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Multifamily

417 S Kenmore Ave

417 S Kenmore Ave, Los Angeles, CA 90020

Listing Price: $6,200,000

Cap Rate
4.68%
Number of Units
22
Price/Unit
$281,818

Investment Overview

Marcus & Millichap is proud to present this 22-unit apartment building located at 417 South Kenmore Avenue, in the 90020 zip code of Koreatown one of the most up-and-coming rental pockets in the city. The property comes equipped with many high-end energy efficient features such as LED lights, energy efficient A/C units, electric fireplaces, and rooftop solar panels for the house meters and water heaters, which help to significantly cut landlords utility costs. The property is almost 100% renovated, with 20 of the 22 units being move-in ready. Despite the property being almost fully renovated, there are a couple of different ways that a new owner could potentially add even more value. The largest value-add component that could be realized by the new owner would be by utilizing the new ADU program that was rolled out state-wide in January 2020. Through that program, the new owner would have the potential to add three (3) additional units to the property. Adding two (2) Studios, and one (1) Two-Bedroom unit would create approximately $1,000,000 in property value in the relatively short period of time they would take to permit and build. The path of least resistance to completing this work would be to do so simultaneously with the seismic retrofit work that remains to be completed with the tuck-under parking stalls. Our architects feasibility study that outlines the nature of the work and the different combinations of Accessory Dwelling Unit (ADU) types that could be implemented can be found by clicking the following link: Lastly, another couple of ways a savvy investor could capture some additional upside would be by installing in-unit washers and dryers, which have been purchased, but not installed, and could justify approximately $100 of increased monthly rent. Additionally, the implementation of the RUBS program would increase the NOI in the future as it would help to minimize the costs associated with LADWP and city trash.

Investment Highlights

  • Built in 1956
  • All Units Renovated
  • Excellent Koreatown Location
  • Great Potential for ADUs
  • High -End Finishes
  • Rooftop Solar Panels
  • Walk Score of 92

Exclusively Listed By

Listing Price: $6,200,000

Cap Rate
4.68%
Number of Units
22
Price/Unit
$281,818

Investment Highlights

  • Built in 1956
  • All Units Renovated
  • Excellent Koreatown Location
  • Great Potential for ADUs
  • High -End Finishes
  • Rooftop Solar Panels
  • Walk Score of 92

Investment Overview

Marcus & Millichap is proud to present this 22-unit apartment building located at 417 South Kenmore Avenue, in the 90020 zip code of Koreatown one of the most up-and-coming rental pockets in the city. The property comes equipped with many high-end energy efficient features such as LED lights, energy efficient A/C units, electric fireplaces, and rooftop solar panels for the house meters and water heaters, which help to significantly cut landlords utility costs. The property is almost 100% renovated, with 20 of the 22 units being move-in ready. Despite the property being almost fully renovated, there are a couple of different ways that a new owner could potentially add even more value. The largest value-add component that could be realized by the new owner would be by utilizing the new ADU program that was rolled out state-wide in January 2020. Through that program, the new owner would have the potential to add three (3) additional units to the property. Adding two (2) Studios, and one (1) Two-Bedroom unit would create approximately $1,000,000 in property value in the relatively short period of time they would take to permit and build. The path of least resistance to completing this work would be to do so simultaneously with the seismic retrofit work that remains to be completed with the tuck-under parking stalls. Our architects feasibility study that outlines the nature of the work and the different combinations of Accessory Dwelling Unit (ADU) types that could be implemented can be found by clicking the following link: Lastly, another couple of ways a savvy investor could capture some additional upside would be by installing in-unit washers and dryers, which have been purchased, but not installed, and could justify approximately $100 of increased monthly rent. Additionally, the implementation of the RUBS program would increase the NOI in the future as it would help to minimize the costs associated with LADWP and city trash.

Exclusively Listed By

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