Multifamily

1214 S Lake St

1214 S Lake St, Los Angeles, CA 90006

Listing Price: $5,500,000

Cap Rate
3.73%
Number of Units
37
Price/Unit
$148,649
Price/Gross SF
$268.82
Gross SF
20,460

Investment Overview

Built in 1914, this 37-unit property is located in the Westlake neighborhood just north of S Alvarado Street between 11th St and Pico Blvd, providing easy access to the 10 & 110 Freeways, Downtown Los Angeles and Koreatown. The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den. The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through an interior renovation program when units turn. Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. At the asking price, the property is being offered for a low $148,649 per unit and $269 per square foot. 1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring and paint, new security camera system and intercom, exterior trim paint and the installation of a 100-gallon water heater as well as a water pressure regulator and manifold. Additionally, the building is separately metered for gas. The Westlake neighborhood continues to be one of the most densely populated neighborhoods in all of Los Angeles. The subject property is within walking distance to the 200, 30 & 603 Metro Local Bus Lines and one mile from the Metro Expo Rail Line. With a walk score of 95, close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle.

Investment Highlights

  • The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den.
  • The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through interior renovation.
  • Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. Gas is separately metered.
  • At the asking price, the property is being offered for a low $148,649 per unit and $269 per square foot.
  • 1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring... etc

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Leonardo Laterza

    Senior Associate

    Email Leonardo

    License(s): CA: 01861324

    West Los Angeles

Listing Price: $5,500,000

Cap Rate
3.73%
Number of Units
37
Price/Unit
$148,649
Price/Gross SF
$268.82
Gross SF
20,460

Investment Highlights

  • The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den.
  • The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through interior renovation.
  • Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. Gas is separately metered.
  • At the asking price, the property is being offered for a low $148,649 per unit and $269 per square foot.
  • 1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring... etc

Investment Overview

Built in 1914, this 37-unit property is located in the Westlake neighborhood just north of S Alvarado Street between 11th St and Pico Blvd, providing easy access to the 10 & 110 Freeways, Downtown Los Angeles and Koreatown. The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den. The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through an interior renovation program when units turn. Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. At the asking price, the property is being offered for a low $148,649 per unit and $269 per square foot. 1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring and paint, new security camera system and intercom, exterior trim paint and the installation of a 100-gallon water heater as well as a water pressure regulator and manifold. Additionally, the building is separately metered for gas. The Westlake neighborhood continues to be one of the most densely populated neighborhoods in all of Los Angeles. The subject property is within walking distance to the 200, 30 & 603 Metro Local Bus Lines and one mile from the Metro Expo Rail Line. With a walk score of 95, close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Leonardo Laterza

    Senior Associate

    Email Leonardo

    License(s): CA: 01861324

    West Los Angeles

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