century City/Westwood (western route to be completed in phases from 2025-2027).

Investment Highlights

  • Value Add Opportunity – 22-units located in the heart of Koreatown
  • Can be purchased with neighboring 515 South Kingsley Drive, 16-units (38-unit portfolio)
  • Potential long term development play – 501 & 515 S. Kingsley Dr combined lot size 0.52 acres (22,470 sf) is LAR4 zoned
  • Favorable Assumable Debt – 6.29% fixed for approximately 4 more years
  • Current rents are approximately 31% under market providing a new investor the opportunity to renovate units and common areas to maximize rental income
  • Building consists of (19) studio/one-bathroom units and (3) one-bedroom/one-bathroom units
  • The property features controlled access, pool, covered parking and on-site laundry facility
  • The units feature laminate flooring, air-conditioning and renovated kitchens with new cabinetry and stone countertops (select units)

Exclusively Listed By

Financing By

Multifamily

501 S Kingsley Dr

Listing Price: $4,750,000

Cap Rate
4.30%
Number of Units
22
GRM
13.59
Occupancy
97.0%
Price/Unit
$215,909
Price/Gross SF
$421.32
Gross SF
11,274

Investment Highlights

  • Value Add Opportunity – 22-units located in the heart of Koreatown
  • Can be purchased with neighboring 515 South Kingsley Drive, 16-units (38-unit portfolio)
  • Potential long term development play – 501 & 515 S. Kingsley Dr combined lot size 0.52 acres (22,470 sf) is LAR4 zoned
  • Favorable Assumable Debt – 6.29% fixed for approximately 4 more years
  • Current rents are approximately 31% under market providing a new investor the opportunity to renovate units and common areas to maximize rental income
  • Building consists of (19) studio/one-bathroom units and (3) one-bedroom/one-bathroom units
  • The property features controlled access, pool, covered parking and on-site laundry facility
  • The units feature laminate flooring, air-conditioning and renovated kitchens with new cabinetry and stone countertops (select units)

Investment Overview

Marcus & Millichap is pleased to present 501 South Kingsley Drive, a value add 22-unit apartment building located in the heart of Koreatown. Built in 1956, the property consists of (19) studio/one-bathroom units and (3) one-bedroom/one-bathroom units. Current rents are approximately 31% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. The property features controlled access, pool, covered parking and an on-site laundry facility. The units feature laminate flooring, air-conditioning and renovated kitchens with new cabinetry and stone countertops (select units). The 11,274 sf building sits on a 11,210 sf lot that is LAR4 zoned. This property can be purchased along with neighboring 515 South Kingsley Drive, 16-units (38-unit portfolio). 501 South Kingsley Drive boasts a Walk Score of 93 as it is located just a short walk to trendy coffee shops, cafes, bars, restaurants, and retail along both Wilshire Boulevard and Western Avenue. The property is conveniently located near the 101, 10 and 110 freeways and just a short drive to major job centers such as Hollywood, Century City, Beverly Hills and Downtown LA. The property is also 0.4 miles from the Wilshire/Normandie Metro D Line Station offering a viable public transportation option for eastbound commuters headed to Downtown Los Angeles and westbound commuters headed to Beverly Hills/Century City/Westwood (western route to be completed in phases from 2025-2027).

Exclusively Listed By

Financing By

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