Multifamily
722 S Manhattan Pl
722 S Manhattan Pl, Los Angeles, CA 90005
Listing Price: $4,950,000
Investment Overview
Marcus and Millichap is pleased to present a nineteen (19) unit apartment building located at 722 S Manhattan Place in Los Angeles, California. The subject property is located in a prime Koreatown location south of Wilshire Boulevard and west of S Western Avenue.
The highly desirable area of Koreatown is a rapidly developing submarket with abundant dining and entertainment options. Considered an epicenter of jobs and amenities, residents in this area enjoy convenient access to nearly one million jobs and 138 million square feet of of?ce space. This submarket is also recognized as a premier dining and nightlife hub. With a walk score of 95, Koreatown is walkable and transit-oriented, allowing residents to capitalize on in in?ux of new development and to utilize the Metro Purple and Red Lines when needing to commute. The Los Angeles County Museum of Art (LACMA), the Miracle Mile, Olympia Medical Center, and the Wilshire Ebell Theater are prominent in this submarket, which has been enjoying an influx of tenants who find rents a bit stiff on the Westside. Recently in Koreatown, a 34-story apartment tower featuring 297 apartments is being planned at 3100 Wilshire Boulevard.
Built in 1936, this property contains a great unit mix of twelve (12) studio / one-bathroom units, five (5) one-bedroom / one-bathroom units, and two (2) two-bedroom / two-bathroom units. Three (3) of the studios are ADU units, one (1) completed with CoO and two (2) in progress. The property is gated and secure with character, French Normandy style architecture in an area that is surrounded by new construction just south of Wilshire Boulevard. Tenants will love living in the heart of Koreatown; just down the street from some of the trendiest retail, restaurant, and entertainment amenities in Los Angeles. The neighboring properties include a new construction 160-unit complex with luxury amenities, and a vacant lot with permits in progress for a new 60-unit, 59,666 SF 7-story edifice.
Situated in a prime Koreatown location, this offering presents an excellent opportunity for any investor to capitalize on a rare, mid-size residential asset with interest only assumable financing at an attractive 5.09% interest rate in one of the trendiest markets of Los Angeles.
722 S Manhattan Pl
Investment Highlights
- Prime Koreatown Location
- Assumable 7-Year $3,242,000 Loan at an Attractive 5.09% Interest Rate (Interest Only for 2 Years)
- Neighboring Properties Include a New Construction 160-Unit Upscale Complex with Luxury Amenities, & a Vacant Lot with Permits in Progress for a New 60-Unit, 59,666 SF 7-Story Edifice
- Three (3) ADU Units, One (1) Complete with CoO & Two (2) In Progress
- 5.61% Initial Cash-on-Cash Return with Solid Remaining Rental Upside
- Right Down the Street from the Koreatown Galleria Marketplace
- Rare, Mid-Size Residential Asset
- Well-Maintained Building with Wonderfully Remodeled Common Area Amenities
Exclusively Listed By
Financing By
Listing Price: $4,950,000
Investment Highlights
- Prime Koreatown Location
- Assumable 7-Year $3,242,000 Loan at an Attractive 5.09% Interest Rate (Interest Only for 2 Years)
- Neighboring Properties Include a New Construction 160-Unit Upscale Complex with Luxury Amenities, & a Vacant Lot with Permits in Progress for a New 60-Unit, 59,666 SF 7-Story Edifice
- Three (3) ADU Units, One (1) Complete with CoO & Two (2) In Progress
- 5.61% Initial Cash-on-Cash Return with Solid Remaining Rental Upside
- Right Down the Street from the Koreatown Galleria Marketplace
- Rare, Mid-Size Residential Asset
- Well-Maintained Building with Wonderfully Remodeled Common Area Amenities
Investment Overview
Marcus and Millichap is pleased to present a nineteen (19) unit apartment building located at 722 S Manhattan Place in Los Angeles, California. The subject property is located in a prime Koreatown location south of Wilshire Boulevard and west of S Western Avenue. The highly desirable area of Koreatown is a rapidly developing submarket with abundant dining and entertainment options. Considered an epicenter of jobs and amenities, residents in this area enjoy convenient access to nearly one million jobs and 138 million square feet of of?ce space. This submarket is also recognized as a premier dining and nightlife hub. With a walk score of 95, Koreatown is walkable and transit-oriented, allowing residents to capitalize on in in?ux of new development and to utilize the Metro Purple and Red Lines when needing to commute. The Los Angeles County Museum of Art (LACMA), the Miracle Mile, Olympia Medical Center, and the Wilshire Ebell Theater are prominent in this submarket, which has been enjoying an influx of tenants who find rents a bit stiff on the Westside. Recently in Koreatown, a 34-story apartment tower featuring 297 apartments is being planned at 3100 Wilshire Boulevard. Built in 1936, this property contains a great unit mix of twelve (12) studio / one-bathroom units, five (5) one-bedroom / one-bathroom units, and two (2) two-bedroom / two-bathroom units. Three (3) of the studios are ADU units, one (1) completed with CoO and two (2) in progress. The property is gated and secure with character, French Normandy style architecture in an area that is surrounded by new construction just south of Wilshire Boulevard. Tenants will love living in the heart of Koreatown; just down the street from some of the trendiest retail, restaurant, and entertainment amenities in Los Angeles. The neighboring properties include a new construction 160-unit complex with luxury amenities, and a vacant lot with permits in progress for a new 60-unit, 59,666 SF 7-story edifice. Situated in a prime Koreatown location, this offering presents an excellent opportunity for any investor to capitalize on a rare, mid-size residential asset with interest only assumable financing at an attractive 5.09% interest rate in one of the trendiest markets of Los Angeles.
Exclusively Listed By
Financing By
